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Intro

What is Product Market Fit?
Why is it important?
How do I separate product and market?
The Product Market Fit Journey

1

Problem Insight

Customer research
Personas
Customer empathy map
Customer journey map

2

Value Proposition

What is Product Market Fit?
Why is it important?
How do I separate product and market?
The Product Market Fit Journey

3

Problem / Solution

What is Product Market Fit?
Why is it important?
How do I separate product and market?
The Product Market Fit Journey

4

Intro

Iterate, Pivot, Persevere
Why is it important?
How do I separate product and market?
The Product Market Fit Journey

5

Measuring P/M Fit

Customer research
Personas
Customer empathy map
Customer journey map

6

Common Challenges

What is Product Market Fit?
Why is it important?
How do I separate product and market?
The Product Market Fit Journey

7

Resources

What is Product Market Fit?
Why is it important?
How do I separate product and market?
The Product Market Fit Journey

 

Now that you’ve built an MVP and started testing with live customers, we’ll need to focus on rapidly learning from each test.
The idea is to learn and iterate as quickly as possible through a Build-Measure-Learn feedback loop, using customer reactions to determine how we might modify our hypotheses and MVP after each round of tests.

Build-Measure-Learn

The idea is to run cycles of this process as fast as possible to ensure that we’re learning and progressing without wasting our runway, while also seeing the big picture to identify whether we need to pivot.

Build-Measure-Learn is an iterative learning framework popularized in The Lean Startup.

  • “Build” means having something you can test with users, which can be a product, a mockup, a wireframe -- don’t necessarily need to build an actual product.  This is your MVP.
  • “Measure” can be quantitative via analytics, but also doesn’t have to be overly quantitative -- this is paying attention to everything you observe during tests.
  • “Learn” is what you are learning from each test, and how you modify your hypotheses.
iterate learn evolve.jpg

Repeat the process by feeding those learnings and insights back into a refined hypothesis, moving the MVP testing along through the process again.

After each round of tests, we need to determine if it’s necessary to iterate, pivot, or persevere, as defined by David Cummings:

  • Iterate: A minor change of the current product or business model in an attempt to capitalize on a closely related market opportunity.

  • Pivot: A wholesale change of the current business model in an attempt to capitalize on a different market opportunity.

  • Persevere: Your experiments and interviews validate your hypotheses.  These are the “green lights” signaling you to move forward with the current model.

Keep in mind...

  • Most successful companies go through multiple pivots to find PMF.
  • Try not to fall in love with your own ideas, fall in love with the problem.
  • You may need to try dramatically different ways to solve the core problem, or completely different target personas.
  • Time and resources are best spent with wildly different hypotheses, instead of burning through the runway on a hypothesis that’s not validated.
 

If we have to pivot, where should we focus?

The Pivot Pyramid by 500 Startups is a visual guideline that’s useful to guide your thinking around changes and pivots.  The basic idea is to increase the pace of experimentation at the top layers of the pyramid, as changes here don’t necessarily require to change things below.  In fact, changes at the bottom - the target customer, or the problem to solve - won’t be frequent.

 

Growth


Changes in the pivot pyramid should change growth, but don’t need any significant change in your product or technology. These are growth tactics.

Technology


Tech is just a means to build your solution. Even if your product resonates with customers, your technology may be holding back growth and retention.

Solution


You’ve identified problems that matter, now you have to design a compelling product for the target customers.

Problems


Maybe you have the right customer, but need to focus on a different problem. If you have the customer and problem right, you have a market.

Customers


Customers are the foundation. The problems you solve, the solution, the technology...all depends on the customer. You can change the customer, but you need to re-evaluate everything else when you do.

pyramid.jpg
 
 

Next page: Problem Insight

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