Project Everest

Proposed Experiment

[Proposed Experiment]: Currency Test Microfinance Amisen April 2019

Lean Phase: UVP 

Assumption: That rural community members whom don’t have access to a bank are willing to pay for education about savings and banking.

Time Box: 4 hours

Success Metric: Percentage of eligible people who are willing to pay $7.00 for a financial report. This can either be $7 upfront, or a 25% deposit on conducting the survey and the other 75% upon delivering the report. We plan on finding at least 8 people who fit our customer segment.

CRITERIA:

Green Light: Assumption confirmed. Proceed with utility testing.

Success Point: 30% of eligible people are willing to pay for an MVP

Orange Light: Optimise experiment. Consider pricing and adding value to report.

Red Light: Assumption is wrong. Reconsider value propositions and other aspects of financial consulting the customer segment is looking for.

Failure Point: Less than 5% of eligible persons are willing to pay for MVP.

Experiment Build:

  1. Build MVP prototype. This is a survey that collects data on what financial difficulties people in rural communities are dealing with and what goals they are striving for
  2. Arrange visit to Vengara and Jumtha
  3. Approach people in and around these communities, noting that previous success has occurred when door knocking and at tuk tuk stands
  4. Give sales pitch
  5. Collect and analyse data
  6. Victory
  7. Fill out goal setting sheet
  8. Determine success metric
  9. Write up individual financial advice report
  10. Deliver report to those who paid. Collect any outstanding payments.
edited on 2nd May 2019, 22:05 by Charlotte Crofts

Andrew Vild 6 months ago

Status label added: Proposed Experiment

Reply 0

Rose Martin 6 months ago

You need to validate your customer segment and problem and what this looks like. If this is research you do not already obtain, you must get this information to validate that this customer segment makes sense for this UVP.

This currency test is not always consistent with the offer test results (I suggest you go back and read those results”. Your customer segment is “rural community members” who are unbanked, yet your documents attached mention heavily “small business owners” - make sure you are not narrowing this segment for your research.
- This also goes for your UVP pitch document which is based on small business owners.

Additionally, your questionnaire only really asks questions about saving and education, but you are targeting the issue of financial support services, which is broader than just saving or education. Please reflect this in your currency test.

Your success metric should include the number of people you want to test this with.

Reply 0

Rose Martin 6 months ago

Also, make sure that your MVP deliverable has value to your customer. It's all fine if you collect data on a customer, but this needs to be a 'financial report' that actually holds $7.00 value for the customer.

Reply 0