Project Everest

Experiment Results

[EXPERIMENT RESULTS]: Price Expereiment Health April 2019

by
Abbey Dyson
Abbey Dyson | 3 months ago | in ROA **TRAINING**

This experiment focused on validating the financial viability at different price points for MVP. 

Experiment post: https://projecteverest.crowdicity.com/post/1321460

Lean Phase: Revenue Streams

Assumption: Testing yearly subscription at price points of $240, $120 and $60 with all other independent variables from currency test constant, the change of paid deposit conversion rate will indicate the correct price to use for our product and the customer segment.

Results:

Channel 1: Mothers from Vengara with children

 A green light has been achieved with price points of $60 and $120, with increases in the conversion rate of deposits paid at +0.12% and +5.73% respectively. Therefore, exceeding the success metric. 

Ref. https://docs.google.com/spreadsheets/d/1v-4mRGPmybUsbW7ET4Xhr1prbVUEOBG2Z9KtZweWcHA/edit#gid=2095860528

It appears that $240 was beyond the realm of conceivable for a price in terms of value to the customer. Considering the emotional, time and financial relief, $120 is a reasonable and affordable price for MVP. A monthly payment scheme would be appreciated.                                                                                                                            

 Validated Learning:

Results confirm that mothers in Vengara with children under the age of 15 are our customer segment. They also affirm the assumption that testing these price points will direct us to the cost of MVP is correct.

 Next Move:

The MVP will cost $120 for a yearly subscription and a monthly payment scheme will be looked into.

edited on 28th April 2019, 08:04 by Wade Tink

Wade Tink 3 months ago

Didn't realise that this was a subscription business but that sounds great.

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Wade Tink 3 months ago

Can you clearly outline the conversion rates for currency at each price point and how this influences your overall conversion for the whole channel. This may also make up part of your channel post.

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Wade Tink 3 months ago

Status label added: Experiment Results

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