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Marketing 101: What does Product / Market fit mean in the early days of a startup?
a thread //
a thread //
I view Product / Market fit as the venn diagram of
a great product
+
an audience that wants it
+
a team that can deliver it
a great product
+
an audience that wants it
+
a team that can deliver it
You'll know when you DON'T have PM fit easier than when you do.
If you can't figure out a sustainable CAC, retention is low, and your feedback loops are the sahara desert, you'll know something isn't working.
If you can't figure out a sustainable CAC, retention is low, and your feedback loops are the sahara desert, you'll know something isn't working.
Market Matters
You have to know what market you are playing in, the size of the market and the dynamics of the landscape.
What's the total addressable market, who are you competing with and when you crunch the #s of conversion, is this still exciting?
You have to know what market you are playing in, the size of the market and the dynamics of the landscape.
What's the total addressable market, who are you competing with and when you crunch the #s of conversion, is this still exciting?
Timing matters
Launching a great product too early can lead to failure.
Watch the movie General Magic and realize the smartphone & emojis were invented in 1994 but no one wanted it.
Right team,
Right product,
Wrong time.
Launching a great product too early can lead to failure.
Watch the movie General Magic and realize the smartphone & emojis were invented in 1994 but no one wanted it.
Right team,
Right product,
Wrong time.
Quant vs. Qualitative
The "I will know it when it happens" approach takes away agency from two quantitative measures that help prove PM fit: referrals + purchases
People vote with their wallets.
People talk about the things that they love.
The "I will know it when it happens" approach takes away agency from two quantitative measures that help prove PM fit: referrals + purchases
People vote with their wallets.
People talk about the things that they love.
My love - hate relationship with NPS
NPS is asking: "How likely are you to refer X to a friend?"
The timing and delivery of the question can skew the results. Brand lovers open more emails than haters.
Instead, I'd use social listening as a stronger proxy.
NPS is asking: "How likely are you to refer X to a friend?"
The timing and delivery of the question can skew the results. Brand lovers open more emails than haters.
Instead, I'd use social listening as a stronger proxy.
“Getting product right means finding product/market fit. It does not mean launching the product. It means getting to the point where the market accepts your product and wants more of it.” @fredwilson
Don't scale before you are ready
PR launches ARE NOT signals of PM fit.
Find a user base that loves your product, talks about it, and continues to purchase it
THEN figure out how to find more people LIKE them. Understand the psychographics to broaden the top of the funnel.
PR launches ARE NOT signals of PM fit.
Find a user base that loves your product, talks about it, and continues to purchase it
THEN figure out how to find more people LIKE them. Understand the psychographics to broaden the top of the funnel.
3 things I wish I had known about getting to PM fit
1. Ship-Learn-Pivot: Stop waiting for your product to be "perfect"
2. It takes longer than you think
3. Don't focus on anything else until you find it - partnerships, PR stunts....all distractions until you PM fit
1. Ship-Learn-Pivot: Stop waiting for your product to be "perfect"
2. It takes longer than you think
3. Don't focus on anything else until you find it - partnerships, PR stunts....all distractions until you PM fit
Hope this is helpful!
Now back to building and finding PM fit with my new company.
Now back to building and finding PM fit with my new company.
