Context

Situation: For 2020, we need to grow our revenue by 2x to meet our revenue commitments so we can subsequently raise a series C capital at a good valuation.

Constraints:

• Don’t have time or resources to introduce a new product to grow revenue
• Can’t increase pricing, may even have to lower pricing to match competitors / maintain market awareness
• Prior acquisition experiments have demonstrated, attracting new users typically decreases the quality of users (i.e., worse conversion rate further down the funnel)

Problem Statement: How might we change the user application experience to increase the number of applications submission while maintaining or minimizing the decrease in quality?

Problem Statements Considered: Breakdown via Issue Tree

Why picked this problem statement:

• Constraint: Can’t increase price or order value
• Constraint: Not a large populate of existing users to focus on 2nd or 3rd sale
• Constraint: Focus starting with what can product/engineer uniquely contribute, versus other functional teams (marketing, sales, ops, customer support)

Success Measurements

Objective (output function): 2x the number of applications submitted

Key Results: (input variables)

• KR1: increase % of users who electronically sign
• KR2: increase % of users who complete stage 1
• KR3: decrease average time to create an account