Hypothesis testing

Empathy map, Personas and Interview Debrief

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So, as promised in the post about learnings from session 5, we managed to get to know our potential customers better.

We have interviewed 20 people to test and validate the hypothesis. We are happy to say that our value propostiton is mostly confirmed. There are some changes to be made so please stay tuned. They will come later!

Here is our presentation on our customers:

This entry was posted in Analysis, Business Model Canvas Poster, Hypothesis testing.

Our hypothesis evaluation

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Since choosing our ten most important hypothesis last week, we selected ways to test each one and also decided upon how each hypothesis will be confirmed or validated. If you watch the video below, you will see a short presentation of the ten hypothesis forms. Check back in the coming weeks to see how the testing of each one went!

Evaluating the Potential Hypothesis

Earlier in the week we brainstormed potential hypothesis, based on our business model canvas, that we thought were important for the success of our product. We compiled these in the table below and then chose the ten most important statements that really would be crucial to the product success. We did this  by scoring each individual hypothesis on importance and likelihood of failure. To get our final score we multiplied the scores for each hypothesis together and then picked the ten with the highest score. As you can see, the chosen ten are all highlighted in bold.

Value proposition Scale of importance Probability of failing Score
1.    Customers would appreciate the ability to bring  their own lunch to work/school and heat it       5 2 10
2.    Many workers/students are facing a lack of food choice such as healthy, vegetarian, budget etc
3.    Customers   consider this a cheaper option/substitute to café/canteen/restaurants etc. 4 2 8
4.    Customers will not consider this product inconvenient           5 3 15  
5.    Workers/Students are looking for an alternative to the traditional way of eating on the go   4 3 12  
7.    People are  willing to pay a price that will cover our costs and margin     5 2 10  
8.    People think it   is ok to cook extra food for dinner to bring the next day 2 3 6
9.    People will buy “heat up food” and bring it in their lunch box 2 4 8
10.  People will bring left over take away 1 4 4
11.  People appreciate  the ability to have access to food when they want it 3 2 6
12.  The ability to heat the lunch box will influence the purchasing decision   5 2 10  
13.  The multi-plug ability will influence   the purchasing decision         5 2 10  
14.  A sleek and stylish design adds value for the customer       4 2 8
Channels
1.    Customers would  buy the product on our webpage 3 2 6
2.    Stores would  include our product in their assortment 3
3.    Most sales will  come from Amazon 4 1 4
4.    Promotion through different channels i.e. street sales and pop up shops will raise awareness of the product         4 2 8
Key   resources
3.    With a viable business model we will be able to raise adequate financial resources 5 4 20
Key   partners
1.    We will be able  to outsource the production 5 1 5
2.    We will be able  to outsource the design of the product 5 1 5
3.   We will be able to partner up with organizations/companies to sell higher quantities for a discounted price 4 2 8
 Revenue Streams                  
1.   People in different markets have similar problems that can be solved by the same product 4 3 12  

This entry was posted in Business Model Canvas Poster, Hypothesis testing.