10 Steps to Product/Market Fit

Ash Maurya
Ash MauryaAuthor and Creator of Lean Canvas
10 STEPS TO
PRODUCT/MARKET FIT


  hashtag: #startupfest



       ASH MAURYA
           @ashmaurya
   http://www.ashmaurya.com
products


9/10   startups fail
66%   drastically change
      their original plans
Not a better Plan A but a path
    to a plan that works.
Lean Startup is a systematic process for iterating from
          Plan A to a plan that works before
              running out of resources.
Plan that works = Scalable, repeatable, business model
Product/Market Fit is the first thing that matters.
via Tara Hunt (@missrogue)
Agenda: 10 Steps to Product/Market Fit




1. Document your Plan A
2. Tackle the riskiest parts first
3. Maximize for speed, learning, and focus
Agenda: 10 Steps to Product/Market Fit




1. Document your Plan A
2. Tackle the riskiest parts first
3. Maximize for speed, learning, and focus
Reasonably smart people can rationalize anything
 but entrepreneurs are especially gifted at this.
Business Model versus Business Plan
Business Model versus Business Plan


                   A document investors make you write
                          that they don’t read
Business Model versus Business Plan



A single diagram of your business
Problem                     Solution                     Unique Value Unfair                                      Customer
                                                         Proposition  Advantage                                   Segments
Top 3 problems               Top 3 features
                                                         Single, clear,              Can’t be easily              Target
                                                         compelling                  copied or                    customers
                                                         message that                bought
                                                         states why you
                                                         are different and
                            Key Metrics                  worth buying                Channels

                            Key activities                                           Path to
                            you measure                                              customers




Cost Structure                                                         Revenue Streams

Customer Acquisition Costs                                             Revenue Model
Distribution Costs                                                     Life Time Value
Hosting                                                                Revenue
People, etc.                                                           Gross Margin



                     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.
1   Your product is NOT “the product”.
Your “product” is NOT the product


Problem      Solution      Unique        Unfair      Customer
                           Value         Advantage   Segments
                           Proposition




             Key Metrics                 Channels




Cost Structure                   Revenue Streams
Your “business model” IS the product


Problem      Solution      Unique        Unfair      Customer
                           Value         Advantage   Segments
                           Proposition




             Key Metrics                 Channels




Cost Structure                   Revenue Streams
2   Brainstorm multiple models and
    prioritize where to start.
Brainstorm possible models




                 Time
Prioritize where to start




              1. Customer Pain Level
              2. Ease of Reach
              3. Price/Gross Margin
              4. Market Size




                     Time
Agenda: 10 Steps to Product/Market Fit




1. Document your Plan A
2. Tackle the riskiest parts first
3. Maximize for speed, learning, and focus
Identify the riskiest parts of your model




                   Time
3   Understand the three stages
    of a startup.
3 Stages of a Startup



 Problem/Solution   Product/Market
                                      Scale
       Fit                Fit


   Stage 1            Stage 2        Stage 3
3 Stages of a Startup



 Problem/Solution       Product/Market
                                                  Scale
       Fit                    Fit




             Do I have a problem worth solving?
3 Stages of a Startup



 Problem/Solution      Product/Market
                                              Scale
       Fit                   Fit




        Have I built something people want?
3 Stages of a Startup



 Problem/Solution        Product/Market
                                                  Scale
       Fit                     Fit




                    How do I accelerate growth?
Before Product/Market Fit



 Problem/Solution           Product/Market
                                             Scale
       Fit                        Fit




         Focus: Validated Learning
           Experiments: Pivots
            Terrain: Qualitative
After Product/Market Fit



 Problem/Solution           Product/Market
                                                            Scale
       Fit                        Fit




         Focus: Validated Learning               Focus: Growth
           Experiments: Pivots               Experiments: Optimizations
            Terrain: Qualitative                 Terrain: Quantitative
4   Focus on the right macro metrics.
Key Metrics

   Acquisition                  How do users find you?


    Activation   Do users have a great first experience?


    Retention                     Do users come back?


    Revenue                  How do you make money?


     Referral                      Do users tell others?
Before Product/Market Fit

   Acquisition                    How do users find you?


    Activation     Do users have a great first experience?


    Retention                       Do users come back?


    Revenue                    How do you make money?


     Referral                        Do users tell others?




                   Value metrics
After Product/Market Fit

    Acquisition

    Activation

    Retention              Growth metrics

     Revenue

     Referral
Agenda: 10 Steps to Product/Market Fit




1. Document your Plan A
2. Tackle the riskiest parts first
3. Maximize for speed, learning, and focus
10 Steps to Product/Market Fit
Speed
Learning




           Speed
Focus




Learning




           Speed
The optimal
                                               learning loop



 Premature                Speed
Optimization                                          Chasing your
                                                      tail




               Learning            Focus




                                  Run out of
                                  resources
5   Formulate falsifiable hypotheses.
Too Vague: Being known as an “expert” will drive early adopters

Specific and Testable: Blog post will drive >100 early sign-ups
6   Architect for learning.
10 Steps to Product/Market Fit
10 Steps to Product/Market Fit
Landing Page > Pricing > Signup
Landing Page > Pricing > Signup
Landing Page > Pricing > Signup
7   Architect for speed.
Most learning happens
Some learning
                                                   here



   Requirements   Development       QA             Release




                   Very little learning
Most learning happens
Some learning
                                                   here


                             Continuous
          Requirements                        Release
                             Deployment




                         Shorten cycle time
8   Go only as fast as you can learn.
BACKLOG   IN-PROGRESS (1)   DONE
BACKLOG   IN-PROGRESS (1)   DONE
BACKLOG   IN-PROGRESS (1)   DONE
VALIDATED
                            LEARNING

BACKLOG   IN-PROGRESS (1)     DONE
9   Validate Qualitatively, Verify Quantitatively.
Qualitative   Quantitative




 Start here   Verify with data
The ideal conversion dashboard is part analytics
 and part customer relationship management.
10   Systematically test your model.
Systematically test your model




                  Time
Systematically test your model




                  Time
Systematically test your model




                  Time
Systematically test your model




                  Time
Systematically test your model




                  Time
Systematically test your model




                           ...




                  Time
Systematically test your model




                           ...




                  Time
Questions?



              RUNNING LEAN
              http://RunningLeanHQ.com

              Buy PDF: $19
              Save 20% - Discount Code: STARTUPFEST




Ash Maurya
twitter: ashmaurya
blog: http://www.ashmaurya.com
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10 Steps to Product/Market Fit

  • 1. 10 STEPS TO PRODUCT/MARKET FIT hashtag: #startupfest ASH MAURYA @ashmaurya http://www.ashmaurya.com
  • 2. products 9/10 startups fail
  • 3. 66% drastically change their original plans
  • 4. Not a better Plan A but a path to a plan that works.
  • 5. Lean Startup is a systematic process for iterating from Plan A to a plan that works before running out of resources.
  • 6. Plan that works = Scalable, repeatable, business model
  • 7. Product/Market Fit is the first thing that matters.
  • 8. via Tara Hunt (@missrogue)
  • 9. Agenda: 10 Steps to Product/Market Fit 1. Document your Plan A 2. Tackle the riskiest parts first 3. Maximize for speed, learning, and focus
  • 10. Agenda: 10 Steps to Product/Market Fit 1. Document your Plan A 2. Tackle the riskiest parts first 3. Maximize for speed, learning, and focus
  • 11. Reasonably smart people can rationalize anything but entrepreneurs are especially gifted at this.
  • 12. Business Model versus Business Plan
  • 13. Business Model versus Business Plan A document investors make you write that they don’t read
  • 14. Business Model versus Business Plan A single diagram of your business
  • 15. Problem Solution Unique Value Unfair Customer Proposition Advantage Segments Top 3 problems Top 3 features Single, clear, Can’t be easily Target compelling copied or customers message that bought states why you are different and Key Metrics worth buying Channels Key activities Path to you measure customers Cost Structure Revenue Streams Customer Acquisition Costs Revenue Model Distribution Costs Life Time Value Hosting Revenue People, etc. Gross Margin 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.
  • 16. 1 Your product is NOT “the product”.
  • 17. Your “product” is NOT the product Problem Solution Unique Unfair Customer Value Advantage Segments Proposition Key Metrics Channels Cost Structure Revenue Streams
  • 18. Your “business model” IS the product Problem Solution Unique Unfair Customer Value Advantage Segments Proposition Key Metrics Channels Cost Structure Revenue Streams
  • 19. 2 Brainstorm multiple models and prioritize where to start.
  • 21. Prioritize where to start 1. Customer Pain Level 2. Ease of Reach 3. Price/Gross Margin 4. Market Size Time
  • 22. Agenda: 10 Steps to Product/Market Fit 1. Document your Plan A 2. Tackle the riskiest parts first 3. Maximize for speed, learning, and focus
  • 23. Identify the riskiest parts of your model Time
  • 24. 3 Understand the three stages of a startup.
  • 25. 3 Stages of a Startup Problem/Solution Product/Market Scale Fit Fit Stage 1 Stage 2 Stage 3
  • 26. 3 Stages of a Startup Problem/Solution Product/Market Scale Fit Fit Do I have a problem worth solving?
  • 27. 3 Stages of a Startup Problem/Solution Product/Market Scale Fit Fit Have I built something people want?
  • 28. 3 Stages of a Startup Problem/Solution Product/Market Scale Fit Fit How do I accelerate growth?
  • 29. Before Product/Market Fit Problem/Solution Product/Market Scale Fit Fit Focus: Validated Learning Experiments: Pivots Terrain: Qualitative
  • 30. After Product/Market Fit Problem/Solution Product/Market Scale Fit Fit Focus: Validated Learning Focus: Growth Experiments: Pivots Experiments: Optimizations Terrain: Qualitative Terrain: Quantitative
  • 31. 4 Focus on the right macro metrics.
  • 32. Key Metrics Acquisition How do users find you? Activation Do users have a great first experience? Retention Do users come back? Revenue How do you make money? Referral Do users tell others?
  • 33. Before Product/Market Fit Acquisition How do users find you? Activation Do users have a great first experience? Retention Do users come back? Revenue How do you make money? Referral Do users tell others? Value metrics
  • 34. After Product/Market Fit Acquisition Activation Retention Growth metrics Revenue Referral
  • 35. Agenda: 10 Steps to Product/Market Fit 1. Document your Plan A 2. Tackle the riskiest parts first 3. Maximize for speed, learning, and focus
  • 37. Speed
  • 38. Learning Speed
  • 39. Focus Learning Speed
  • 40. The optimal learning loop Premature Speed Optimization Chasing your tail Learning Focus Run out of resources
  • 41. 5 Formulate falsifiable hypotheses.
  • 42. Too Vague: Being known as an “expert” will drive early adopters Specific and Testable: Blog post will drive >100 early sign-ups
  • 43. 6 Architect for learning.
  • 46. Landing Page > Pricing > Signup
  • 47. Landing Page > Pricing > Signup
  • 48. Landing Page > Pricing > Signup
  • 49. 7 Architect for speed.
  • 50. Most learning happens Some learning here Requirements Development QA Release Very little learning
  • 51. Most learning happens Some learning here Continuous Requirements Release Deployment Shorten cycle time
  • 52. 8 Go only as fast as you can learn.
  • 53. BACKLOG IN-PROGRESS (1) DONE
  • 54. BACKLOG IN-PROGRESS (1) DONE
  • 55. BACKLOG IN-PROGRESS (1) DONE
  • 56. VALIDATED LEARNING BACKLOG IN-PROGRESS (1) DONE
  • 57. 9 Validate Qualitatively, Verify Quantitatively.
  • 58. Qualitative Quantitative Start here Verify with data
  • 59. The ideal conversion dashboard is part analytics and part customer relationship management.
  • 60. 10 Systematically test your model.
  • 66. Systematically test your model ... Time
  • 67. Systematically test your model ... Time
  • 68. Questions? RUNNING LEAN http://RunningLeanHQ.com Buy PDF: $19 Save 20% - Discount Code: STARTUPFEST Ash Maurya twitter: ashmaurya blog: http://www.ashmaurya.com

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