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The Product Market Fit Cycle

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The Product Market Fit Cycle

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The Product Market Fit cycle is designed around helping startups diagnose what they need to test as they iterate not only on product but other important company aspects as well.

For the full blog post on this presentation, go here - http://thedrawingboard.me/2013/05/03/the-product-market-fit-cycle/

The Product Market Fit cycle is designed around helping startups diagnose what they need to test as they iterate not only on product but other important company aspects as well.

For the full blog post on this presentation, go here - http://thedrawingboard.me/2013/05/03/the-product-market-fit-cycle/

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The Product Market Fit Cycle

  1. 1. THE PRODUCT MARKET FIT CYCLE Carlos Eduardo Espinal @cee Copyright - Attribution-NonCommercial-ShareAlike 3.0 Unported http://creativecommons.org/licenses/by-nc-sa/3.0/deed.en_US
  2. 2. A QUICK JARGON BUSTER... • What is Product / Market Fit • What is Positioning? • What is an MVP? and an MVS? • What are Pirate Metrics? • What is a Go 2 Market Strategy? @cee
  3. 3. PRODUCT MARKET FIT • When it is not happening: Poor conversions, no word of mouth, slow usage growth, long sales cycle, and high churn • When it is happening: “The customers are buying the product just as fast as you can make it — or usage is growing just as fast as you can add more servers.” - Marc Andreessen @cee
  4. 4. POSITIONING • What is Positioning? - It is “how you differentiate yourself in the mind of your prospect.” • What is RePositioning? - It is “how you adjust perceptions about you and/or about your competitors.” • ..And... It’s not just about a ‘positioning statement’ @cee
  5. 5. POSITIONING • Avis ‘WeTry Harder’ • Positioned around customer service & experience vs. car count or availability which Hertz led • Re-Positioned the leader as not caring about you • Success = In 1 year, Avis went from -$3.2 million to +$1.2 million for the first time in 13 years. @cee
  6. 6. MVP &THE LEAN STARTUP • Build a ‘good enough’ product that fits the minimum criteria to test out your hypothesis • Measure interactions with the product • Learn from the results and generate new ideas @cee
  7. 7. MINIMUMVIABLE SEGMENT (MVS*) • Building an MVP for a small segment (vs. the whole market): • Allows for better differentiation with out-group competing products • Allows for easier referrals in-group • Allows for efficient capital use in reaching your market * Defined by Michael J. Skok (NorthbridgeVentures) @cee
  8. 8. PIRATE METRICS* - AARRR *As defined by Dave McClure @cee
  9. 9. GO 2 MARKET • Includes key partnerships and key distribution channels to reach your MVS • Includes pricing strategies, sales strategies, and marketing methods (internet marketing, direct marketing, PR, etc) • Note: Make sure to include cost ‘assumptions’ @cee
  10. 10. RESUMINGTHE BROADCAST... • What has been going wrong? • What is the solution? @cee
  11. 11. HACKERS ARE REALLY GOOD AT BUILDING • It is human nature to focus on what you are good at not on what you suck at and... • Most Founders are ‘hackers’ and love building so.... @cee
  12. 12. FOUNDERS CAN SOMETIMES: • Get stuck at the “MVP stage” • Build and Measure quickly but not necessarily be “Learning” • Not find Product Market Fit fast enough (before the money runs out) @cee
  13. 13. THE DIAGNOSIS • The identification of a specific MinimumViable Segment • The definition of a clear positioning strategy that shapes their MVP • The testing of a complimentary go 2 market strategy @cee
  14. 14. DEFINE “THETARGET” MinimumViable Segment You cannot be everything to everybody so pick something for someone @cee
  15. 15. DEFINE “THE BULLET” • The Positioning Strategy =The Shell • The MVP =The Projectile • The Go 2 Market Strategy =The Powder @cee
  16. 16. The Product Market Fit Cycle @cee
  17. 17. SCALING PRODUCT MARKET FIT • Find Product Market FitTHEN Scale • Otherwise = Inefficient Scaling • Shouldn’t optimize around growth (growth hacking) until you have found product/market fit Sean Ellis’s Growth Stage Pyramid @cee
  18. 18. THE PRODUCT MARKET FIT CYCLE SUMMARY • Identify a MVS • Design your Company’s ‘Bullet’ - Positioning, MVP, & Go2Market • Test & Measure w/ Pirate Metrics • Iterate on MVS or one variable within Bullet • Rinse & Repeat or Pivot @cee
  19. 19. THE SEEDCAMP LEARNING PROGRAM • New Companies go through each part of the cycle with mentors starting now & cover the basics of cycle in first week • Our Program is designed around the Product Market Fit Cycle • Annual Program focuses on each aspect of the cycle but “in depth” @cee

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