Project Everest

Adopted Experiment

[FEB19] PROBLEM IDENTIFICATION SMALL BUSINESS (PROBLEM)- FIJI SOCON

Lean Phase: Problem

Assumption:

There are key barriers for small business owners accessing capital from traditional and established institutions in Fiji. These include:

  • Irregular income and individuals’ inability (or lack of preference)  to repay loans due to the inflexibility of payment schedules.

  • Individuals have an inherent distrust of financial institutions, leading to a preference of saving over financing.

  • Traditional institutions rarely give out access to finance below the level of $1000, making it difficult for business owners to access the capital they desire (which is less than this amount on average).

Time Box: 2 Weeks

Success Metric: 60 ppl approx.   
% of each defined customer segment that have the assumed problems (at least one)

Green Light - Proceed to explore common pain-points identified then ideate & test a UVP.

Success point - 60% of each customer segment identifies with at least one problem.

Orange Light - Optimise selection of segments and revise pain point assumptions based on the collected data.

Failure Point - 30% of each customer segment does not identify with at least one problem

Red Light-  If the results fall below the failure point, they will be examined to determine if any residual assumptions can be made/validated & if so, the next experiment will be designed to test these/based off them. If this is not the case, the customer segment & problem will be reexamined as a whole and another experiment will be designed based upon the new analysis.

Experiment build:

Testing at least 20 people from each identified customer segment - Agriculture, Retail and Tourism businesses.

  1. Define customer segments alongside the above archetypes.

  2. Create a survey to collect data on:

    1. Which customer segment they fall under

    2. Pain points they identify with

  3. Create google surveys and spreadsheets

  4. Interviewing technique and script development for calls.

  5. Check CRM and call people who we assume will fit in the customer segments and organise meetings.

  6. Survey at least 60 people - 20 from each segment.

  7. Compile and analyse the collected data to see what percentage of each segment identifies with each problem and create pie charts to identify any similarities.

  8. Type up the final experiment results into results document and upload to Crowdicity.
edited on 6th February 2019, 21:02 by Tom Steel

Fiona Aaron 6 months ago

Good job. Can you please post the survey here as well? Thanks

Reply 0

Tom Steel 6 months ago

The PDF of our survey is now posted to both experiments

Reply 0

Fiona Aaron 6 months ago

Status label added: Proposed Experiment

Reply 0

Lucy Preiss 6 months ago

Status label added: Experiment adopted

Status label removed: Proposed Experiment

Reply 0

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