projecteverest

Proposed Experiment

[DEC 18] [COLLECTION] [Proposed Experiment]: ERS Timor-Leste January 2019 Business Operations

Lean Phase:

 

Customer Segments, Revenue Streams, Solutions

 

Assumption:

 

1. Our current service offerings BagPay and Premium are attractive to businesses around Dili and they will want to sign up.

 

The goals decided upon by our December team based on moonshot thinking are to grow the customer base by 15 BagPay customers and 20 Premium customers. This will be a matter of going through the contact list on the Drive and contacting potential customers to establish EOIs and organise meetings if so (see ‘181127 Business Contact list 01 KB’ https://docs.google.com/spreadsheets/d/1N646GE2vjo3xCcaJOt9QRNI8_DTDszoPn3Uskip-ryE/edit#gid=1186828583). We also want to investigate three new customer segments in order to help us find the new customers.

 

Time Box:

 

Four Weeks

 

Success Metric:

 

The number of new businesses signed up.

 

Green Light - Proceed, continue contacting potential customers and signing them up

 

Success point: 15 new BagPay customers and 20 new Premium customers.

 

This is based on the number needed for ERS to start breaking even. Any more than this should be considered a huge success and an indication that our service is aligned with what businesses want.

 

Orange Light - Optimise

 

Five or more new customers are signed up. This is still a reasonable number given it will basically double our current customer base however may mean further attempts at reach and lead generation need to be looked into.

 

Failure point: Less than three new customers.

 

Red Light - This would imply that either the BagPay and Premium services or the customer segments being targeted need to be reevaluated. It may also be dependant on recurring objections from potential customers, for example lack of end product in which case the prototyping team should become the main focus in ensuring we have a solution to sell.

 

Experiment build:

 

Contact potential customers and organise meetings to establish EOIs. From there follow the pipeline through to the close and follow up stages.

 

It is also important to collect as much data as possible and to update meeting minutes, hubspot and the contact list. This will help when quantifying the data and allow that to be useful for any outcome of these goals.

edited on 15th January 2019, 06:01 by Rose Gooding

Harry Telford 5 months ago

Status label added: Proposed Experiment

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Fiona Aaron 5 months ago

A few questions on this one-
There are 88 potential contacts on this spreadsheet (excluding the current businesses and the ones classified as 'not interested'). Your green light is factoring in an almost 40% conversion rate. Is that achievable?

Additionally, you mention exploring new business sectors - what are these, how many leads do you have?

Can you attach a copy of your pitch to these businesses (and a variation for different industries?)

I'm a bit concerned that this experiment is premature since it seems clear that the value proposition is still up in the air (referring to the customer feedback experiments since 3 customers left us in the past 6 months) so I'm not sure that hunting for new business makes sense if we aren't sure why existing customers are dropping off? Does this make sense?

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Rose Gooding 5 months ago

Hi Fi. I know this is delayed, and I am sure you are aware that this isn't the experiment and areas we are currently looking at. Value, problems and potentially new solution is on the cards. Pushing sales at this point holds no value when every time we get new customers, old ones drop off. This is evident we need to understand how they view the problem more.

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Rose Gooding 5 months ago

just so you receive the comment!

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