Product Market Fit
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This document outlines 10 steps for achieving product-market fit, including validating a problem is worth solving, formulating an implementation strategy focused on early adopters, building a minimum viable product, establishing metrics to measure progress, delivering value before growth, identifying the engine of growth, measuring everything as cohorts through continuous experimentation and feedback loops, and recognizing that breakthrough insights often come from failed experiments. The overall message is that systematically validating customer needs through iterative testing and learning is key to developing a product that achieves product-market fit and is positioned for scaling.
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Product Market Fit
- 1. Conversational Interfaces Are the future of customer interaction.
- 7. “... customersarebuyingtheproductjust asfast asyoucanmakeit - orusageis growingjust asfast asyoucanadd servers...” -MarcAndreessen,ThePmarcaGuidetoStartups
- 8. “If youhavetoaskwhetheryouhave Product/MarketFit, theansweris simple: youdon’t.” -Eric Ries,TheLean Startup
- 10. 01 Problem/Solution Fit AGENDA 2 EarlyTraction 3 Product/MarketFit
- 11. 01 Problem/Solution Fit AGENDA 2 EarlyTraction 3 Product/MarketFit
- 12. 01 Problem/Solution Fit AGENDA 2 EarlyTraction 3 Product/MarketFit DoIhaveaproblemworth solving?
- 16. BusinessModelversusBusiness Plan Adocumentinvestorsmakeyou write that theydon’t read
- 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.
- 24. 03 Hone in onearlyadopters first.
- 25. Problem Solution Unique Value Proposition Unfair Advantage Customer Segments Key Metrics Channels Cost Structure Revenue Streams Yourearlyadoptersdefinethebusiness model
- 28. AnMVPis thesmallestsolutionthat deliverscustomer value. (BONUS:And capturescustomervalue.)
- 29. 01 Problem/Solution Fit AGENDA 2 EarlyTraction 3 Product/MarketFit
- 30. 01 Problem/Solution Fit AGEN DA 02 EarlyTraction 03 Product/MarketFit HaveIbuilt somethingpeople want?
- 31. InGodwe trust, all othersbring data. -W.Edwards Deming
- 33. What you wanted WTF The reality
- 36. ACQUISITION ACTIVATION RETENTION REVENUE REFERRAL How dousersfind you? Dousershaveagreatfirst experience? Douserscomeback? How doyoumake money? Douserstell others? Dave McClure’sPirateMetrics
- 38. ACQUISITION ACTIVATION RETENTION REVENUE REFERRAL How dousersfind you? Dousershaveagreatfirst experience? Douserscomeback? How doyoumake money? Douserstell others? ValueMetrics
- 39. 06 Theterrain beforeProduct/MarketFit is riddledwith qualitative learning.
- 40. Youdon’t needlots ofuserstolearn. Justafewgood customers.
- 42. 01 Problem/Solution Fit AGENDA 2 EarlyTraction 3 Product/MarketFit
- 43. 01 Problem/Solution Fit AGENDA 2 EarlyTraction 3 Product/MarketFit How doIscale?
- 45. ACQUISITION ACTIVATION RETENTION REVENUE REFERRAL How dousersfind you? Dousershaveagreatfirst experience? Douserscomeback? How doyoumake money? Douserstell others? PAID STICKY VIRAL GrowthMetrics
- 46. Astartup can focus ononly onemetric. Soyou have to decide what that is and ignorethe rest. -NoahKagan
- 52. 09 Buildacontinuousfeedback loopwith customersfor rapidhypothesis generation.
- 56. 10 Breakthroughinsights areusually hidden within failed experiments.
- 57. Apivotnotgroundedin learningis a disguised“see whatsticks” strategy.
- 59. “Thereis nosuchthingasafailed experiment-onlyunexpectedoutcomes. ” - BuckminsterFuller
- 67. THANKS! Available nowin bookstores Getmorecontent like this: http://runlean.ly/InnovationAccounting AshMaurya | Author,Running Lean | Founder, Spark59 | @ashmaurya Life istooshort tobuild something nobody wants