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[Proposed Experiment]: SoCon Fiji December 2018 - Monthly Repayment Plans

Lean Phase: Solution

Assumption: that customers are willing and able to pay $10 per week on a monthly repayment plan for their Buka Stoves.

Note: this assumption is both location and income dependent; therefore, it is important to validate this across a strong geographic and income class spread.

This experiment correlates with the income cycle experiment to determine regularity of repayments from customers and the amount customers can and are willing to pay on a repayment plan.

Time Box: 1 week (or time taken to survey 30+ consumers in a particular geographic location)

Success Metric: % of people who:

  1. Can pay a minimum of $10 per week on a monthly repayment plan

  2. Are unable to pay $10 per week on a monthly repayment plan

Metric:

Success point: if more than 70% - 80% of customers surveyed have the ability to repay $10 per week.

Green Light: Proceed to the Buka stoves sale experiment.

Orange Light: To seek for an alternative repayment cycle for the customers in order to achieve a 70% - 80% customer success rate. E.g. fortnightly.

Failure Point: < 50% of customers are able to pay $10 per week.

Red Light: To reconfigure the entire repayment plan structure to enable the demographic of people from the lower socioeconomic status to have access to repayment plans.

Experiment build:

  1. Create a survey based around the above metrics

  2. Identify the different geographical locations based on different income levels (if possible) to validate assumptions with

  3. Organise village visits

  4. Execute survey at the villages

  5. Measure results and post experiment results

Tagged users
edited on 1st January 2019, 22:01 by Jess Riley

Rose Martin 6 months ago

Love this idea!

It would be good if you could include some research, if any, into any assumptions you've made on geographic location and income around the Sigatoka villages. Having this assumption specific would make this experiment stronger and easier to imitate. So for example if you've done any research into different villages and their income levels that would be good to include here :)

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