Achieving Product Market Fit is one of the most important milestone for any startup.
Understanding it, however, which would be a prerequisite to going after it, is much harder than it seems. Most startups have a take it as it comes approach which is unuseful. And hence, we have gathered a bunch of high quality videos on Product Market Fit that will help you get an education in the same and accelerate your learning.
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Ask your users how they’d feel if they could no longer use your product. The group that answers ‘very disappointed’ will unlock product/market fit.
"The reason most companies fail is because they build something which nobody needs. Why does that happen? Well, largely because of product-first approach. That is: I need to get this product out , irrespective of whether the market needs it or not.
The obsession with product-first approach is a misguided missile and it eventually lands nowhere.
What’s the right approach then? I’d say – Market-Product-Fit." says Ashish Sinha, founder of NextBigWhat.
Key Takeaways for startups looking to achieve PMF:
--> Consulting the wrong people.
--> Not saying NO when necessary (although, to be fair, in a military environment, NOes are usually a no-no), and
--> Ending up with feature bloat that results in a product that is wildly different from what it was intended to be
In this video, Sean Sheppard of GrowthX discusses how to grow a startup and shares his 'foolproof formula' for finding Product Market Fit.
--> Products and markets may be unique, but the path to finding product-market fit is not.
--> Review Resource --> Market Discovery --> Market Messaging --> Instrumentation --> Market Outreach --> Market Results
--> Traction speaks louder than words.
Dan Olsen, author of The Lean Product Playbook, shared his advice on achieving Product Market Fit. He talks about the ‘Product-Market-Fit pyramid’ and his iterative framework called the ‘Lean Product Process’.
The Lean Product Process:
--> Determine your target customer.
--> Identify underserved customer needs.
--> Define your value proposition.
--> Specify your MVP feature set.
--> Create your MVP prototype.
--> Test your MVP with customers.
Weebly founder David Rusenko spoke at Y Combinator’s Startup School about the journey of his product finding Product Market Fit and how startups should go about seeking it.
--> Make something a lot of people want.
--> The best companies create a market.
--> Don’t build a Minimum Viable Product, build a Minimum Remarkable Product.
--> The initial search for PMF involves: Idea -> Prototype -> Launch -> Traction
--> Continued PMF refinement (as it is always a moving target): Monetization -> Growth