The document discusses key considerations for product development, including identifying a big hungry market, building something people want by talking to potential users, and obtaining product-market fit. It emphasizes the importance of experimentation and speed, launching quickly before being fully ready and killing ideas that are not working fast. The goal is to create an experiment to test what you want to learn and iterate based on analytics, with the ultimate aim of conquering a market niche, even if small initially.

1. Product Development
by Sam Witteveen

2. Most founders think….
✤ Have a great idea.
✤ Get someone to make it.
✤ Release it and users flood in.
✤ Sell to ________ for ____ billion dollars!

3. 3 Parts
1. What to build?
2. Experimenting.
3. Speed!!!

4. What you build is way more
important than how you
build it!!

5. What to build
Big Hungry Market first
1. Is the market big enough? (if VC backed vs. Indie)
2. Is the market monetizable enough?

6. 4 Signs of a Good Market
1. Direct competition
2. Indirect Competition - Selling to same market but not
what you sell.
3. Affiliate Offers
4. Ads

7. Build Something People Want
✤ Talk to people! ( who you don’t know) Find pain points.
✤ If you can’t give it away for free then forget it
✤ If people love it, you don’t have to be best at marketing
etc.
✤ Must have vs. nice to have
✤ Limit features.

8. Don’t believe your hype
✤ You are an Entrepreneur you can imagine everything
✤ Run it by people who don’t love you!!
✤ Make something you will use, but show it to others
quickly

9. B2B vs. B2C
✤ B2B sell it before you make it.
✤ B2B work out the one feature that they would pay for
✤ B2C - trust people’s actions more than their words
✤ B2C usertesting.com

10. Clone or Not
✤ If it makes sense then do it quickly
✤ No good clone stays forever a clone
✤ Customize to local market
✤ Be careful that you understand how the original
works - e.g. BizDev , partnerships

11. You are building an experiment
✤ What do you want to learn?
✤ What are you testing? Always be testing something!
✤ Don’t blindly fall in love with the effort that you put it
in. It’s a product you are selling not your effort.
✤ The goal is product to market fit

12. Product to market fit
✤ If 50% of people wouldn’t miss your product you don’t
have it.
✤ Users have passion about it.
✤ Engagement is high
✤ Don’t even think about scaling up until you have it

13. Bake in analytics from the start
✤ What will be your key metrics?
✤ Engagement is more important than number of users
✤ B2B - what is the LTV of a customer
✤ B2B - what is your acquisition cost
✤ Traffic sources

14. Analytics - What to use
✤ Web
✤ Google Analytics
✤ Kiss Metrics
✤ Mobile
✤ Flurry
✤ GameAnalytics , 5 Rocks

15. Speed
✤ Launch quickly, often before your ready.
✤ The market moves super fast. Stuff changes
✤ Build for where the market is going not where it is now
✤ 20 at least companies are working on same space as you.
✤ If you are the underdog then your ability to execute is
the main thing that will give you any advantage

16. Conquer something quickly
✤ Get a market that you own and conquer, no matter
how small at the start.
✤ If you are always going to be a small, bail out.
✤ The goal is to become a monopoly

17. Kill Quickly
✤ If its not working kill it.
✤ Move on to the next thing