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.
We will be expanding this collection going forward, so make sure to bookmark this page and return to it in case you need to reference it.
"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