projecteverest

[Proposed Experiment]: SoCon Fiji December 2018 - Currency Testing

by
Olivia Hensch
Olivia Hensch | 4 months ago | in Fiji - Social Consulting

Currency Testing Experiment



Lean Phase:

Revenue Streams.

 

Assumption:

Individuals are satisfied purchasing a $70 Buka Stove for  $105 on a 3 1/2 month, mobile payment plan to gain access to the product earlier.

 

Purpose:

To test the acceptance of the payment plan and mark up price.

 

Time Box:

3 weeks (or time taken to interact with 50 villagers that are interested in the Buka stove and cannot purchase it outright.)

 

Success Metric:

Metric: % of people that:

  1. Number of EOI's signed charging $105 for a payment plan.
  2. Number of deposits taken. 

 

Green Light-

Proceed with implementation of the payment plan and default experiment https://projecteverest.crowdicity.com/post/788390

 

Success point-

Talk to 50 villagers that want to buy a Buka stove but cannot afford it. More than 80% must express interest by providing contact details and more than 50% must enter payment plans and make their initial deposit to meet success point.

 

Orange Light-

If less than 40% of villagers express interest in payment plans and less than 

express interest by providing contact details and less than 30% enter into payment plans.

  

Failure Point-

If less than 20% of villagers contacted express interest by providing contact details and less than 25% enter into payment plans and make their initial deposit. 

 

Red Light-

Failure Protocol is to revise payment plan structure, in order to attract more EOI's and initial deposits.

 

Experiment build:

  1. To measure success metric 1

  2. Count the number of deposits received

  3. To measure Sucess metric 2

  4. Record contact details of individuals that express interest in entering into a payment plan

  5. The number of EOI's can be counted

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

Rose Martin 4 months ago

Hello! If you could add a paragraph in here explaining the markup and how we got to that price, that would be very helpful!

Reply 0

Olivia Hensch 4 months ago

Hey Rose,
We have adjusted the price, will provide reasoning shortly.

Reply 0

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