Project Everest

[PROPOSED EXPERIMENT]: Agriculture Agriculture Amisen-Currency Test: UVP – September 2019

[PROPOSED EXPERIMENT]: Agriculture Agriculture Amisen-Currency Test: UVP – September 2019

Lean Phase: Unique Value Proposition

Assumption: Potential customers are willing to pay for a solution to their agriculture problem.

Timeframe: September Weeks 1-2

Success Metrics: Percentage of people who pay for a prepayment to potential service.

Post Experiment Actions:

Green Light Proceed - Maintain relationship with stakeholder and utilise feedback and data collected.

Success Point(s) - 15% of people willing to pay $1 for a prepayment.

 

Orange Light Optimise - Assess how the options are being presented and whether the solutions are effectively addressing the problems. Adjust the UVP emphasis and the way it is presented.

Optimise Point - Between 5-15% of people are willing to pay for a prepayment.

 

Red Light Failure - Identify from the negative responses why customers were not willing to pay for the prepayment. Change the presentation of the offer.

Failure Point - Less than 5% of people are willing to pay for a prepayment.

 

Experiment Build:

1.       Empathise with members of the customer segment. Present pitch deck. 

2.       Once an interest in the agriculture project is identified, offer a prepayment for a potential solution which will fulfil UVP. Charge $1 USD for the prepayment and inform the customer this purchase will provide a 5% discount on their first month of using the service once we have started providing it.

3.       Inform the customer the prepayment is fully refundable if a solution is not determined

4.       If they refuse to purchase the prepayment, gain an understanding of the reasons why

5.       A price test will be conducted following the currency test if it is deemed appropriate. This will indicate the price range customers are currently operating in

 

Currency Ladder

Use service to sell crops to other towns

Final

Cash

Revenue

Purchases prepayment for potential service

Intermediate

Cash

Number of people who purchase prepayment

Face to face expression of interest for prepayment

Intermediate

Time

Number of expressions of interest

Face to face expression of interest

Offer

Time

Number of expressions of interest

Step

Type

Currency

Metric

 

edited on 18th September 2019, 22:09 by Anastasia Adams-Picard

Lily Partridge 4 months ago

Firstly, please check your formatting - this is really important for consistency across the board. Look at the Offer Test experiment results that were posted for correct formatting.

What are your channels? This isn't clear how you're going to do this in your experiment build. Are you going out door knocking?

Where does $1 come from as a currency validation? Make sure you have a sense of the other costs in this space so you can validate their interest.

Experiment build: What is the channel here? How are you getting this out there, are you required to organise the meeting ahead of time or are you cold knocking? Are you returning to people from your offer test? How does this link?


Your currency ladder is essentially a marketing funnel - this needs to be fleshed out more, and this will come from understanding your target audience better. Consider all the steps that are involved to make this happen. Be clearer about what "F2F expression of interest" is - if they are giving you details, that's your currency and not 'time'. If they have attended a meeting or allowed you to come into their home to hear about it, then that's also currency. Think about ALL the steps that go into this and plan your measurements.

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