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Keith hopper-product-market-fit
- 1. Achieving Product/Market Fit Keith Hopper Babson Entrepreneurship Forum November 13, 2015 © keithhopper.com
- 2. Today • Who am I? • What is Product/Market fit? • Why is it important? • How do you achieve Product/Market fit? • Let’s try it! © keithhopper.com
- 3. Keith Hopper @khopper keith@keithhopper.com Helping teams identify, evaluate and move forward on the best new product ideas. © keithhopper.com
- 4. What is Product/Market Fit? An offering matched to a sufficient number and growth rate of customers to feasibly deliver at scale Having something enough people want and are willing to pay for that you are forced to deliver at scale A scalable, repeatable business model © keithhopper.com
- 6. Why is Product/Market Fit Important? “The only thing that matters is getting to product/market fit.” – Marc Andreessen Most failed new ventures were unable to rapidly identify, learn and respond to their market with a solution that matters. © keithhopper.com
- 7. How to Achieve Product/Market Fit Repeatedly advance your understanding of the market need and your solution approach before you run out of money “A startup is a temporary organization formed to search for a repeatable and scalable business model.” – Steve Blank © keithhopper.com
- 8. Your Goal is to Advance Your Understanding What I knew then What I know now Shrink! time © keithhopper.com
- 9. How to Advance Our Understanding 1. Clarify core hypotheses 2. Identify highest-risk assumptions 3. Better understand your presumed customers and their needs (w/o solution) 4. Resolve uncertainties (w/ solution) 5. Repeat © keithhopper.com
- 10. Clarify Core Hypotheses 1. Who is most likely to want this thing? 2. What problem or pressing needs will drive them to want it? 3. What about your solution approach perfectly addresses the need? 4. Why is your solution different and worth buying or using? © keithhopper.com
- 12. New chip cooling tech Who is most likely to want this thing? Computing firms w/ custom hardware (e.g. data security, bitcoin mining) What problem or pressing needs will drive them to want it? High-end computer hardware is loud and hot What about your solution approach perfectly addresses the need? Computing needs to be on-site (e.g. for security), so engineers are working directly with small #’s of loud hardware. Why is your solution different and worth buying or using? Significantly cheaper, quieter and less expensive than alternatives © keithhopper.com
- 13. Identify Riskiest Assumptions • What do we believe that if not true would cause our product to fail? • What is unique and special about our approach that if we’re wrong, everything falls apart? © keithhopper.com
- 14. Risky Assumptions: Examples Product: An online field trip booking interface for school teachers. Big Assumption: The benefits of using an online booking tool significantly improves teachers’ daily lives over how they do it today. © keithhopper.com
- 15. Risky Assumptions: Examples Product: A weightlifting app designed for ‘badass women’ Big Assumption: Generic apps don’t address the unique goals of ‘badass women’ weightlifters. © keithhopper.com
- 16. How might I determine if my assumptions are wrong? 1. Talk to customers / users. Do they have this problem and are they trying to solve it? 2. Demonstrate a prototypical solution. Are people begging to have it? How disappointed would they be if you never built it? 3. Ask for commitment. Will people pre-order, sign up for a mailing list, or buy an incomplete version of your product? 4. Deliver real value without building the product. © keithhopper.com
- 17. Get in Touch! Keith Hopper @khopper keith@keithhopper.com © keithhopper.com
Notes de l'éditeur
- How many people here are either working on a startup or a new product idea that might become a startup – even if you’re only in the vague maybe-have-an-idea stage
- Most of my time is spent working with established companies who are trying to develop innovative new product and service offerings.
- Discovery mode or scale mode – PMF is when you switch from one to the other Product = broadly defined as a solution = “offering” It’s possible to talk about PMF with things that aren’t necessarily profitable, so that’s why I use the phrase “feasibly at scale”
- The trick is to respond to your market before you run out of money. 1. All aspects of your business are meaningless if there aren’t people that want what you’re selling. (not biz model, marketing plan, team makeup) 2. Most people think they have fit when they don’t. Having sold some product to some customers is not PMF. 3. History is littered with examples of new products that start in one place and subtly or drastically shift – either the product, the market or both – in order to get sufficient traction. Facebook, Twitter, YouTube, Google. So there’s not a bad chance you will need to adjust your thinking as well. 4. There are methods for achieving PMF. If were all a guessing game or just luck, then this presentation would be academic, but it’s not. There are proven methods.
- The goal is to learn. Its not to build an MVP, it’s not to get initial sales, it’s not to find a co-founder, IT’S TO LEARN! There’s this weird human trait where we think we understand when we actually don’t. Look in the rear view mirror. Do you understand more today than you did say six months or a year ago? Of course you do. Do this a few times on a few products and I promise you, your question will not be ‘do we have the right idea? Or did we build it right?’ but rather ‘how quickly can I get to what I understand today and need to understand tomorrow?
- I didn’t invent this Core hypotheses around target user, their needs and the fitness of your solution to those needs. Why? They often go unspoken. In our need to be confident, we overlook the possibility that we may be wrong Assumptions are often discovered only once something goes wrong, so you need to get out in front of that. I’ll describe what these are in a minute Nothing is more valuable than better understanding your presumed customers or users by talking with them – preferably without sharing your product idea Resolve uncertainties is another way of saying – start testing your assumptions by experimenting (doesn’t have to be quantitative and highly scientific) Do all this and repeat as quickly as possible. This is NOT a situation in which you need to be right so you should take your time and be thoughtful.
- The problem is not a societal problem, like “people are wasting too much water” or “our K-12 schools are broken” -> it’s a specific user problem we’re concerned with. That’s what makes people do things.
- Cutting edge technology to very quietly and efficiently cool your CPU
- The problem is not a societal problem, like “people are wasting too much water” or “our K-12 schools are broken” -> it’s a specific user problem we’re concerned with. That’s what makes people do things.
- Don’t tell them about your solution if you’re just interviewing customers.