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PROJECT adopted

[Proposed Experiment]: Currency Test Health Amisen April 2019

by
Morgan Allan
Morgan Allan | 1 month ago | in ROA **TRAINING**

Lean Phase: Unique Value Proposition – Currency Testing

Assumption: Mothers of children under the age of 15 in Vengara will exchange money for an undetermined solution that aims to remove the stress and negative emotion invoked when their child is sick, and they cannot help them.

Time Box: 3 hours.

Success Metric:
Number of people that convert from the start to end of the currency ladder.
Number of people that convert at each stage of the currency ladder.


CRITERIA:
Green Light- Proceed – conduct utility testing to optimise product
Success point- >10% of EOI’s committing financially
Orange Light- Optimise and Iterate: empathy, problem, customer segment, channel
Failure Point- <5% of EOI’s don’t commit financially
*Based on the spreadsheet attached, we have done calculations that put us in a positive cashflow situation, and we are able to justify a product build if we are able to get these conversions with the potential to scale.
Red Light- Heavily re-assess problem and customer segment. Big focus re-assessing on channels, re-assess assumption/offer test – empathise more


Experiment build:
1.     Collect EOIs from stakeholder Eena
2.    Communicate UVP and sales pitch to collected EOIs (will be presented with the sales pitch, qualifying the buyer and invoking the pain points from empathy. All leading to the request for payment)
3.     They will be asked to provide a $30 forward payment to confirm their interest in our future solution, even though we do not have one yet. The benefit for them is that (with their monetary validation) we can begin to develop a prototype to solve the problem.
4.     The percentage of payments made/ reach determines the metric tested here.  


Focus Framework



















EOI value commitment ($30)



Money



Payments made/came to the meeting



EOI sales engagement conversation



Time



Come to the meeting/ Organised meeting



EOIs called



Commitment



Organise meeting/ EOI



EOI at clinic



Permission



EOI/Reach



Stage



Currency



Metric


edited on 27th April 2019, 10:04 by Wade Tink

Andrew Vild 1 month ago

Status label added: Proposed Experiment

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Andrew Vild 1 month ago

Status label added: Post not complete

Status label removed: Proposed Experiment

Naming convention wrong. Post messy with template components still present

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Gabriel Raubenheimer 1 month ago

Status label removed: Post not complete

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Wade Tink 1 month ago

Experiment build needs to be more detailed to explain step by step what is going to happen.

Currency ladder needs to be outlined in the post. Utilise it from the Focus Framework with at least:
Stage, Currency, Metric

Place in your “Pathway to Victory” spreadsheet (as an attachment) with explanation as to why the metrics are important and how they link to your business model. At the outset your conversion seems very high at 60%. It’s important to justify why this conversion.
Other consideration with this channel conversion: Is it sustainable^^? Is it scalable^^?

Considerations on currency test:
Instead of creating a booklet which is going to involves time and money to create- you are in a sense making a product here- could you instead pre-sell your future solution which hasn’t been created. Then test how many people take up the offer and pay the currency before actually going ahead with creating anything. This is the definition of lean methodology.
To make this happen utilise the ‘Heroic save’ so that if not enough people take it up you can recover the market sentiment and continue your advancement towards a UVP which will work. So what could you use for a heroic save? Refer to FOCUS for this.

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Wade Tink 1 month ago

These items identified have been fixed.

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Wade Tink 1 month ago

Status label added: PROJECT adopted

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