Measuring &amp; Understanding Product/Market Fit Qualitatively

SaaStock 2018 Dublin. Everyone wants more sales. In this presentation, David Skok unlocks the secrets to how he has been able to work with company after company and help them discover breakthroughs that drastically improve their conversion rates. The secret behind it all is become a master at understanding how your buyer thinks as they go through their purchasing journey, and as they experience your marketing and sales.

A guide on how to use qualitative tactics to learn about whether a product has product/market fit or not.

Software

Measuring & Understanding
Product/Market Fit
Qualitatively
Hiten Shah
hnshah@gmail.com

“
I ask existing users of a product
how they would feel if they could
no longer use the product.
SEAN ELLIS

Sean Ellis’ product/market fit survey
survey.io

Use SurveyMonkey so you can analyze results better
surveymonkey.com

Example: We proved that Google Analytics has product/market fit

“If you’re above 40% of the people saying
they’d be very disappointed, I tend to say
you’ve found product/market fit, and if
you’re less than that, you haven’t.
SEAN ELLIS

The core product/market fit question
★ Segment the rest of the responses with this question
★ Open-ended responses help you understand why
★ Can be asked independently or as part of other survey questions

Do you have product/market fit?
★ Nobody really cares about your product!
★ Find insights from very disappointed & somewhat disappointed responses
★ Go back to the drawing board to try something different

Do you have product/market fit?
★ Almost there…
★ Figure out the difference in very disappointed & somewhat disappointed responses
★ Product and / or customer segment tweaks can get you there

What are alternative solutions to the problem you solve?
★ Learn what people consider as alternatives
★ Helps define your market and opportunity
★ Responses will validate / invalidate your own ideas

What’s the benefit of your solution?
★ Discover the core use case(s) for your product
★ Helps inform your value proposition for positioning
★ Turn into multiple choice question for future surveying

Do people tell others about your solution?
★ Learn what words people use to describe your product to others
★ Helps assess word of mouth for your product
★ Identify invite and sharing opportunities

Who is your solution most valuable to?
★ Learn more about the type of people that will value your product
★ Helps figure out market segmentation
★ The target customer might not be who you are thinking

How do you improve your solution?
★ Find out what people want improved
★ Helps with determining future product direction / roadmap
★ Discover things you weren’t thinking of improving

Learn from 731 product/market fit
survey responses about Slack:
bit.ly/slackpmfit

There are even more ways to assess
product/market fit qualitatively…

What do they expect from your solution?
intercom.io

Why did they visit certain pages?
qualaroo.com

Why did they decide to check it out?
qualaroo.com

What problems are they trying to solve?
qualaroo.com

What other solutions did they consider?
qualaroo.com

Why are they canceling?
surveymonkey.com

“
You’ll create the best product if you know more
about customers than your competitors and
you act on that knowledge.
HITEN SHAH

Sign up by email and get awesome
SaaS content every Monday morning!
hiten.com
🚀

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