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Product Market Fit

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A presentation given at BOI Workbench Limerick

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Product Market Fit

  1. 1. Conversational Interfaces Are the future of customer interaction.
  2. 2. 9/10startups fail products
  3. 3. 66% drastically change their original plans
  4. 4. Notabetter planAbutapathtoaplanthat works beforerunningoutof resources.
  5. 5. Aplanthat works= Product/Market Fit
  6. 6. Whatis Product/MarketFit?
  7. 7. “... customersarebuyingtheproductjust asfast asyoucanmakeit - orusageis growingjust asfast asyoucanadd servers...” -MarcAndreessen,ThePmarcaGuidetoStartups
  8. 8. “If youhavetoaskwhetheryouhave Product/MarketFit, theansweris simple: youdon’t.” -Eric Ries,TheLean Startup
  9. 9. Gettingto Product/MarketFit canbedone systematically
  10. 10. 01 Problem/Solution Fit AGENDA 2 EarlyTraction 3 Product/MarketFit
  11. 11. 01 Problem/Solution Fit AGENDA 2 EarlyTraction 3 Product/MarketFit
  12. 12. 01 Problem/Solution Fit AGENDA 2 EarlyTraction 3 Product/MarketFit DoIhaveaproblemworth solving?
  13. 13. 01 DocumentyourPlan A.
  14. 14. Reasonablysmartpeoplecanrationalize anythingbutentrepreneursare especiallygifted at this.
  15. 15. BusinessModelversusBusiness Plan
  16. 16. BusinessModelversusBusiness Plan Adocumentinvestorsmakeyou write that theydon’t read
  17. 17. BusinessModelversusBusiness Plan Asinglediagramofyour business
  18. 18. Problem Top3 problems Solution Top3 features UniqueValue Proposition Single,clear, compellingmessage thatstateswhyyou aredifferentand worthpayi g UnfairAdvantage Can’tbeeasily copiedor bought Customer Segments Targetcustomers KeyMetrics Keyactivities you measure attention Channels Pathto customers CostStructure CustomerAcquisition Costs DistributionCosts Hosting People,etc. RevenueStreams Revenue Model Life Time Value Revenue GrossMargin PRODUCT MARKET Lean Canvas is adapted from The Business Model Canvas (http://www.businessmodelgeneration.com) and is licensed under the Creative Commons Attribution-Share Alike 3.0 Un-ported License.
  19. 19. Problem Solution Unfair Advantage KeyMetrics http://runlean.ly/why-lean-canvas
  20. 20. 02 Formulateanimplementation strategy.
  21. 21. Facebookwononstrategynot vision.
  22. 22. 03 Hone in onearlyadopters first.
  23. 23. Problem Solution Unique Value Proposition Unfair Advantage Customer Segments Key Metrics Channels Cost Structure Revenue Streams Yourearlyadoptersdefinethebusiness model
  24. 24. BuildanMVP(MinimumViable Product).
  25. 25. AnMVPis thesmallestsolutionthat deliverscustomer value. (BONUS:And capturescustomervalue.)
  26. 26. 01 Problem/Solution Fit AGENDA 2 EarlyTraction 3 Product/MarketFit
  27. 27. 01 Problem/Solution Fit AGEN DA 02 EarlyTraction 03 Product/MarketFit HaveIbuilt somethingpeople want?
  28. 28. InGodwe trust, all othersbring data. -W.Edwards Deming
  29. 29. Startupsdon’t starve, theydrown. -ShawnCarolan,Menlo Ventures
  30. 30. What you wanted WTF The reality
  31. 31. 04 Establishastandardmeasureof progress.
  32. 32. Financialaccounting InnovationAccounting
  33. 33. ACQUISITION ACTIVATION RETENTION REVENUE REFERRAL How dousersfind you? Dousershaveagreatfirst experience? Douserscomeback? How doyoumake money? Douserstell others? Dave McClure’sPirateMetrics
  34. 34. 05 Delivervaluebefore growth.
  35. 35. ACQUISITION ACTIVATION RETENTION REVENUE REFERRAL How dousersfind you? Dousershaveagreatfirst experience? Douserscomeback? How doyoumake money? Douserstell others? ValueMetrics
  36. 36. 06 Theterrain beforeProduct/MarketFit is riddledwith qualitative learning.
  37. 37. Youdon’t needlots ofuserstolearn. Justafewgood customers.
  38. 38. 01 Problem/Solution Fit AGENDA 2 EarlyTraction 3 Product/MarketFit
  39. 39. 01 Problem/Solution Fit AGENDA 2 EarlyTraction 3 Product/MarketFit How doIscale?
  40. 40. 07 Identifyyourengineof growth.
  41. 41. ACQUISITION ACTIVATION RETENTION REVENUE REFERRAL How dousersfind you? Dousershaveagreatfirst experience? Douserscomeback? How doyoumake money? Douserstell others? PAID STICKY VIRAL GrowthMetrics
  42. 42. Astartup can focus ononly onemetric. Soyou have to decide what that is and ignorethe rest. -NoahKagan
  43. 43. What’sstoppingyourbusiness fromgrowing 10X? -David Skok
  44. 44. 08 Measureeverythingasa cohort.
  45. 45. Youcannotstepin the sameriver twice. -Heraclitus
  46. 46. Signups Activation PaidConversion
  47. 47. Signups Activation PaidConversion
  48. 48. 09 Buildacontinuousfeedback loopwith customersfor rapidhypothesis generation.
  49. 49. 10 Breakthroughinsights areusually hidden within failed experiments.
  50. 50. Apivotnotgroundedin learningis a disguised“see whatsticks” strategy.
  51. 51. “Thereis nosuchthingasafailed experiment-onlyunexpectedoutcomes. ” - BuckminsterFuller
  52. 52. Hashtag: #leanstartup ASH MAURYA @ashmaur ya spark59.co 10STEPSTO PRODUCT/MARKETFIT
  53. 53. “CustomerDevelopment–nocustomer,bad customer,orwrongcustomer&you’redead.” - PaulSweeney
  54. 54. “Prototypeeverything,especiallyrelationships– minviableprototype–everythingisademand estimator. ” - PaulSweeney
  55. 55. “Growthengine–ifyouhavepoor mechanicsofcustomeracquisition, engagement,&growth,thenyouwaitand solve.” - PaulSweeney
  56. 56. “Experimentationmustleadtovalidatedlearning –butunderstandyourproblemvectorsandtheir prioritisations” - PaulSweeney
  57. 57. “Egoistheenemy–weareallthehero'sof ourownstory.Thiswillgetyoukilled.” - PaulSweeney
  58. 58. “Nevernotbeafraid.” - Grug.
  59. 59. THANKS! Available nowin bookstores Getmorecontent like this: http://runlean.ly/InnovationAccounting AshMaurya | Author,Running Lean | Founder, Spark59 | @ashmaurya Life istooshort tobuild something nobody wants

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