Thread
The #1 factor that successful startups have in common:
Finding product-market fit
Ask your customers these questions to know if you’re on the right track:
Finding product-market fit
Ask your customers these questions to know if you’re on the right track:
Achieving product-market fit is the key to a successful business.
It means there's demand for what you're selling, and people are willing to pay for it.
As Marc Andreessen says, “The only thing that matters is getting to product-market fit.”
It means there's demand for what you're selling, and people are willing to pay for it.
As Marc Andreessen says, “The only thing that matters is getting to product-market fit.”
There are some signs like increased organic growth, willingness to pay, and high retention
But it's also key to know if your assumptions about the market & customers are right
There are 2 ways to get PMF input from your customers:
• Surveys
• Interviews
Which should you do?
But it's also key to know if your assumptions about the market & customers are right
There are 2 ways to get PMF input from your customers:
• Surveys
• Interviews
Which should you do?
Do you have 100+ active users?
→ consider sending the questions as a survey
Don't have 100+ active users?
→ ask the questions in an interview
→ Recommend to interview between 6-12 customers
→ consider sending the questions as a survey
Don't have 100+ active users?
→ ask the questions in an interview
→ Recommend to interview between 6-12 customers
Next, you'll find the top questions to assess product-market fit by Matt Gallivan
He's a world-class researcher that's led research teams at NPR, Facebook, Airbnb, & now at Slack
Let's dive in.
He's a world-class researcher that's led research teams at NPR, Facebook, Airbnb, & now at Slack
Let's dive in.
Surveys 👇
1. How would you feel if you could no longer use the product?
• Very disappointed
• Somewhat disappointed
• Not disappointed
→ If the percentage is over 40%, you are on track to PMF.
• Very disappointed
• Somewhat disappointed
• Not disappointed
→ If the percentage is over 40%, you are on track to PMF.
2. Compared to other ways you do X [essential function of your product], using this product to do X is generally:
• Much better
• Somewhat better
• Neither better nor worse
• Somewhat Worse
• Much Worse
→ Look for signs that your product is moving in a positive direction.
• Much better
• Somewhat better
• Neither better nor worse
• Somewhat Worse
• Much Worse
→ Look for signs that your product is moving in a positive direction.
3. The last time you did X, what product or tool did you use to do it, and why? [Open-ended]
→ Since this is a behavioral question, it will give you an idea of whether your product is being used in the context and times you think it should be.
→ Since this is a behavioral question, it will give you an idea of whether your product is being used in the context and times you think it should be.
Interviews (between 6-12) 👇
1. Walk me through the last time you did X [essential function of your product].
For each key decision you made along the way, tell me a bit about why you made those decisions.
For each key decision you made along the way, tell me a bit about why you made those decisions.
→ What to look for:
Understand how your buyer typically goes about the key tasks your product enables
Understand how your buyer typically goes about the key tasks your product enables
2. What are the different products you use to do X?
What are the best and worst parts of using those products?
The last time you did X using this product, why did you use it instead of something else?
What are the best and worst parts of using those products?
The last time you did X using this product, why did you use it instead of something else?
→ What to look for:
How well-suited your product is to replacing or improving that work
How well-suited your product is to replacing or improving that work
3. Why did you try this product in the first place?
What were you hoping it would do for you?
How well has it delivered on that hope?
What were you hoping it would do for you?
How well has it delivered on that hope?
→ What to look for:
• Excitement about your product
• Acknowledgement of the superior value compared to competitors or alternative solutions
Your customers should be able to tell you why your product is preferred over alternative solutions.
• Excitement about your product
• Acknowledgement of the superior value compared to competitors or alternative solutions
Your customers should be able to tell you why your product is preferred over alternative solutions.
Lastly, try to uncover if your product's assumptions are correct.
• Are people experiencing the problem your product sets out to solve ?
• What motivated them to try it in the first place?
• What was the magical way they hoped it would make their lives better?
• Are people experiencing the problem your product sets out to solve ?
• What motivated them to try it in the first place?
• What was the magical way they hoped it would make their lives better?
It's always fascinating to get a glimpse into why people use what you've built and how they use it in their daily lives.
But the best part is, this knowledge can open up new doors and help you fine-tune your product to meet the needs of the market better.
But the best part is, this knowledge can open up new doors and help you fine-tune your product to meet the needs of the market better.
Here's an example of PMF in action:
That's a wrap!
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If you enjoyed this thread:
1. Follow me @samanthalcc for more weekly marketing lessons to scale your startup.
2. RT the tweet below to share this thread with your audience
Here's the link to jump back to the top:
