projecteverest

Proposed Experiment
Under Review

[Proposed Experiment]: SoCon Fiji Jan 2019 -Price Testing 5.0

Lean Phase: Solution

Assumption: Individuals willing to purchase a Buka stove would be willing to pay either;

  • A $100 Buka Stove for $150 on a 3 1/2 month, mobile payment plan
  • A $150 Buka Stove for $225 on a 3 ½ month, mobile payment plan
  • A $200 Buka Stove for $300 on a 3 ½ month, mobile payment plan

NB: These prices need to be confirmed, but the concept behind structure of payments can be found here: https://docs.google.com/document/d/1fRr4budMMGO1CnVcC-3CAMAxowQRtzAqctNAZS8kSwQ/edit

Time Box: 2 weeks 

Success Metric:

The percentage of people interviewed who;

  1. Would pay either

                  a) $150 for a $100 stove

                  b) $225 for a $150 stove

                  c) $300 for a $200 stove 

Green Light - Proceed to currency testing the payment plans in line with Fuel team.

Success point - 50% of people interviewed sign an EOI for a stove on one of the above payment plans.

Orange Light - Iterate on sales pitch, pitch of SoCon and its purpose, iterate on financial terminology used to describe the payment plan.

Failure Point - If less than 30% of people contacted express interest in an EOI at the set price.

Red Light - Failure Protocol is to revise payment plan structure and amount in accordance with the financial model. 

Experiment Build:

  1. Design a survey with the following elements; 

                   a. Demographics

                   b. Information about preferred method of payment i.e. up-front or financing

                   c. Information about how much the segment would be willing to pay for                               financing

                              i. Overall

                              ii. Over 3 and a half months

                   d. Set up a google sheets & spreadsheet for results

        2. Set up interviews with individuals from the Customer Segment (in accordance                with the Fuel Team).

        3. Draft Expression of interest

                  a. Name

                  b. Contact Info (phone/email/address/other)

                  c. Signature

         4. Set up interview/sales script & practice this

         5. Conduct surveys (with 50 people)

         6. Organise data and analyse results

edited on 4th January 2019, 01:01 by Angel Cheung

Jess Riley 3 months ago

Status label added: Under Review

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Jess Riley 3 months ago

Status label added: Proposed Experiment

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