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Achieving Product / Market Fit

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My guru talk at #SAPStartupSocial in Bangalore on Apr 20

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Achieving Product / Market Fit

  1. 1. Achieving Product / Market Fit (PMF) @TathagatVarma
  2. 2. Why?
  3. 3. Make something people want. -Paul Graham
  4. 4. The only thing that matters is getting to product / market fit. -Rachleff’s Corollary of Software Success https://web.stanford.edu/class/ee204/ProductMarketFit.html
  5. 5. http://oplaunch.com/blog/wp-content/uploads/2015/04/ford-model-T-production.jpg
  6. 6. Product / Market Fit means being in a good market with a product that can satisfy that market. -Marc Andressen
  7. 7. When you have PMF… “You can always feel product/market fit when it's 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. Money from customers is piling up in your company checking account. You're hiring sales and customer support staff as fast as you can. Reporters are calling because they've heard about your hot new thing and they want to talk to you about it. You start getting entrepreneur of the year awards from Harvard Business School. Investment bankers are staking out your house.” – Marc Andreessen
  8. 8. Good fit
  9. 9. When you don’t… You can always feel when product/ market fit isn’t happening. The customers aren’t quite getting value out of the product, word of mouth isn’t spreading, usage isn’t growing that fast, press reviews are kind of “blah”, the sales cycle takes too long, and lots of deals never close. – Marc Andreessen
  10. 10. Bad fit?
  11. 11. Your BMC on Day 1?
  12. 12. Achieving PMF • Not an event….but a long (and painful) process! • It is an iterative process. Iteration leads to feedback on MVP, which gets revised. • When your MVP is valuable, easy to use, etc., you have found PMF!
  13. 13. 1. Who? • Who are your “customers” / target segment? • Create “personas” to identify and describe your target customers - who are you designing for? • Start with hypotheses, test it, and refine based on learnings
  14. 14. 2. What? • What are their pain points? their unmet / underserved needs? • How are they solving those problems today? What workarounds or hacks seem to work? • What is your opportunity?
  15. 15. 3. How? • How do you plan to address the current pains and needs? • How do you plan to provide unique value? • How do you know your plan will work?
  16. 16. 4. Design MVPs • How will you test your value proposition in minimum time, effort and cost? • Does you MVP solve your problem or your customer’s problem? • What are your options?
  17. 17. Get out of the building!
  18. 18. 5. Develop MVPs • What is the purpose of developing the MVPs? • How do you know if you have unequivocally proven a hypotheses? • How do you ensure your investment is commensurate to inherent risks at a given point?
  19. 19. Prototyping spectrum
  20. 20. 6. Test MVPs • A good MVP comes back with lots of battle scars! • Cull our insights and decide next steps • A key decision is to Pivot or Persevere?
  21. 21. Series of MVPs… Roman Pichler
  22. 22. Measuring PMF? • NPS • Retention • 40% test • …
  23. 23. PMF Myths • Product-Market Fit is always a discrete, big- bang event • It’s patently obvious when you have product- market fit • Once you achieve product-market fit, you can’t lose it • Once you have product-market fit, you don’t have to sweat the competition http://blog.pmarca.com/2010/03/20/the-revenge-of-the-fat-guy/
  24. 24. Recap • Product-market fit is all about creating products that customers want! • However, startups fail over 90% of times! Developing products without validation is too costly! • Achieving PMF is a systematic process to understand user needs and designing MVPs around it, and testing them incrementally and measuring the fit. • A series of validated MVPs leads to a solution that can eventually be marketed to the target segment.
  25. 25. References • https://web.stanford.edu/class/ee204/ProductMarketFit.html • Startup Playbook - Sam Altman • http://svpg.com/product-market-fit/ • https://www.slideshare.net/evanish/getting-to-product-market-fit • https://medium.com/lean-startup-co/a-playbook-for-achieving-product-market- fit-434a644a9b91 • http://andrewchen.co/when-has-a-consumer-startup-hit-productmarket-fit/ • https://hbr.org/2013/07/three-ways-to-scale-b2b-sales • https://gigaom.com/2010/11/26/accelerate-your-startup-get-the-right- productmarket-fit/