How to find Product Market Fit

1. HOW TO
FIND YOUR
PRODUCT
MARKET FIT

2. 1. Who are we?
2. Path to Product-Market Fit
3. What are Early Adopters?
4. Who are yours?
5. Where can you find them?
Agenda

3. WHO AM
I?

4. WHO ARE
WE?

5. My Background
18 months

6. Discovered
Lean Startup

7. ThingsWeStart

8. Success

10. Mentor Around the World
San Francisco
San Juan
Seattle
Lincoln
Calgary
Singapore
Barcelona
Paris
London
Sydney
Zagreb
San Francisco
San Juan
Seattle
Lincoln
Calgary
Singapore
Barcelona
Paris
London
Sydney
Zagreb

11. LET’S
CELEBRATE
PUERTO RICO

12. Mentor Around the World
San Francisco
San Juan
Seattle
Lincoln
Calgary
Singapore
Barcelona
Paris
London
Sydney
Zagreb
San Francisco
San Juan
Seattle
Lincoln
Calgary
Singapore
Barcelona
Paris
London
Sydney
Zagreb

13. Startup Accelerators

14. Curriculum
Mentor
Speaker

15. Fortune 1000

16. ?’s

17. 1. Who are we?
2. Path to Product-Market Fit
3. What are Early Adopters?
4. Who are yours?
5. Where can you find them?
Agenda

18. Validation you can achieve
your goals, by deliverying a
product at
scale.
Product-Market Fit?

19. Where do you
start?
What tests do
you run?
Questions
How do you run
them?
?
?
?
?
What do you do with
the results?
?
?

20. FOCUS
Framework
1. Concrete steps
Validation Roadmap
1 2
3 4
5
6
…
2. Orders the steps
3. Instructions & tools
for each step

21. FOCUS Framework

22. PATH TO
PRODUCT-
MARKET
FIT

23. Finding Early Adopters
Offer Testing
Currency Testing
Utility Testing
Scaling
FOCUS

24. FOCUS
Framework
1. Concrete steps
Path to Product-Market Fit
1 2
3 4
5
6
…
2. Orders the steps
3. Instructions & tools
for each step

25. FOCUS Framework

26. FINDING
EARLY
ADOPTERS

27. ?’s

28. EXERCISE #1:
DECLARING
VICTORY!

29. WHY DECLARE
VICTORY?
1. MAKES EVERYTHING
EASIER
2. MEASURE: ARE YOU ON
THE RIGHT TRACK?

30. Validation you can achieve
your goals, by deliverying a
product at
scale.
Product-Market Fit

31. 1/10/15
Virtual lean startup
peer groups
Early stage intra- &
entrepreneurs

32. $1mm in the bank
secure Justin Wilcox
1/10/15
Virtual lean startup
peer groups
Early stage intra- &
entrepreneurs

33. 10
Founder victories
declared
accomplished Justin Wilcox
1/10/15
Virtual lean startup
peer groups
Early stage intra- &
entrepreneurs

34. $2mm In profit

35. ?’s

36. EXERCISE #2:
IDEA
GENERATION

37. WHY IDEA
GENERATION?
1. IF YOU DON’T HAVE A
COMPANY/PRODUCT IDEA
2. IF YOU DO…WHAT IF
YOU’RE WRONG?

38. Validation you can achieve
your goals, by deliverying a
product at
scale.
Product-Market Fit?

40. FUNDED
STARTUPS
FAIL

41. WHY?

42. BUILD
GREAT
PRODUCTS

46. WHY?

47. BUILD
GREAT
PRODUCTS

48. Customers don’t
buy products.
Customers buy
solutions to
problems.

49. PATH TO
PRODUCT
MARKET FIT

50. ISN’T
PAVED
WITH
PRODUCTS

51. ISN’T
PAVED
WITH
IDEAS

52. IT’S
PAVED
WITH
PROBLEMS

53. Developer
Startup founder
Seahawks fan
“Doesn’t exercise
enough”
Works from home
Partner dancer
Speaker/educator
Long-term boyfriend
Meditator
Only child living away
from aging parents
Microsoft employee
Boat owner
Wake boarder
Options trader
Swing dancer
Golfer
Skier
Frequent traveler
Soccer player
Drive thru worker
Under resourced
children
Entrepreneurs in
developing regions
Existentially anxious
Young developers
Female
entrepreneurs

54. Speaker/educator
Long-term boyfriend
Meditator
Only child living away
from aging parents
Frequent traveler
Soccer player
Drive thru worker
entrepreneurs
1 Million $ in the bank
Startup founders “How do I do Lean?”
Under resourced kids limited career options
Meditators existential angst

55. Speaker/educator
Long-term boyfriend
Meditator
Only child living away
from aging parents
Frequent traveler
Soccer player
Drive thru worker
entrepreneurs
1 Million $ in the bank
Startup founders “How do I do Lean?”
Under resourced kids limited career options
Meditators existential angst

56. ?’s

57. 1. FOCUS: Path to Product-Market
Fit
2. You Defined Victory
A. Personal
B. Team
3. Created a plan (w/ backups)
Quick Summary

58. Takeaways

59. 1. Who are we?
2. Path to Product-Market Fit
3. What are Early Adopters?
4. Who are yours?
5. Where can you find them?
Agenda

60. 5 Min Break

61. 1. Who are we?
2. Path to Product-Market Fit
3. What are Early Adopters?
4. Who are yours?
5. Where can you find them?
Agenda

62. EXERCISE #3:
CUSTOMER
STORMING &
ROLE-IZING

63. WHY?
1. 1ST STEP IN FINDING YOUR EARLY
ADOPTERS…WHO ARE YOUR
OPTIONS?
2. MAKE SURE YOUR SEGMENTS
ARE REAL
3. START THE NICHING PROCESS

64. “TheFacebook”

65. Google

66. $1mm In the bank How do I do Lean Startup?
Startup founders
Startup curious corporates
Failed founders
High school teachers
Professors
Consultants
Internal training departments
Accelerators
Innovation leaders at companies
CEOs
CMOs
Funded founders
Community leaders
Community organizations
Economic development teams
Corporate Incubators
Founders /w full-time jobs
Serial entrepreneurs
High school FBLA advisors
Entrepreneurship Profs.
Startup education
organization’s content directors
Leaders civic economic
development team
Directors Corporate Incubators
Innovation Consultants
Accelerator Director
Seed funded founder
Series A funded founder
Startup community leader

67. ?’s

68. EXERCISE #4:
WHAT ARE
EARLY
ADOPTERS?

69. Diffusion of Innovation
Early
Adopters
Early
Majority
Late
Majority
Laggards
Success

70. Startup founders
“Not sure how to apply Lean Startup”
Started reading
Lean Startup
Takes free courses
online
Filling out Business
Model Canvas
Goes to free Lean
Meetups
Success
Start

71. “Not sure how to apply Lean Startup”
Just started reading
Lean Startup
Takes free courses
online
Filling out Business
Model Canvas
Goes to free Lean
Meetups
Goes to Lean Startup Machine
Pays for online courses
Goes to Lean Startup Conf.
Makes calls on Clarity
Buy’s Ash’s Book
Enrolls in Founder Institute
Tweets about Lean Startup Machine
Reviews online courses
Leaves feedback on Clarity
Amazon review for Ash’s Book
Joins Founder Institute Meetup Group

72. WHAT ARE EARLY
ADOPTERS?
“Paying” to Solve It
Know they Have It
Have the problem
CUSTOMERS WHO…

73. WHERE ARE YOURS?
Externally
Observable
Behavior
Tweets about Lean Startup Machine
Reviews online courses
Leaves feedback on Clarity
Amazon review for Ash’s Book
Joins Founder Institute Meetup Group

74. Repeat
Segments 2-5

75. ?’s

76. 1. Role-ized your customers
2. Defined Early Adopters
3. Identified your Early Adopters
4. Discovered where to find them
Quick Summary

77. Takeaways

78. 5 Min Break

79. 1. Who are we?
2. Path to Product-Market Fit
3. What are Early Adopters?
4. Who are yours?
5. Where can you find them?
Agenda

80. What’s Next?

81. SCALE YOUR
SEGMENTS

82. WHY?
1. TEST ONE SEGMENT AT A
TIME
2. WHICH ONE?

83. SCALE
CustomerDevLabs.com/scale

84. SCALE your Segments
S C A L E
Description
Segments
3 =
2 =
1 =
3 =
2 =
1 =
3 =
2 =
1 =
3 =
2 =
1 =
3 =
2 =
1 =
ize
T-shirt
sizing
Large
Medium
Small
Founders who go to
Lean Events
Entre. Profs. who
use “All In Startup”
Innovation consultants at
Lean Conferences
Incubator directors at
Lean Conferences
2
1
1
1
urrency
How much of
the thing you
need, do they
have?
A lot
Some
A little
1
2
3
3
ccess
If the product
was ready,
how quickly
could you get
currency?
Days
Weeks
Months
3
2
2
2
ove
How much do
you want to
serve this
group for the
next 5 years?
A lot
Some
Not at all
3
2
1
1
arly
Adopters
How much
data do you
have they are
trying to solve
this problem?
A lot
Some
None
3
2
3
2
Total
Score
Multiply the
columns.
Don’t add
them.
54
16
18
12
Founders who go to
Lean Events
54

85. TheFocusFramework.com

86. Finding Early
Adopters
Offer Testing
FOCUS
U
F
C
U
Product-Market Fit Roadmap
C
O
F
O
S
Currency Testing
Utility Testing
Scaling

87. ?’s

88. BEFORE
YOU
GO

89. BONUS #1

90. FINDING
EARLY
ADOPTERS
FREE!

91. EMAIL:
customerDevLabs.com/h3

92. BONUS #2

93. 40
FOCUSPR
Sun. Nov. 22nd

94. 1. Who are we?
2. Path to Product-Market Fit
3. What are Early Adopters?
4. Who are yours?
5. Where can you find them?
What we Covered

95. Takeaways

96. HOW TO
FIND YOUR
PRODUCT
MARKET FIT
Justin@CustomerDevLabs.com

97. 40
FOCUSPR
Sun. Nov. 22nd