Project Everest

Experiment Results

[FEB 19] Customer Segment Experiment (Customer Segment) Experiment results

Lean Phase: Customer Segment

Assumption from adopted experiment: 

In our experiment, we explored the customer segment and problem phases for small business owners in the retail, tourism and agriculture industries. Our experiment involved multiple assumptions based on research conducted by the January 2019  Social Consulting team.

The original assumptions made were as follows:

The early adopters of SoCon’s customer segment are characterised by:

  • Business owners actively seeking to access capital for their business whom are likely starting up (in an introductory phase) or a growth/diversification phase of their business lifecycle.

  • Business owners are aware of why they are unable to access both financial and non-financial capital for their business.


Results spreadsheet:

Master Results Analysis:

Early adopters of a product are those whom are aware they have a problem and are actively seeking to find a solution to that problem. In the context of SMEs, we have defined this segment as those whom are actively looking to acquire capital for their business now or within one year. They are also aware of and have experienced at least one pain point when trying to acquire the capital.  

Key Insights about the Total Sample:

  • 71.81% of total sample surveyed experience at least one pain point

  • 59.7% were actively seeking capital now and within the next year (early adopters).

  • In total 74.5% are seeking capital at some point in the future

  • Of the 25.5% surveyed not seeking capital, the main reason for this is that they just were not interested in growing their businesses

  • 59.7% were experiencing both assumptions above, and thus fall into the early adopters segment

The Early Adopters:

The Early Adopters that we identified made up roughly 59.7% of the sample interviewed, meaning that there is a problem with access to capital and people are actively looking to solve this problem.

Some characteristics of this segment are as follows:

  • Business life-cycle stage: 75% were in the maturity phase*

  • Proportion of early adopters located within each industry: 61% Agriculture, 25% Retail, Tourism 13%

  • Percentage of early adopters within each geographic region*: 80% Coral Coast, 50% To Nadi, 44% Suva, 29% Valley, 16% Sigatoka


* Descriptions of business lifecycle stages and geographic regions can be found on the following document in the following sections:

Experiment 2 > Defining the Business Life Cycle

Experiment 2 > Early Adopter Analysis > Geography

The Early Majority:

We defined the early majority (the next 15%) are those whom are actively seeking capital within the next 5 years. It is important to note that the data analysis below is only of the segment between the early adopters and the late majority i.e. this data is 15% (of total sample) out of the ‘actual’ early majority (75% of total sample).


  • Business lifecycle stage - 5% in the startup phase, 9% in the rapid growth phase, 86% in the maturity phase.


In the course of our investigation, we validated both hypotheses. We identified that around 60% of respondents are actively seeking capital for their business whom are in the startup, growth or diversification phases of their businesses. We also identified more than 60% of those surveyed were aware of at least one pain-point in accessing both financial and non-financial capital for their business.

Having said this, not all SMEs surveyed identified with our hypothesis, which may warrant future first hand investigations. Key insights that a future survey could yield are more information about our early adopter segment, for example, age, income, operating margin, existing (financial + non-financial) capital and information on guarantors for financial services. Such investigation should also aim for a larger and more diverse sample.

Despite some of the above-mentioned issues, this experiment can be considered to provide us with interesting information for future research into this segment and to begin to ideate a UVP.


In light of the relatively low success metric, it may be desirable to conduct more indepth research on our customer segment to aid in developing a unique value proposition. Examples of new variables to be considered could include: age, income, operating margin, existing (financial + non-financial) capital and information on guarantors for financial services. Analysing data that captures these variables will leave us well-placed in developing a compelling UVP.


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Rose Martin 8 months ago

Status label added: Experiment Results

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