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Finding Product Market fit

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In this talk, Janna Bastow talks about different ways people have defined product/market fit, dives into several ways to break it down and understand if you're getting near to product-market fit, and provides a detailed look at Sean Ellis's Customer Development Survey for measuring PMF.

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Finding Product Market fit

  1. 1. Finding Product/Market Fit
  2. 2. Hello! I’m Janna Bastow Reach out to talk to me about product or just say hi at @simplybastow or janna@prodpad.com
  3. 3. What is Product/Market Fit?
  4. 4. Product/market fit means being in a good market with a product that can satisfy that market. - Marc Andreessen, 2007
  5. 5. “You’ve made something people want” - Paul Graham, Y Combinator
  6. 6. “Users spontaneously tell other people to use your product” - Sam Altman, Y Combinator
  7. 7. “You can feel it”
  8. 8. Not very measurable.
  9. 9. Inner nerd Gotta satisfy it...
  10. 10. Getting the first 10 customers is the hardest
  11. 11. Getting the first 10 customers is the hardest This is a lie.
  12. 12. Product/Market Fit is way beyond 10 customers 10 customers is Problem/Solution fit 1000 customers is Product/Market fit
  13. 13. Product/Market Fit is way beyond 10 customers 10 customers is Problem/Solution fit 1000 customers is Product/Market fit. Maybe.
  14. 14. Product/Market Fit changes Because the market changes.
  15. 15. Product/Market Fit
  16. 16. You are not your market!
  17. 17. Your early customers are not your market!
  18. 18. ProductHunt users and Beta testers are not your market!
  19. 19. Product/Market Fit
  20. 20. Purchase ≠ Fit
  21. 21. Your users change
  22. 22. So how do I get to Product/Market Fit?
  23. 23. Talk to people Even the ones who don’t like you
  24. 24. What frustrates you most about our product?
  25. 25. Talk about your vision Make sure you’re on the right path
  26. 26. Product Vision FOR (target customer) WHO (statement of need or opportunity) THE (product name) IS A (product category) THAT (key benefit, reason to buy) UNLIKE (primary competitive alternative) OUR PRODUCT (statement of primary differentiation) Find this free template at: www.prodpad.com/vision-template
  27. 27. Your roadmap is a prototype for your strategy
  28. 28. Test everything Your product is more than just the code/interface
  29. 29. Move fast You’ve got to keep up with a moving target
  30. 30. Ask tough questions Set your ego aside and be ready to learn
  31. 31. If this product didn’t exist today, would we still build it?
  32. 32. How do I know if I have Product/Market Fit?
  33. 33. Customer Development Survey • Sean Ellis developed in 2009 • PMFsurvey.com or just Typeform • Way more useful than NPS!
  34. 34. Establish what problem they were trying to solve...
  35. 35. Establish what problem they were looking to solve...
  36. 36. If 40%+ are ‘very disappointed’ then you have Product/Market Fit Maybe.
  37. 37. Always ask for more information...
  38. 38. Scope out the competition...
  39. 39. Find out what you’re best at...
  40. 40. And who you’re good for...
  41. 41. Ask about past behaviours, not future intentions...
  42. 42. Ask how they talk about you behind your back...
  43. 43. Find out who you’re really talking to…
  44. 44. Segmentation Key to getting market fit.
  45. 45. Adaptation Key to getting product/market fit.
  46. 46. Product/Market Fit = Scalable, repeatable business model If you’re not there yet, keep going. DON’T try to scale too early.
  47. 47. Thanks! Say hi at @simplybastow or janna@prodpad.com. Try ProdPad free – prodpad.com

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