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What Product Market Fit is not

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Recently I got the opportunity to talk about Product market fit at the ProductFolks community meetup. Having worked with early-stage startups and staring up myself, I decide to talk on that Product-Market Fit is not. For a brief write up head over to https://ravivyas.com/2019/07/13/what-product-market-fit-is-not

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What Product Market Fit is not

  1. 1. What PMF is not - Ravi Vyas
  2. 2. Disclaimer 1. My Goal is to teach you to fish, not give you fishes 2. This is catered more towards entrepreneurs
  3. 3. What is PMF • What is Product Management It is working towards getting the Right Product in the Right Package for the Right User
  4. 4. What is PMF • What is Product Management It is working towards getting the Right Product in the Right Package for the Right User • Based on that, Product Market Fit according to me becomes :  Getting the Right Product in the Right Package for the Right User at the Right time. 
  5. 5. –Ravi Vyas “Make your own Definitions, that is the best way to learn”
  6. 6. Learn by (my) Experience
  7. 7. Vserv (2012) What did Vserv do Built AppWapper which put in Entry & Exit ads in J2ME & Android Apps, with out code Why did it have PMF? Companies had a large portfolio of J2ME apps, which now ran on Java. Ads with no additional coding effort got more revenue. When did PMF break? MoPub, then Facebook. The needs of the market changed. Lesson: PMF is not constant.
  8. 8. MoEngage (2014) • PMF Early to Marketing Automation on Mobile, Retention & Engagement a new problem people had, and MoEngage provided a solution. • Today: Market is massive, different companies have niche PMFs in individual markets. Lesson: PMF is not constant, and not the same across competition.
  9. 9. PureMetrics • This is where assumptions kicked in.
  10. 10. PureMetrics What was PM? Mobile App Analytics [ Cheaper & more insightful] • People struggled at analytics. • We assumed a market existed, and we assumed we spoke to the "right user" and it seemed like the "right time" • People found analytics expensive. • It could be cheaper, We assumed there could be a better "right package" • We just need to build the "right product"
  11. 11. PureMetrics In retrospect, we got all the assumptions wrong. • Right User Assumption: Analytics, in India, is still a firefighting tool • True story: At an event, I was asked, if all is going well, do we still need analytics • Right Package Assumption: Lower cost = lower trust • Right Time: Firebase came out with "free" "app analytics". We were too late to the market, products selected. DataStudio also went Free. • Right Product Mistake: We looked at a lot of SaaS metrics and wanted to get it for Mobile users. Bad idea.
  12. 12. PureMetrics Lesson: Cheaper is not a USP, Brand is important, Pick the right first set of users
  13. 13. Odiocast • Right Market: Podcasts were gaining popularity. Listeners growing, creators not so much. Competition existed. We knew we were early. FB,Insta etc did not compete in this space. • Right Package: Allow people to create podcasts on the phone itself, no mic, no editing etc needed. • Right Price: Free, figure out the business model later.
  14. 14. Odiocast • Result. In 3 months we were Acquihired by Yourstory. We got the tech, they got the reach.
  15. 15. Odiocast • Problem: • Podcasting Exploded • Right Product was a little different. Anchor got it right.
  16. 16. Odiocast Lesson: Don’t quit, finding PMF is a journey in itself, a journey that never ends. It is finding the right combination of the following: • Right Product • Right Package • Right User • Right time. 
  17. 17. Questions? Prior art for Steve Jobs Pose : Dated: 2007

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