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10 Steps to Product/Market Fit
The 10 steps to product/market fit are: 1) Document your initial business plan or "Plan A". 2) Identify and tackle the riskiest parts of your business model first. 3) Understand that startups go through three stages - problem/solution fit, product/market fit, and scaling. Focus on validated learning through experiments and pivots before trying to optimize or scale. 4) Focus on the right key metrics like acquisition, activation, retention, revenue, and referrals that provide valuable insights before achieving product/market fit. 5) Formulate specific and testable hypotheses about what will drive customer acquisition. 6) Architect your product and processes for speed and
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Introduces concept of Product/Market Fit and highlights failure rates of startups.
Highlights the agenda with focus on documenting plan, tackling risks, and maximizing learning.
Differentiates between business models and business plans; emphasizes clarity in business diagrams.
Describes elements of business models including product, customer segments, and key metrics.
Encourages brainstorming multiple models and prioritization based on customer pain and market size.
Explains the three stages of a startup: Problem/Solution Fit, Product/Market Fit, and Scale.
Stresses the importance of key metrics for acquiring users, retaining them, and generating revenue.
Focuses on balancing speed and learning in product development to avoid resource depletion.
Encourages creating specific, testable hypotheses to validate business assumptions.
Highlights the importance of creating processes for continuous learning and improvement.
Emphasizes the need for rapid cycle times in product development to enhance learning.
Discusses the importance of qualitative validation followed by quantitative verification.
Encourages systematic testing of models through continuous feedback and improvements.
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10 Steps to Product/Market Fit
- 1. 10 STEPS TO PRODUCT/MARKETFIT hashtag: #startupfest ASH MAURYA @ashmaurya http://www.ashmaurya.com
- 2. products 9/10 startups fail
- 3. 66% drastically change their original plans
- 4. Not a betterPlan A but a path to a plan that works.
- 5. Lean Startup isa systematic process for iterating from Plan A to a plan that works before running out of resources.
- 6. Plan that works= Scalable, repeatable, business model
- 7. Product/Market Fit isthe first thing that matters.
- 8. via Tara Hunt(@missrogue)
- 9. Agenda: 10 Stepsto Product/Market Fit 1. Document your Plan A 2. Tackle the riskiest parts first 3. Maximize for speed, learning, and focus
- 10. Agenda: 10 Stepsto Product/Market Fit 1. Document your Plan A 2. Tackle the riskiest parts first 3. Maximize for speed, learning, and focus
- 11. Reasonably smart peoplecan rationalize anything but entrepreneurs are especially gifted at this.
- 12. Business Model versusBusiness Plan
- 13. Business Model versusBusiness Plan A document investors make you write that they don’t read
- 14. Business Model versusBusiness Plan A single diagram of your business
- 15. Problem Solution Unique Value Unfair Customer Proposition Advantage Segments Top 3 problems Top 3 features Single, clear, Can’t be easily Target compelling copied or customers message that bought states why you are different and Key Metrics worth buying Channels Key activities Path to you measure customers Cost Structure Revenue Streams Customer Acquisition Costs Revenue Model Distribution Costs Life Time Value Hosting Revenue People, etc. Gross Margin PRODUCT MARKET Lean Canvas is adapted from The Business Model Canvas (http://www.businessmodelgeneration.com) and is licensed under the Creative Commons Attribution-Share Alike 3.0 Un-ported License.
- 16. 1 Your product is NOT “the product”.
- 17. Your “product” isNOT the product Problem Solution Unique Unfair Customer Value Advantage Segments Proposition Key Metrics Channels Cost Structure Revenue Streams
- 18. Your “business model”IS the product Problem Solution Unique Unfair Customer Value Advantage Segments Proposition Key Metrics Channels Cost Structure Revenue Streams
- 19. 2 Brainstorm multiple models and prioritize where to start.
- 20.
- 21. Prioritize where tostart 1. Customer Pain Level 2. Ease of Reach 3. Price/Gross Margin 4. Market Size Time
- 22. Agenda: 10 Stepsto Product/Market Fit 1. Document your Plan A 2. Tackle the riskiest parts first 3. Maximize for speed, learning, and focus
- 23. Identify the riskiestparts of your model Time
- 24. 3 Understand the three stages of a startup.
- 25. 3 Stages ofa Startup Problem/Solution Product/Market Scale Fit Fit Stage 1 Stage 2 Stage 3
- 26. 3 Stages ofa Startup Problem/Solution Product/Market Scale Fit Fit Do I have a problem worth solving?
- 27. 3 Stages ofa Startup Problem/Solution Product/Market Scale Fit Fit Have I built something people want?
- 28. 3 Stages ofa Startup Problem/Solution Product/Market Scale Fit Fit How do I accelerate growth?
- 29. Before Product/Market Fit Problem/Solution Product/Market Scale Fit Fit Focus: Validated Learning Experiments: Pivots Terrain: Qualitative
- 30. After Product/Market Fit Problem/Solution Product/Market Scale Fit Fit Focus: Validated Learning Focus: Growth Experiments: Pivots Experiments: Optimizations Terrain: Qualitative Terrain: Quantitative
- 31. 4 Focus on the right macro metrics.
- 32. Key Metrics Acquisition How do users find you? Activation Do users have a great first experience? Retention Do users come back? Revenue How do you make money? Referral Do users tell others?
- 33. Before Product/Market Fit Acquisition How do users find you? Activation Do users have a great first experience? Retention Do users come back? Revenue How do you make money? Referral Do users tell others? Value metrics
- 34. After Product/Market Fit Acquisition Activation Retention Growth metrics Revenue Referral
- 35. Agenda: 10 Stepsto Product/Market Fit 1. Document your Plan A 2. Tackle the riskiest parts first 3. Maximize for speed, learning, and focus
- 37.
- 38. Learning Speed
- 39. Focus Learning Speed
- 40. The optimal learning loop Premature Speed Optimization Chasing your tail Learning Focus Run out of resources
- 41. 5 Formulate falsifiable hypotheses.
- 42. Too Vague: Beingknown as an “expert” will drive early adopters Specific and Testable: Blog post will drive >100 early sign-ups
- 43. 6 Architect for learning.
- 46. Landing Page >Pricing > Signup
- 47. Landing Page >Pricing > Signup
- 48. Landing Page >Pricing > Signup
- 49. 7 Architect for speed.
- 50. Most learning happens Somelearning here Requirements Development QA Release Very little learning
- 51. Most learning happens Somelearning here Continuous Requirements Release Deployment Shorten cycle time
- 52. 8 Go only as fast as you can learn.
- 53. BACKLOG IN-PROGRESS (1) DONE
- 54. BACKLOG IN-PROGRESS (1) DONE
- 55. BACKLOG IN-PROGRESS (1) DONE
- 56. VALIDATED LEARNING BACKLOG IN-PROGRESS (1) DONE
- 57. 9 Validate Qualitatively, Verify Quantitatively.
- 58. Qualitative Quantitative Start here Verify with data
- 59. The ideal conversiondashboard is part analytics and part customer relationship management.
- 60. 10 Systematically test your model.
- 61. Systematically test yourmodel Time
- 62. Systematically test yourmodel Time
- 63. Systematically test yourmodel Time
- 64. Systematically test yourmodel Time
- 65. Systematically test yourmodel Time
- 66. Systematically test yourmodel ... Time
- 67. Systematically test yourmodel ... Time
- 68. Questions? RUNNING LEAN http://RunningLeanHQ.com Buy PDF: $19 Save 20% - Discount Code: STARTUPFEST Ash Maurya twitter: ashmaurya blog: http://www.ashmaurya.com
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