Post by wsannhbz on Dec 5, 2023 5:00:19 GMT -5
Before you start scaling your business,
Adam Sawicki
Nov 22
Blog, Startup
product-market
If a product does not meet a market need, no one will buy it. It is Phone Number obvious. It must be an answer to a problem. But how to build a product-market fit? Start with this text. You’ll find some advice from Ellis, Olsen, and Hoffman. The latter founded LinkedIn.
Find a product-market fit – table of contents:
Introduction
Sean Ellis test
The product-market fit pyramid
6 steps to product-market fit
Minimalism and MVP
Two slides – is it enough?
Summary
Introduction
There are at least a few definitions of a product-market fit. According to Paul Graham from the American Y Combinator, it means creating a product that customers want to buy. Sam Altman from Open AI, in turn, believes that a product-market fit is when a product is good enough that customers recommend it to others.
Both statements are clearly true. However, one more can be added. Product-market fit is about creating a situation in which a product or service meets the needs and expectations of a specific group of customers. This happens when a company’s offering actually solves the problems of its target audience.
It sounds so trivial. But only apparently. Finding a product-market fit is not easy. First of all, how do you know you have found a product-market fit? What would you consider a good metric to measure it? Start with the 40% test.
Sean Ellis test
Sean Ellis is an American entrepreneur best known for his work for Dropbox, his book Hacking Growth, and the “40%” concept. It is this concept that we will focus on.
Adam Sawicki
Nov 22
Blog, Startup
product-market
If a product does not meet a market need, no one will buy it. It is Phone Number obvious. It must be an answer to a problem. But how to build a product-market fit? Start with this text. You’ll find some advice from Ellis, Olsen, and Hoffman. The latter founded LinkedIn.
Find a product-market fit – table of contents:
Introduction
Sean Ellis test
The product-market fit pyramid
6 steps to product-market fit
Minimalism and MVP
Two slides – is it enough?
Summary
Introduction
There are at least a few definitions of a product-market fit. According to Paul Graham from the American Y Combinator, it means creating a product that customers want to buy. Sam Altman from Open AI, in turn, believes that a product-market fit is when a product is good enough that customers recommend it to others.
Both statements are clearly true. However, one more can be added. Product-market fit is about creating a situation in which a product or service meets the needs and expectations of a specific group of customers. This happens when a company’s offering actually solves the problems of its target audience.
It sounds so trivial. But only apparently. Finding a product-market fit is not easy. First of all, how do you know you have found a product-market fit? What would you consider a good metric to measure it? Start with the 40% test.
Sean Ellis test
Sean Ellis is an American entrepreneur best known for his work for Dropbox, his book Hacking Growth, and the “40%” concept. It is this concept that we will focus on.