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Startup Next Seattle - Product Market Fit by Joanna Lord

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Joanna Lord, VP of Marketing at Porch, presented on Product/Market Fit at Startup Next in Seattle

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Startup Next Seattle - Product Market Fit by Joanna Lord

  1. 1. Finding Product/Market Fit [OMG.PMF.ASAP] Joanna Lord VP of Marketing @joannalord
  2. 2. What is product market fit?
  3. 3. Product/market fit means being in a good market with a product that can satisfy that market. - Marc Andreessen http://www.stanford.edu/class/ee204/ProductMarketFit.html
  4. 4. A repeatable and scalable sales model. - Steve Blank
  5. 5. Achieving product/market fit requires at least 40% of users saying they would be “very disappointed” without your product. - Sean Ellis
  6. 6. It’s what you need to hit before you focus on growth.
  7. 7. But wait…how will I know?
  8. 8. But wait…how will I know? Oh trust me. You’ll know.
  9. 9. BPMF. Wondering where the value is? Customers are confused? No organic traction. Hard to pitch startup press. Long sales cycles. …they don’t want it.
  10. 10. APMF. Customers buying as fast as you can build. Your understaffed. WOM is on fire. Random emails/feedback thanking you. Investment/press/general buzz. …they need it.
  11. 11. So how do you get there?
  12. 12. Lessons learned from a few BPMFs, a few APMFs, and some NFPMFs.
  13. 13. Lesson #1: The Market Wins* *Every damn time.
  14. 14. What matters most. Let’s talk about it. Team Product Market
  15. 15. What matters most. Let’s talk about it. Team Product “In a great market, the product is pulled out of the startup” - Andreesen Market
  16. 16. [important little side note] 4 Types of Market 1. Existing market 2. Resegmented market 3. New market 4. Clone market
  17. 17. #realtalk: ASSUMPTIONS: Recession = high unemployment. High unemployment = job search. Job search = need for job search sites. Need for job search sites = opportunity. Opportunity = Success. Success = lots of fun and money. Lots of fun and money = speedboats.
  18. 18. #realtalk: Recession = high unemployment. High unemployment = filing for unemployment. Job search = need for job search sites. Need for job search sites = opportunity. Opportunity = Success. Success = lots of fun and money. Lots of fun and money = speedboats.
  19. 19. #realtalk: I lost two years* trying to force a market. *all my savings *angel investment *all my relationships *political currency *confidence *about a million other things
  20. 20. #2. Realize your product is not the product.* *your business model is.
  21. 21. #realtalk:
  22. 22. #realtalk:
  23. 23. #realtalk:
  24. 24. #3. Start at the pain point
  25. 25. #realtalk: Forget the vitamin, be the painkiller.
  26. 26. #realtalk: Help you connect with customers in new ways. Help you engage them throughout their lifecycle. Help encourage social advocacy.
  27. 27. #realtalk: Help you connect with customers in new ways. Help you engage them throughout their lifecycle. Help encourage social advocacy. Feed your CRM. Increase your VPC. Drive referrals.
  28. 28. #4. Ask all the questions
  29. 29. • Who needs your solution? • Who would pay for your solution? • Who approves that charge? • What are they doing now to solve for that? • What is the dream solution? • The minimum solution? • What other problems stem from this problem? • How would they feel if it was solved? • How much of their monthly budget would they put toward a solution? • If presented with a solution, what could stop them from using the solution? • What are their shooting for? • What are their professional goals? • What roadblocks are they facing when aiming for those goals?
  30. 30. #5. Be skeptical.
  31. 31. #realtalk:
  32. 32. What do I mean “skeptical?” • What if they aren’t right? (you know who I mean) • What if that one person is right? • What if your first three validating points didn’t exist? • What if the most constant thing vanished? • What if your primary persona didn’t exist? • 10th man rule/argumentative theory/odd man out theory : do it For the love of goodness gracious: Embrace and reward skepticism.
  33. 33. #6. Minimum sellable product.* * Versus MVP.
  34. 34. #realtalk: THE DREAM.
  35. 35. #realtalk: MVP.
  36. 36. #realtalk: MSP.
  37. 37. #7. Double back…a dozen times. …aka checking your hypotheses.
  38. 38. #realtalk:
  39. 39. What do I mean “validate?” • Troll feature request forms (yours and others) • Visit tradeshows, shake hands, ask them what challenges they are facing • Get a CAB early, grow it steadily • Get your prototype into customer hands as quickly as you can • Do retros on market failures – awkwardddd, but valuable • Do retros on lost deals, cancelled customers • Write your assumptions on a wall and revisit them frequently For the love of goodness gracious: Don’t base anything on what is listed a trend to watch.
  40. 40. #8. Repeat after me: activation & retention. Everything else comes after PMF.
  41. 41. McClure’s Startup Metrics Acquisition Activation Retention Revenue Referral http://www.slideshare.net/Startonomics/startup-metrics-for-pirates-presentation
  42. 42. McClure’s Startup Metrics Acquisition Activation Retention Revenue Referral http://www.slideshare.net/Startonomics/startup-metrics-for-pirates-presentation
  43. 43. #9. Architect for speed
  44. 44. #realtalk:
  45. 45. What do I mean “architect for speed?” • Plug and play platforms as much as you can • Don’t build too deep too early • Think flexibility from the get go • Your first processes should be around iteration • Your first hires should pride themselves in their ability to adapt • Culture should reward fluidity For the love of goodness gracious: Don’t build for progress sake.
  46. 46. #10. Validate Qualitatively, Verify Quantitatively
  47. 47. #realtalk:
  48. 48. So you have PMF, now what?
  49. 49. Growth & Product Vision Next up…
  50. 50. Growth.
  51. 51. Product Vision. http://svpg.com/product-market-fit-vs-product-vision/
  52. 52. Don’t forget…it’s not optional.
  53. 53. THANK YOU! QUESTIONS? Joanna Lord VP of Marketing @joannalord

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