Storming the beach: Finding Product Market Fit
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Presentation to high school students about quickly building a business model and working to product-market fit.
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Storming the beach: Finding Product Market Fit
- 1. STORMING THE BEACH Finding Product-Market Fit
- 2. About Us Pavel Bains James Chutter @pavelbains @jameschutter www.pavelbains.com www.jameschutter.com
- 3. 3 Stages of a Startup Problem-Solution Product-Market P Scale Fit Fit Stage 1 Stage 2 Stage 3
- 4. 1. Create a Business Plan
- 5. 1. Create a Business Plan Model
- 6. Your Product is Not The Product, Your Business Model is
- 7. Your Product is Not The Product, Your Business Model is
- 8. 2. Brainstorm multiple models
- 9. 3. Prioritize where to start Money Time Motivation Customer demands Market demand
- 10. 4. Focus on the right metrics
- 11. 4. Focus on the right metrics Acquisition Activation Retention Referral
- 12. 4. Focus on the right metrics Activation Retention
- 13. 5. Formulate and test a hypothesis Too Vague: Kids see cool people wearing it and will then buy to be cool Specific and testable: Fashion blogger writes about it and it drives 100 sign-ups
- 14. 6. Architect for learning Find the fastest way to get your model out and start learning
- 15. 7. Architect for speed P Requirements Development Q&A Release
- 16. 7. Architect for speed P Requirements Development Q&A Release
- 17. 8. Systematically test your model
Editor's Notes
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- Put in pic of DDB, Disney, Storypanda - we talk about our career history, starting Storypanda, going to the Valley and where we are now.\n
- 1. Do I have a problem worth solving?\n2. Have I built something people want?\n3. How do I accelerate growth?\n\nStage 1 and 2 is about validating learnings through various experiments and adapting, evolving or pivoting with new information\n\nStage 3 is focused on high growth and optimizing metrics\n
- Go into a 30 second thing of research blah blah blah, but then scrap it. And say this is a waste of time. \n
- Go into a 30 second thing of research blah blah blah, but then scrap it. And say this is a waste of time. \n
- Go into a 30 second thing of research blah blah blah, but then scrap it. And say this is a waste of time. \n
- Go through each of these and apply it to Storypanda. Get the group to understand each of these parts\n
- Explain how with limited resources you cannot focus on everything and you have to start picking things to focus on. Give examples. Then ask class to pick a new product to make. Whole class agrees on one. Then split them up into seperate groups and each group builds out a basic business model and selects priorities.\n
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- Go through what happens before product market fit (act/ret) and after (acq/ref). \nAcquisition - How do users find us\nActivation - Did they have a good first experience\nRetention - Do they come back\nReferral - Do they tell others\n
- Go through what happens before product market fit (act/ret) and after (acq/ref). \nAcquisition - How do users find us\nActivation - Did they have a good first experience\nRetention - Do they come back\nReferral - Do they tell others\n
- Go through what happens before product market fit (act/ret) and after (acq/ref). \nAcquisition - How do users find us\nActivation - Did they have a good first experience\nRetention - Do they come back\nReferral - Do they tell others\n
- Go through what happens before product market fit (act/ret) and after (acq/ref). \nAcquisition - How do users find us\nActivation - Did they have a good first experience\nRetention - Do they come back\nReferral - Do they tell others\n
- Go through what happens before product market fit (act/ret) and after (acq/ref). \nAcquisition - How do users find us\nActivation - Did they have a good first experience\nRetention - Do they come back\nReferral - Do they tell others\n
- Go through what happens before product market fit (act/ret) and after (acq/ref). \nAcquisition - How do users find us\nActivation - Did they have a good first experience\nRetention - Do they come back\nReferral - Do they tell others\n
- Break out the group and get them brainstorming different ways to acquire, be specific and they should come up with metrics to measure, qualitative or quantitative\n
- James gives his google adwords example for high-end men’s sombreros. Start throwing out random ideas at class and get them to come up with ideas on how to get it out there.\n
- Go through each one and ask the class where they think the most learning happens? \n\nIf they don’t get it, then say it’s the release. Explain how you learn the most through that and you should respond accordingly. Give examples of Storypanda. \n\nTalk about people being afraid to release something. Scared it might ruin them.\n
- Go through each one and ask the class where they think the most learning happens? \n\nIf they don’t get it, then say it’s the release. Explain how you learn the most through that and you should respond accordingly. Give examples of Storypanda. \n\nTalk about people being afraid to release something. Scared it might ruin them.\n
- Give an example of someone going through this from beginning to end.\n\nGet the class to go back to their groups and then do another pass through of the lean canvas just based on the limited things they learned just now.\n
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