Project Everest

Adopted Experiment

[Proposed Experiment] Offer Test Financial Institutions July Fiji

Lean Phase: UVP


Assumption: FIs operating in Fiji see value in increasing their customer base and are willing to work with PEV to do so, who will act as the bridge/middle-man between micro-businesses wanting loans and the FIs who can provide them. 


Time Box: 1 Week


 


Success Metric: The % of FIs who we have identified as early adopters and agree to have a meeting with PEV for further discussion in the next week.


Goal: Speak to both the early adopters and the early majority identified in the customer segment experiment. Team will offer test a total of 8 FI’s (4 early adopters and 4 early majority).


Green light: Begin ideation about potential MVP’s informed by the data collected from both SoCon teams. Attend planned meetings to develop relationships with FI’s that agree.


Success Point: At least 3/8 of FIs who we have identified as early adopters or early majority and agree to have a meeting with PEV for further discussion in the next week.


Orange Light: Re-evaluate our UVP pitch using the information gathered from previous interviews and failed offer tests.. From here another offer test can be conducted. Attend planned meetings to develop relationships with FI’s that agree.


Failure Point: Less than 1/8 of FIs who we have identified as early adopters or early majority and agree to have a meeting with PEV for further discussion in the next week.


Red Light: Shift the project focus to customer (e.g. SME) only. PEV will continue to maintain established relationship with FI’s and consider them as stakeholders to obtain information in the future. 


Experiment Build:


Script/Pitch: https://docs.google.com/document/d/1UvOGG8kS-quINfO97Sxqx3_rJNK36zBphzpuxNN9UT4/edit



  1. Formulate an ‘Offer test’ pitch with brief of key offerings. Including



    1. Problem Centric Message




    2. Call to Action




    3. Interview Script





  2. Use list of identified early adopters and early majority to allocate interviews calls amongst the team.




  3. Conduct interview calls.



  4. Set a time for the call to action meeting if the offer test is successful.


  5. Analyse the results of the offer test and create a results post.




  6. Create plan for further meetings set in the offer test that frames the overall goal of SoCon, and where the FI fits in this. The meeting will also ask for any specific features that FI's would desire from a solution that can be used when ideating upon an MVP. 




  7. Upload results to Crowdicity



edited on 16th July 2019, 23:07 by Jamie Butler

Jess Riley 3 months ago

Hey Jamie, exciting experiment and good luck with it!

Can you clarify what you intend a successful relationship with FIs to look like? I can see you've said you intend to assist in expanding FI customer base, how do you intend to do that? Does PEV have a large customer or contact base of micro-businesses that they are looking to share? What is the value of doing that for the FI? What is the value of doing that for PEV?

Or do you intend to consult on Marketing strategy, customer relationships etc that increase the customer base from a strategic perspective?

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Jamie Butler 3 months ago

Hiya Jess, good questions I probably should have covered a bit better.

A successful relationship with FI’s is definitely a work in progress, as we do need to establish they want to work with PEV. We are not sure exactly what the relationship will look like at current, but we think SoCon is going to be the middle-entity between FI’s and micro-businesses, getting customers that couldn’t get a loan to where they need to be financially so they can meet the FI’s criteria for selling them financial services.
By doing this we can increase the customer base for FI’s by providing them with customers that they previously would have turned away. PEV would benefit by charging customers/micro-businesses for our services to make them eligible for a loan from FI’s, or we could charge the banks for bringing them these customers/micro-businesses that we have helped out. It must be said though that we do need to establish fully what these customers/micro-businesses need to have before getting a loan so we can supply a service that meets both FI’s and customer needs.

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Eugenia Muñoz 2 months ago

Status label added: Proposed Experiment

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Eugenia Muñoz 2 months ago

Status label added: Adopted Experiment

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Eugenia Muñoz 2 months ago

Status label removed: Proposed Experiment

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Eugenia Muñoz 2 months ago

Status label added: Proposed Experiment

Status label removed: Adopted Experiment

Reply 0

Eugenia Muñoz 2 months ago

Status label added: Adopted Experiment

Status label removed: Proposed Experiment

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