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Experiment adopted

[Experiment Adopted]: Fuel Timor - Currency Testing

Lean Phase: Problem, Solution, Revenue Streams

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

Timeframe: Two weeks of testing or until statistical significance ( > 45 responses due to varied customer segments)

 

Success Metrics: Percentage of people that pay for information on possible solutions to fuel problems. Also the percentage of people that progress and then put down money for a refundable presale of our solution.

 

Post Experiment Actions:

Green Light Proceed - Move to more specific price testing and manufacture different solutions or the most promising ones that people paid for.

Success Point(s) - 15% of people willing to buy brochure for USD$1.

If yes to brochure, 5% of people willing to pay for a refundable presale of $5-10 (33% of brochure buyers)

 

Orange Light Optimise - Look at how the options are being presented and if the solutions presented are addressing the right problems. Change the way the UVP is presented and what the emphasis is on.

Optimise Point - Between 5-15% of people willing to pay for more information on both the problem and solution. Less than 5% of people are willing to pay for a presale of our solution.

 

Red Light Failure - Identify from the negative responses why customers were not willing to pay for more information and a future solution. Change how the offer is presented, possibly brief interns more and let them take more initiative.

Failure Point - If less than 5% of people are willing to pay for more information and a future solution. If less than 5% buy the brochure but those people want to put down money for a presale then we need to understand these early adopters and focus our

 

Experiment Build:

The first step is to empathise as we did with offer testing and lead to a conversation around cooking and fuel use. On offer test can still be incorporated, and will be beneficial to determine where people drop out along the process of interest.

Moving to the currency test, once an interest in solutions has been identified, a brochure or range of brochures are presented and the customer is told that these brochures have information about the problem and also potential solutions. We will ask for $1 USD for the brochure, with the opportunity through that purchase to remove $2 USD from the sale price of any future solution they purchase.

If this is successful then we move to the option of the customer putting down an amount for a presale, most likely $10 USD. This is fully refundable if the solution we provide is not satisfactory or if it is not delivered by the end of January.

** These terms may change dependent on responses and reactions from early currency tests**

 

If no to the brochure, we will try to gain an understanding of why not, if the brochure resonated with the customers own value proposition.

There is also the potential for AB between A offering just a brochure and then B offering a brochure that provides a future discount to see if customers are interested in just information or the future solutions are something people are interested in also.

A price test will be conducted following the currency test if it is deemed appropriate. This is important to get an idea of the price ranges customers are currently operating in and where a potential solution we ideate could fit into that range. Details to come on this in a subsequent post.

 

edited on 12th December 2018, 00:12 by Lucy Preiss

Lucy Preiss 2 months ago

Hi team, this looks good! Are you planning on going back to those who gave positive offer tests to present these options? Also, is the AB testing part of the experiment build, or at which point would you begin the AB testing? I'd love more detail around what the potential options are, what the brochures look like and what the sales script is before you step off to begin these tests.

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Alexander Teicher 2 months ago

We are working today on the brochures and fleshing out the build more with a rough "script" to guide the currency test. At this stage the AB testing is more to incorporate after we have a good handle on the brochures and what the response to those are with the future discount. From there if offering the brochures without the discount will provide additional information because we get the impression that the discount isnt adding value then we can assess the distinction between paying for the information only and paying for future solutions.

Will upload brochures and script to here prior to commencing testing for feedback!

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Lucy Preiss 2 months ago

Status label added: Experiment adopted

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