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Product Market Fit
What? Why? How?
Saif Hassan, weDevs
October 6, 2020
PRODUCT MARKET FIT
What is it?
Product/Market FIT means solving a
particular problem in a good market where
users are ready to pay for the particular
solution/product.
An American entrepreneur, investor, and software engineer. He is the co-author of
Mosaic, the first widely used web browser; co-founder of Netscape; and co-founder
and general partner of Silicon Valley venture capital firm
• When it is not happening:
Poor conversions, no word of mouth, slow usage growth, long
sales cycle, and high churn
• When it is happening: “The customers are buying the
product just as fast as you can make it — or usage is growing
just as fast as you can add more servers.” - Marc Andreessen
If you have to ask if your
whether you have
product/market fit - the answer
is simple, you DON’T
- Eric Reis
Why Should
Anyone Care
About Product
Market Fit?
Why?
- Startups are inherently unstable.
- 9 out of 10 startups fail (90%)
- Startups need gravity to survive
- PMF = Gravity for Startups
- A product people want is not enough.
How to validate market potential?
- Who is the target customer?
- What is their underserved need?
(Are they ready to pay?)
Collecting Data from The Market
- Customer Surveys
- Design Thinking
- User Persona
- Research
The Challenge
“The number one problem
I’ve seen for start-ups, is they
don’t actually have
product/market fit, when they
think they do.”
Alex Schultz
Facebook Growth Marketing 1
4
Product Market Fit
Development
Introduction
Growth
Maturity
Decline
Value
Metric
Product
Market Fit
1
5Time
Achieving Product Market tfit is the inflection point from
“Introduction” to “Growth” in a Product’s Lifecycle
Before
AtfTE
R
11
For Product
Market Fit, you
need “Traction”
What’s Traction?
“Traction is a measure of a
products engagement with
its market.
Investors care about traction
over everything else.
-Venture Hacks, “Pitching Hacks”
http://venturehacks.com/pitching
1
7
To create Customer Value, solve a
problem.
Find a sizable market that
has a problem worth
solving.
Find out if they would
exchange value to have it
solved.
Ideat
e
Explor
e
Focu
s
Immers
e
Defin
e
Buil
d
Prepar
e
Launc
h
Product
Strategy and
Lifecycle
Management
20
22
Understanding the
Market and
Applying Product
Fit Technique
Start understanding your
market
What is the total
Addressable Market?
23
Start understanding your
market
What % of that market do
you think you can
capture.
24
Start understanding your
market
As a Startup
You are here …
100
%
0
% TimeNow
25
Start understanding your
market
Except it is never a
straight line…
So you are probably here.
100
%
0
% TimeNow
26
S-Curve
Start understanding your
market
The Customer
Adoption
Curve
100
%
0
% No
w
Laggard
s
Late
Majority
Early
Majority
Early
AdoptersInnovators
Tim
e
Product
Market
tfit
27
Customer Adoption
Curve
Product
Market fit
Aka “Technology Adoption Lifecycle”. Geoffery A. More –
Crossing the Chasm
2
8
You have to “Cross the Early Adopter Stage”
Product
Market
tfit
Aka “Technology Adoption Lifecycle”. Geoffery A. More –
Crossing the Chasm
2
9
CHASM
There are really 2 markets here for start
ups
Product
Market fit
CHASM
Aka “Technology Adoption Lifecycle”. Geoffery A. More –
Crossing the Chasm
3
0
There are really 2 markets here
Product
Market fit
CHASM
3
1
1) Early
Adopter
2) Early
Majority
You need to get Product Market
twice!
Product
Market tfit
#2
CHASM
1) Early
Adopter
2) Early
Majority
Product
Market tfit
#1
3
2
Actions for Customer Types
3
3
Innovators
•Offer first MVP’s and get feedback.
Will soon lose interest and move to something else.
Early Adopters
•Optimise learning and iterate MVP’s to
establish Product Market Fit #1.
Early Majority
•Use success with Early Adopters to attract Early Majority.
Continue to iterate to gain Product Market Fit #2.
After Product Market Fit
HANG ON!
Optimise for growth
and scale.
Don’t lose
Product Market Fit
to a competitor!
41
To Get to Product Market Fit
❑ Find a sizeable Market
❑ Identify a Problem worth solving
❑ Develop an MVP to solve it
❑ Find a business model to support it
❑ Test, Measure, Learn.
❑ Repeat!
45

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Product Market Fit - How to know your product is market fit

  • 1. Product Market Fit What? Why? How? Saif Hassan, weDevs October 6, 2020
  • 2. PRODUCT MARKET FIT What is it? Product/Market FIT means solving a particular problem in a good market where users are ready to pay for the particular solution/product.
  • 3. An American entrepreneur, investor, and software engineer. He is the co-author of Mosaic, the first widely used web browser; co-founder of Netscape; and co-founder and general partner of Silicon Valley venture capital firm
  • 4. • When it is not happening: Poor conversions, no word of mouth, slow usage growth, long sales cycle, and high churn • When it is happening: “The customers are buying the product just as fast as you can make it — or usage is growing just as fast as you can add more servers.” - Marc Andreessen
  • 5.
  • 6. If you have to ask if your whether you have product/market fit - the answer is simple, you DON’T - Eric Reis
  • 7. Why Should Anyone Care About Product Market Fit?
  • 8. Why? - Startups are inherently unstable. - 9 out of 10 startups fail (90%) - Startups need gravity to survive - PMF = Gravity for Startups - A product people want is not enough.
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  • 11. How to validate market potential? - Who is the target customer? - What is their underserved need? (Are they ready to pay?)
  • 12. Collecting Data from The Market - Customer Surveys - Design Thinking - User Persona - Research
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  • 14. The Challenge “The number one problem I’ve seen for start-ups, is they don’t actually have product/market fit, when they think they do.” Alex Schultz Facebook Growth Marketing 1 4
  • 15. Product Market Fit Development Introduction Growth Maturity Decline Value Metric Product Market Fit 1 5Time Achieving Product Market tfit is the inflection point from “Introduction” to “Growth” in a Product’s Lifecycle Before AtfTE R
  • 16. 11 For Product Market Fit, you need “Traction”
  • 17. What’s Traction? “Traction is a measure of a products engagement with its market. Investors care about traction over everything else. -Venture Hacks, “Pitching Hacks” http://venturehacks.com/pitching 1 7
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  • 21. To create Customer Value, solve a problem. Find a sizable market that has a problem worth solving. Find out if they would exchange value to have it solved. Ideat e Explor e Focu s Immers e Defin e Buil d Prepar e Launc h Product Strategy and Lifecycle Management 20
  • 23. Start understanding your market What is the total Addressable Market? 23
  • 24. Start understanding your market What % of that market do you think you can capture. 24
  • 25. Start understanding your market As a Startup You are here … 100 % 0 % TimeNow 25
  • 26. Start understanding your market Except it is never a straight line… So you are probably here. 100 % 0 % TimeNow 26 S-Curve
  • 27. Start understanding your market The Customer Adoption Curve 100 % 0 % No w Laggard s Late Majority Early Majority Early AdoptersInnovators Tim e Product Market tfit 27
  • 28. Customer Adoption Curve Product Market fit Aka “Technology Adoption Lifecycle”. Geoffery A. More – Crossing the Chasm 2 8
  • 29. You have to “Cross the Early Adopter Stage” Product Market tfit Aka “Technology Adoption Lifecycle”. Geoffery A. More – Crossing the Chasm 2 9 CHASM
  • 30. There are really 2 markets here for start ups Product Market fit CHASM Aka “Technology Adoption Lifecycle”. Geoffery A. More – Crossing the Chasm 3 0
  • 31. There are really 2 markets here Product Market fit CHASM 3 1 1) Early Adopter 2) Early Majority
  • 32. You need to get Product Market twice! Product Market tfit #2 CHASM 1) Early Adopter 2) Early Majority Product Market tfit #1 3 2
  • 33. Actions for Customer Types 3 3 Innovators •Offer first MVP’s and get feedback. Will soon lose interest and move to something else. Early Adopters •Optimise learning and iterate MVP’s to establish Product Market Fit #1. Early Majority •Use success with Early Adopters to attract Early Majority. Continue to iterate to gain Product Market Fit #2.
  • 34. After Product Market Fit HANG ON! Optimise for growth and scale. Don’t lose Product Market Fit to a competitor! 41
  • 35. To Get to Product Market Fit ❑ Find a sizeable Market ❑ Identify a Problem worth solving ❑ Develop an MVP to solve it ❑ Find a business model to support it ❑ Test, Measure, Learn. ❑ Repeat! 45