Project Everest

Proposed Experiment

[Proposed Experiment]: SoCon Fiji Jan 2019 - Retail Partnership (Channels)

Lean Phase: Channels

Assumption: Retailers selling or interested in selling the Buka stove would provide payment plans for it through their store.

Time Box: 2 weeks.

Success Metric

Percentage of retailers that sign EOIs for the positioning of payment plans in their stores.

Green Light - Move to looking at the logistics of providing loans through these retailers.

Success point - Success if 60% of retailers sign an EOI to offer the payment plan. 

Orange Light - Look at sales pitch, the way we are explaining SoCon and payments, etc.

Failure Point - Failure if less than 30% of retailers spoken to express interest in the above assumption.

Red Light- Failure Protocol is to understand why retailers are not interested in this process.

Experiment Build

~8 retailers (~2-3 already sell stoves)

1. Construct interview/partnership proposal (sales pitch). 

     a. Business information for potential profit analysis and likelihood of offering more             payment plans

     b. How long they’ve owned their business

     c. ‘How’s business?’

     d. About how many customers come into your store per day

     e. (Non-sellers) Would you be willing to sell our product? (Fuel)

     f. (General) Would you be willing to implement a payment plan?

     g. Which type of payment system we are offering - specifics of what we want the               partnership to be.

2. Create EOI sheet (we record the date)

     a. Business name

     b. Name

     c. Position in business (i.e. Manager, Owner)

     d. Signature

3. Find/research suitable retailers to partner in conjunction with Fuel

4. Discuss retailers who already sell the Buka stoves with Fuel and prospective future retailers

5. Sales pitch practice

6. Conduct pitches in Sigatoka

7. Collate and analyze final data on excel/Google spreadsheet

Jess Riley 7 months ago

Status label added: Under Review

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Jess Riley 7 months ago

Status label added: Proposed Experiment

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Fiona Aaron 7 months ago

What's in it for the retailers to provide the loans for the stoves? What's their incentive? Surely before going through all of this, you need to understand that (which you might already) and figure out what the value prop for the stores is?
With such small margins already, plus a cut to the retailer I assume for stocking the product, has any financial analysis been done to see what impact this has on our margins?

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Rose Martin 7 months ago

Hi Fi!

We've put this experiment 'on hold' as such for this very reason.
The value prop that has not been tested is that retailers will make more sales and have access to a segment that they wouldn't have WITHOUT the loan process, which would increase sales and revenues for them. Additionally if they previously provided credit for some products (which is common in some retailers in Sig), then providing our loan process on top of this would take away the risk that they previously incurred by providing credit themselves.
The point of gathering EOIs for this was to prove that this value prop exists, and to validate that retailers actually see value in this process. This is put on hold currently because our team does not have time to carry this out this month with everything else going on. So any suggestions for how to improve it for potentially another month would be appreciated !

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