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Copyright, DKParker, LLC 2020
Product/Market Fit – Milestone #1
Dave Parker
@DaveParkerSEA
With Peter Denton
www.dkparker.com
Copyright, DKParker, LLC 2020
Agenda
¤ About Dave & Peter
¤ Product/Market Fit
¤ Marketing Funnel – B2B, B2C
¤ Product/Market Pull
¤ Workshop
Copyright, DKParker, LLC 2020
About Dave & Peter
Dave
¤ 5X founder, raised $12M,
exited $85M
¤ Former SVP Programs at UP
Global (Startup Weekend)
¤ Startup Next creator,
Startup Week
¤ Author – ”Trajectory: Startup
– Ideation to Product Market
Fit” shipping today!
¤ 2X VC and random Angel
Peter
¤ Marketing Lead – Pioneer
Square Labs (PSL)
Lab/Studio, test
¤ VP Marketing – Steller
¤ Product Manager –
Cheezeburger
¤ Blog – Product Market Pull
Copyright, DKParker, LLC 2020
Resources
¤ 14 Revenue Model Excerpt
¤ https://www.dkparker.com/trajectory-excerpt/
¤ Dave’s Blog
¤ www.dkparker.com
¤ Peter’s Blog – Product Market Pull
¤ https://productmarketpull.com/
Copyright, DKParker, LLC 2020
What Matters Most?
Copyright, DKParker, LLC 2020
Some Calculus
¤ Great Team in Bad Market = Failure or meh result
¤ OK team + Great Market = could be great result
¤ Great Product + no path to revenue = failure
¤ OK product + great monetization = make $$
¤ Great market + great team + great product + solid
monetization + great execution = monster result
Copyright, DKParker, LLC 2020
From TAM to Customer Profiles
¤ TAM is abstraction, PMF makes it real
¤ Customer Profiles Matter
¤ First 10 customers
¤ First 100 customers
¤ First 1000 customers
¤ Start narrow and expand Ideal Customer Profile (ICP)
Copyright, DKParker, LLC 2020
Stage: Launch vs. Scale
Copyright, DKParker, LLC 2020
Product Market Fit
Two Epoch’s of every startup
¤ Pre - Product Market Fit
¤ The only thing that matters is getting there
¤ Post – Product Market Fit
¤ A whole new set of questions – Scale, Culture and People
Copyright, DKParker, LLC 2020
Pre – PMF
¤ Some Revenue
¤ Some Customers
¤ Some Marketing
¤ A lot Hypothesis
Copyright, DKParker, LLC 2020
Post – PMF
¤ Predictable & Scalable Revenue
¤ Customer profiles
¤ Cohort analysis
¤ Churn
¤ Scalable marketing
¤ Hypothesis + Data
Copyright, DKParker, LLC 2020
Product/Market Fit = Math
¤ PMF means being in a good market with a product that
can satisfy that market (no more pivots required)
¤ Pre-PMF looks like pre-compound interest, early options:
¤ Leads are increasing
¤ Closing ratios are increasing
¤ Referrals are increasing
¤ ACV/MRR is increasing
¤ Time on site/app is increasing
¤ LTV:CAC Ratio improving
¤ LTV is increasing (>12 months)
¤ Time to close is decreasing
Copyright, DKParker, LLC 2020
Leading and Trailing Indicators
Leading Indicators
¤ Acquisition
¤ Activation/Engagement
¤ Referrals
¤ Forecastable/Predictable
revenue
Trailing Indicators
¤ LTV:CAC Ratio trends
¤ Retention
¤ 1-4 rating of
disappointment scale
¤ Revenue
¤ Financials
Copyright, DKParker, LLC 2020
Marketing – Finding the right
customers (message, product)
Copyright, DKParker, LLC 2020
Marketing – Finding Customers
¤ Messaging/Value Proposition
¤ Does it resonate with the target customer segment
¤ They are the hero of the story
¤ Is it repeatable?
¤ Customer Profiles
¤ Strategy
¤ Outbound first
¤ Inbound second
Copyright, DKParker, LLC 2020
Key Metric Terms
¤ State your hypothesis
¤ CAC – Customer Acquisition Cost
¤ LTV – Life Time Value
¤ ARPU – Average Revenue per User/account
¤ MRR, ARR, ACV
¤ Churn – or retentions
¤ Time to Close
¤ Customer engagement
¤ Time on Site/App
¤ Frequency
Copyright, DKParker, LLC 2020
B2B and B2C
B2B Funnel
¤ Traffic
¤ Marketing Channels
¤ Marketing Qualified Lead
¤ Sales Qualified Leads
¤ Sales Funnel
¤ Time to Close
¤ Customers
B2C Funnel
¤ Traffic
¤ Marketing Channels
¤ Leads
¤ Time to Close
¤ Customers
Copyright, DKParker, LLC 2020
Product Market Pull – to Peter
Copyright, DKParker, LLC 2020
Sales – capturing value creation
Copyright, DKParker, LLC 2020
What do we do with the leads?
¤ Follow up email at registration, lead with value
proposition, message on thank you page
¤ Set appointments for demos, automate where you can,
Calendly, HubSpot automation
¤ Drip campaign - Mailchimp or Hubspot
¤ Paths for scheduled, not scheduled
Copyright, DKParker, LLC 2020
Steps in the Sales Process
B2B
¤ Educational or transactional
process
¤ Demo
¤ Proposal/price sheet
¤ Price testing, Terms – length
of contract
¤ Promotions
¤ Drip campaign follow up
B2C
¤ Transactional process
¤ Pricing
¤ Remove friction to purchase
¤ Promotions
Copyright, DKParker, LLC 2020
Predictable/Forecastable Revenue
¤ De-risking your <time> investment
¤ Predictable revenue moves you from valuations based
on trailing 12 to future 12
¤ Target customer
¤ Sales Cycle – track time from demo to close
¤ Tools trail Strategy and Tactics
Copyright, DKParker, LLC 2020
Workshop
Copyright, DKParker, LLC 2020
Dave’s Madlibs Pitch
Hi, I’m <your name here>, and my company <your Company
name here> the problem I’m solving is <insert problem here>. Our
product <insert product info here> is designed for our target
customer of <insert target customer here>. We make money by
<insert method here> and our team is the right team because
<insert why you’re awesome here>. I need help with <insert help
needed here>.
Copyright, DKParker, LLC 2020
Introduce Your Company
¤ Plus:
¤ B2B, B2C
¤ Marketing hypothesis
¤ Tests so far
¤ ICP target
¤ Value proposition test
¤ Budget to spend

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Flat6 Labs Abu Dhabi Startup Product Market Fit Part 1

  • 1. Copyright, DKParker, LLC 2020 Product/Market Fit – Milestone #1 Dave Parker @DaveParkerSEA With Peter Denton www.dkparker.com
  • 2. Copyright, DKParker, LLC 2020 Agenda ¤ About Dave & Peter ¤ Product/Market Fit ¤ Marketing Funnel – B2B, B2C ¤ Product/Market Pull ¤ Workshop
  • 3. Copyright, DKParker, LLC 2020 About Dave & Peter Dave ¤ 5X founder, raised $12M, exited $85M ¤ Former SVP Programs at UP Global (Startup Weekend) ¤ Startup Next creator, Startup Week ¤ Author – ”Trajectory: Startup – Ideation to Product Market Fit” shipping today! ¤ 2X VC and random Angel Peter ¤ Marketing Lead – Pioneer Square Labs (PSL) Lab/Studio, test ¤ VP Marketing – Steller ¤ Product Manager – Cheezeburger ¤ Blog – Product Market Pull
  • 4. Copyright, DKParker, LLC 2020 Resources ¤ 14 Revenue Model Excerpt ¤ https://www.dkparker.com/trajectory-excerpt/ ¤ Dave’s Blog ¤ www.dkparker.com ¤ Peter’s Blog – Product Market Pull ¤ https://productmarketpull.com/
  • 5. Copyright, DKParker, LLC 2020 What Matters Most?
  • 6. Copyright, DKParker, LLC 2020 Some Calculus ¤ Great Team in Bad Market = Failure or meh result ¤ OK team + Great Market = could be great result ¤ Great Product + no path to revenue = failure ¤ OK product + great monetization = make $$ ¤ Great market + great team + great product + solid monetization + great execution = monster result
  • 7. Copyright, DKParker, LLC 2020 From TAM to Customer Profiles ¤ TAM is abstraction, PMF makes it real ¤ Customer Profiles Matter ¤ First 10 customers ¤ First 100 customers ¤ First 1000 customers ¤ Start narrow and expand Ideal Customer Profile (ICP)
  • 8. Copyright, DKParker, LLC 2020 Stage: Launch vs. Scale
  • 9. Copyright, DKParker, LLC 2020 Product Market Fit Two Epoch’s of every startup ¤ Pre - Product Market Fit ¤ The only thing that matters is getting there ¤ Post – Product Market Fit ¤ A whole new set of questions – Scale, Culture and People
  • 10. Copyright, DKParker, LLC 2020 Pre – PMF ¤ Some Revenue ¤ Some Customers ¤ Some Marketing ¤ A lot Hypothesis
  • 11. Copyright, DKParker, LLC 2020 Post – PMF ¤ Predictable & Scalable Revenue ¤ Customer profiles ¤ Cohort analysis ¤ Churn ¤ Scalable marketing ¤ Hypothesis + Data
  • 12. Copyright, DKParker, LLC 2020 Product/Market Fit = Math ¤ PMF means being in a good market with a product that can satisfy that market (no more pivots required) ¤ Pre-PMF looks like pre-compound interest, early options: ¤ Leads are increasing ¤ Closing ratios are increasing ¤ Referrals are increasing ¤ ACV/MRR is increasing ¤ Time on site/app is increasing ¤ LTV:CAC Ratio improving ¤ LTV is increasing (>12 months) ¤ Time to close is decreasing
  • 13. Copyright, DKParker, LLC 2020 Leading and Trailing Indicators Leading Indicators ¤ Acquisition ¤ Activation/Engagement ¤ Referrals ¤ Forecastable/Predictable revenue Trailing Indicators ¤ LTV:CAC Ratio trends ¤ Retention ¤ 1-4 rating of disappointment scale ¤ Revenue ¤ Financials
  • 14. Copyright, DKParker, LLC 2020 Marketing – Finding the right customers (message, product)
  • 15. Copyright, DKParker, LLC 2020 Marketing – Finding Customers ¤ Messaging/Value Proposition ¤ Does it resonate with the target customer segment ¤ They are the hero of the story ¤ Is it repeatable? ¤ Customer Profiles ¤ Strategy ¤ Outbound first ¤ Inbound second
  • 16. Copyright, DKParker, LLC 2020 Key Metric Terms ¤ State your hypothesis ¤ CAC – Customer Acquisition Cost ¤ LTV – Life Time Value ¤ ARPU – Average Revenue per User/account ¤ MRR, ARR, ACV ¤ Churn – or retentions ¤ Time to Close ¤ Customer engagement ¤ Time on Site/App ¤ Frequency
  • 17. Copyright, DKParker, LLC 2020 B2B and B2C B2B Funnel ¤ Traffic ¤ Marketing Channels ¤ Marketing Qualified Lead ¤ Sales Qualified Leads ¤ Sales Funnel ¤ Time to Close ¤ Customers B2C Funnel ¤ Traffic ¤ Marketing Channels ¤ Leads ¤ Time to Close ¤ Customers
  • 18. Copyright, DKParker, LLC 2020 Product Market Pull – to Peter
  • 19. Copyright, DKParker, LLC 2020 Sales – capturing value creation
  • 20. Copyright, DKParker, LLC 2020 What do we do with the leads? ¤ Follow up email at registration, lead with value proposition, message on thank you page ¤ Set appointments for demos, automate where you can, Calendly, HubSpot automation ¤ Drip campaign - Mailchimp or Hubspot ¤ Paths for scheduled, not scheduled
  • 21. Copyright, DKParker, LLC 2020 Steps in the Sales Process B2B ¤ Educational or transactional process ¤ Demo ¤ Proposal/price sheet ¤ Price testing, Terms – length of contract ¤ Promotions ¤ Drip campaign follow up B2C ¤ Transactional process ¤ Pricing ¤ Remove friction to purchase ¤ Promotions
  • 22. Copyright, DKParker, LLC 2020 Predictable/Forecastable Revenue ¤ De-risking your <time> investment ¤ Predictable revenue moves you from valuations based on trailing 12 to future 12 ¤ Target customer ¤ Sales Cycle – track time from demo to close ¤ Tools trail Strategy and Tactics
  • 23. Copyright, DKParker, LLC 2020 Workshop
  • 24. Copyright, DKParker, LLC 2020 Dave’s Madlibs Pitch Hi, I’m <your name here>, and my company <your Company name here> the problem I’m solving is <insert problem here>. Our product <insert product info here> is designed for our target customer of <insert target customer here>. We make money by <insert method here> and our team is the right team because <insert why you’re awesome here>. I need help with <insert help needed here>.
  • 25. Copyright, DKParker, LLC 2020 Introduce Your Company ¤ Plus: ¤ B2B, B2C ¤ Marketing hypothesis ¤ Tests so far ¤ ICP target ¤ Value proposition test ¤ Budget to spend