Market/Product Fit The Geek WayPresentation Transcript
Twitter: @StacieAndrews EXECUTIVE / MARKETER Increasing ROI for local and international brands since 2005 as CEO of Provado Marketing, Inc. Founder/CTO, startup: www.NameGoat.com DEVELOPER 8 Yrs. Blending Technical + Design + Marketing Allowing Companies To Better Tack, Prove, And Increase Results. Formal Degrees in Computer Science and Marketing DESIGNER Broad experience as a designer for Award- Winning Traditional and New Media Agencies
Strengths ChallengesAt lest you know it works. You may need toTechnically. remake it so that it is easier/faster/etc for your market.Your probably in If you need customerpharmaceuticals so you acceptance you maymay only need to focus on never find a Billion ordistribution. Million Dollar Market.
Sneak up on your market butdon’t be too stealth about it.
We want aFaster Horse!
That will do.
Strengths ChallengesAt lest you know there is a Can you develop thesignificant problem with product fast enough?someone willing to pay fora solution.Early customers can give Easy to develop ayou a head start. product that is too fitted these first customers. So make an MVP.
Customer Customer Customer Company Discovery Validation Creation Building Problem- Product- Solution Fit Market Fit Scale Scale Org. Execution Proposed Business And Drive MVP Model Demand Scale Operations Proposed Business Funnel(s) Model Pivot* Credit to Steve Blank for the Customer Development Cycle
• How do users find Acquisition you? • Do users have a great Activation first experience? • Do users come back to Retention use your product? • Do you make money? Revenue • Do users tell others about your Referral product?* Credit to Dave McClure for Metric Scale
Stage Example of Questions Patterns? What is your biggest problem? How would youAcquisition expect to find this product? What keywords would you use?Activation What would you expect the solution to look like?Retention How often would you use this? Love or Hate? Revenue Can you get their Credit Card? Referral Who would you recommend us to talk to?
What’s Rate of Stage Example of User Action Patterns? Success this Worth? What Keywords, Blogs ect. Bring inAcquisition traffic?Activation Do they signup? How often do they check the site?Retention Open teaser emails? Revenue Can you get their Credit Card? Referral Are they tweeting etc.?
Rate of Stage Example of User Action Success What’s this Worth? unique website visitors that didn’t Price/RevenueAcquisition bounce, spend x time on site, and go 90% Conversion Rate to Pricing page Price/RevenueActivation Sign up > Download > Use Product 70% Conversion Rate Price * AverageRetention Recurring Payment 50% Recurring Revenue Can you get their Credit Card? 60% Price of Product Price/Revenue Referral Mentions 10% Conversion Rate
Prepare for Optimization First TimeUnaware Interested Regular Evangelist Customer
You Get Blank StaresYour told department “X” has budget approval(X sends you to Y then Y sends you to Z… )Customer cancels subscription because“they’d rather buy a hamburger.” Questions? Stacie@ProvadoMarketing.com