Generate a detailed micro-experiment plan to validate a specific business hypothesis. The plan should include:</p>
<p>**1. Hypothesis:** Clearly state the hypothesis you are testing (e.g., “Offering a premium version of our product will increase average revenue per user by 20%”).</p>
<p>**2. Metrics:** Define the key performance indicators (KPIs) you will track to measure the success or failure of the experiment (e.g., conversion rate, average revenue per user, customer acquisition cost). Be specific and quantifiable.</p>
<p>**3. Target Audience:** Identify the specific segment of your target audience you will be testing the hypothesis with.</p>
<p>**4. Experiment Design:** Outline the methodology of the experiment. This should include:<br />
* **Treatment Group:** How will the treatment group experience the experiment (e.g., access to premium features)?<br />
* **Control Group:** How will the control group experience the experiment (e.g., no access to premium features)?<br />
* **Sample Size:** What is the minimum sample size needed for statistically significant results?<br />
* **Duration:** How long will the experiment run?</p>
<p>**5. Data Collection:** Describe how you will collect and analyze the data (e.g., using Google Analytics, a survey, A/B testing platform).</p>
<p>**6. Analysis Plan:** Explain how you will analyze the collected data to determine whether the hypothesis was supported or refuted. Specify the statistical tests you will use.</p>
<p>**7. Contingency Plan:** Outline what actions will be taken if the hypothesis is supported or refuted.</p>
<p>**8. Timeline:** Create a timeline for each step of the experiment, including start and end dates.</p>
<p>**Example Hypothesis:** “Offering a free trial of our premium service will increase conversion rates by 15%”.</p>
<p>**Output Format:** The output should be a structured plan with clearly defined sections for each of the above points. Use bullet points and numbered lists for clarity. The plan should be concise and actionable.
Generate a Micro-Experiment Plan for Business Validation
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