projecteverest

Proposed Experiment

[Proposed Experiment] Customer Segment/Problem for Micro-Enterprises July 2019

Lean Phase: Problem/Customer Segment

Question: Does our customer segment have difficulty managing their finances?

Assumption:

Micro-enterprises in Fiji identify a lack of access to financial education and resources to enable their businesses to grow, diversify, or run as they please.

These resources could include savings and budgeting services or information, business advice or consultancy, or others.

The customer segment for Fiji can be described as micro enterprises in rural villages, either;

  • Coastal Villages (Coral Coast villages and Queens Rd towards Nadi, likely retailers and tourism) and,
  • Inland Villages (Valley Rd and Nayawa Street, but also inland villages near Navua, likely farming businesses).

Time Box: 2 weeks

Success Metric:

Whether the proposed customer segment identifies with the assumed problem, measured by the % of micro-enterprises seeking a solution to financial education and resource challenges.

Approach 60 micro-enterprises; 30 from coastal villages, and 30 from inland villages.

CRITERIA

Green Light: Proceed with offer testing with early adopters.  

Success Point: More than 50% of those engaged are currently seeking a solution to their problem.

Orange Light: Continue to test and understand the problem around financial access and different solutions in Fiji, and adjust the experiment as such.

Failure Point: Less than 30% of those engaged are currently seeking a solution.

Red Light: Ideate other early adopters/problems and their behaviour and further channels as per the research experiment.

Experiment Build

  1. Create a survey and interview script to address the problem

  2. Plan village visits in consultation with HubSpot and the village map, and plan an equal number of visits to inland and coastal villages covering a range of different micro-enterprises.

  3. Conduct rehearsals and training with the team in order to execute the surveys effectively.

  4. Conduct 30 interviews with coastal villages, and 30 interviews with inland villages

  5. Post-interviews: collate data and create problem definition and black label as necessary

 The Questions (these should be asked on top of general demographic questions, such as business type, income level, age, etc. AND questions to qualify the customer segment e.g. coastal vs. rural villages).

Qualifiers:

Do you run a business?

Are you looking to start a business?

Financial solutions:

Do you have trouble with saving and budgeting? How do you solve this problem currently (how do you currently budget and save)?

Do you have trouble with accessing information about financial products and services? How do you solve this problem currently?

Do you have trouble accessing business advice? How do you solve this problem currently?

What would you need in a budgeting or cash flow system? 

What do you use financial solutions for:

Do you want access to these products to grow your business? To diversify your business? Or to just keep running your business as it is, more efficiently?

Access to institutions:

Would you currently access these solutions from an institution such as a bank or other institution? Are these solutions easy to access? Where are they easiest to access?

 

edited on 6th June 2019, 02:06 by Eugenia Muñoz

Rose Martin 1 month ago

Status label added: Proposed Experiment

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