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CONFIDENTIAL PRESENTATION | PAGE1
Product Management 101:
The Search for Product-Market Fit
Jeff Bussgang
General Partner, Flybridge Capital
Senior Lecturer, Harvard Business School
@bussgang
April 2013
CONFIDENTIAL PRESENTATION | PAGE2
Session Objectives
• What is great product management?
• What people mean when they use the phrase,
“Product Market Fit” (PMF), plus:
– Customer Development Process
– Lean Start-Up Theory
• Help you devise your approach to achieving PMF
and avoid wasting a lot of money
CONFIDENTIAL PRESENTATION | PAGE3
Context for My Perspective
• General Partner at Flybridge Capital, early-stage VC firm in
Boston/NY, current fund: $280M
70+ portfolio companies; seed and Series A focused
• Senior Lecturer at Harvard Business School
• Former entrepreneur
Cofounder/Pres. Upromise (acq’d by SallieMae)
VP at Open Market (IPO ‘96)
• Author: Mastering the VC Game
CONFIDENTIAL PRESENTATION | PAGE4
Startup
1. A team launching a new product under
conditions of extreme uncertainty
2. A vehicle for testing hypotheses about
such an entity
4
Entrepreneurship: the pursuit of opportunity beyond
resources you currently control
- HBS Professor Howard Stevenson
Relentless Focus
Novel/Innovative
Resource Constrained
CONFIDENTIAL PRESENTATION | PAGE5
Customer Development
Customer Development
vs. Product Development
Concept/
Bus. Plan
Product
Dev.
Alpha/Beta
Test
Launch/
1st Ship
Product Development
Source: Steve Blank
CONFIDENTIAL PRESENTATION | PAGE6
Old School Product Management
• Report to: Marketing
• Output: Requirements Documents
• Methodology: Waterfall
• Product lifecycles: Years
• Decision-Making: Opinion-Driven
CONFIDENTIAL PRESENTATION | PAGE7
Modern Product Management
• Report to: CEO
• Output: Prototypes
• Methodology: Agile
• Product lifecycles: Weeks
• Decision-Making: Data-Driven
CONFIDENTIAL PRESENTATION | PAGE8
Product Management Skills
• Responsibilities:
– Define the new product to be built
– Secure the resources to build it
– Manage its development, launch and
ongoing improvement
– Lead the cross-functional product team
• Attributes:
– Ability to influence and lead
– Resilience and tolerance for amibiguity
– Business judgment and market knowledge
– Strong process skills and detail orientation
– Fluency with technology and implications on product design, business
– Design/UX instincts
Mini CEO – with none of the authority
CONFIDENTIAL PRESENTATION | PAGE9
The Lean Startup
• Many startups fail because they waste capital and
time developing and marketing a product that no
one wants
• Lean startups rapidly and iteratively test hypotheses
about a new venture based on customer feedback,
then quickly refine promising concepts and cull flops
• Being lean does NOT mean being cheap, it is a
methodology for optimizing—not minimizing—
resources expenditures by avoiding waste
• Being lean does NOT mean avoiding rigorous,
analytical or strategic thinking
9
CONFIDENTIAL PRESENTATION | PAGE10
Lean Startup Principles
• No idea survives first customer contact, so get
out of the building ASAP to test ideas
• Goal: validation of business model hypotheses,
based on rigorous experiments and clear metrics
• Minimum viable product (MVP): smallest set of
features/marketing initiatives that delivers the
most validated learning
• Rapidly pivot your MVP/business model until you
have validation and product-market fit (PMF)
• Don’t scale until you have achieved PMF
10
CONFIDENTIAL PRESENTATION | PAGE11
CONFIDENTIAL PRESENTATION | PAGE12
Crossing The Chasm
CONFIDENTIAL PRESENTATION | PAGE13
Where are You?
Before Product-Market Fit:
Search & Validation
• Lean startup approach
• Hunch-driven hypotheses
• Minimum viable product (MVP)
• Customer development process
• Selling to early adopters
• Pivoting
• Bootstrapping
• Small, founding team
• Product-centric culture;
informal roles
• Early in sales learning curve
After Product-Market Fit:
Scaling & Optimization
• Building a robust, feature-rich
product
• Crossing the chasm
• Metrics, analytics, funnels
• Designing for virality &
scalability
• Challenges with corporate
partnerships
• Building a brand
• Scaling the team; more
formal roles
• Scaling a sales force
CONFIDENTIAL PRESENTATION | PAGE14
Tools/Techniques
• Structured idea generation
• Business model generation
• Customer discovery process
• Focus groups
• Customer survey
• Persona development
• Competitor benchmarking
• Wireframing
• Prototype development
• Usability testing
• Charter user program
• A/B test
• Conversion funnel analysis
• Landing page optimization
• SEM/SEO optimization
• Inbound marketing design
• PR strategy
• Customer support analysis
• Product feature prioritization
• Sales pitch
• Lead qualification
• Bus dev screening
• Net Promoter Score
• Lifetime value vs. Customer
acquisition costs
14
CONFIDENTIAL PRESENTATION | PAGE15
“Lessons Learned” Drives Scaling
Concept
Business
Plan/Canvas
Lessons
Learned
Scale
Do this first instead of scaling
(or raise seed round to test hypotheses…rigorously)
Test
Hypotheses
Source: Steve Blank
CONFIDENTIAL PRESENTATION | PAGE16
Should You Always Nail It
Before You Scale It?
• That is, when is it ok to be a little “fat”?
• If you are in a winner take all market
• Deep customer lock-in / high switching costs
• Network effect businesses
• Capital is cheap
• Executive team knows how to scale
• Upromise example
• Series A: $34m (March 2000)
• Series B: $55m (October 2000)
• Launch service: April 2001
CONFIDENTIAL PRESENTATION | PAGE17
Leading Thinkers/Books/Blogs
• Geoffrey Moore: Crossing the Chasm (read this!)
• Steve Blank: Customer Development Process (read Four
Steps to the Epiphany)
• Eric Ries: Lean Startups (read this too!)
• Marty Cagan: Silicon Valley Product Group (great book
and blog)
• HBS Prof Tom Eisenmann: Launching Tech Ventures
(great blog)
• Sean Ellis: Startup Marketing (great blog)
• Andrew Chen: Growth Hackers (great blog)
CONFIDENTIAL PRESENTATION | PAGE18
Additional Resources
• My blog: www.SeeingBothSides.com
• Quora on product management:
• http://b.qr.ae/W1npOi (product mgt skills)
• http://b.qr.ae/sYy4jS (Google product mgt)
• HBS Case Note on Product Mgt - http://bit.ly/TQhw7w
CONFIDENTIAL PRESENTATION | PAGE19
Product Management 101:
The Search for Product-Market Fit
Jeff Bussgang
General Partner, Flybridge Capital
Senior Lecturer, Harvard Business School
@bussgang
April 2013

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Product Management 101: The Search for Product-Market Fit

  • 1. CONFIDENTIAL PRESENTATION | PAGE1 Product Management 101: The Search for Product-Market Fit Jeff Bussgang General Partner, Flybridge Capital Senior Lecturer, Harvard Business School @bussgang April 2013
  • 2. CONFIDENTIAL PRESENTATION | PAGE2 Session Objectives • What is great product management? • What people mean when they use the phrase, “Product Market Fit” (PMF), plus: – Customer Development Process – Lean Start-Up Theory • Help you devise your approach to achieving PMF and avoid wasting a lot of money
  • 3. CONFIDENTIAL PRESENTATION | PAGE3 Context for My Perspective • General Partner at Flybridge Capital, early-stage VC firm in Boston/NY, current fund: $280M 70+ portfolio companies; seed and Series A focused • Senior Lecturer at Harvard Business School • Former entrepreneur Cofounder/Pres. Upromise (acq’d by SallieMae) VP at Open Market (IPO ‘96) • Author: Mastering the VC Game
  • 4. CONFIDENTIAL PRESENTATION | PAGE4 Startup 1. A team launching a new product under conditions of extreme uncertainty 2. A vehicle for testing hypotheses about such an entity 4 Entrepreneurship: the pursuit of opportunity beyond resources you currently control - HBS Professor Howard Stevenson Relentless Focus Novel/Innovative Resource Constrained
  • 5. CONFIDENTIAL PRESENTATION | PAGE5 Customer Development Customer Development vs. Product Development Concept/ Bus. Plan Product Dev. Alpha/Beta Test Launch/ 1st Ship Product Development Source: Steve Blank
  • 6. CONFIDENTIAL PRESENTATION | PAGE6 Old School Product Management • Report to: Marketing • Output: Requirements Documents • Methodology: Waterfall • Product lifecycles: Years • Decision-Making: Opinion-Driven
  • 7. CONFIDENTIAL PRESENTATION | PAGE7 Modern Product Management • Report to: CEO • Output: Prototypes • Methodology: Agile • Product lifecycles: Weeks • Decision-Making: Data-Driven
  • 8. CONFIDENTIAL PRESENTATION | PAGE8 Product Management Skills • Responsibilities: – Define the new product to be built – Secure the resources to build it – Manage its development, launch and ongoing improvement – Lead the cross-functional product team • Attributes: – Ability to influence and lead – Resilience and tolerance for amibiguity – Business judgment and market knowledge – Strong process skills and detail orientation – Fluency with technology and implications on product design, business – Design/UX instincts Mini CEO – with none of the authority
  • 9. CONFIDENTIAL PRESENTATION | PAGE9 The Lean Startup • Many startups fail because they waste capital and time developing and marketing a product that no one wants • Lean startups rapidly and iteratively test hypotheses about a new venture based on customer feedback, then quickly refine promising concepts and cull flops • Being lean does NOT mean being cheap, it is a methodology for optimizing—not minimizing— resources expenditures by avoiding waste • Being lean does NOT mean avoiding rigorous, analytical or strategic thinking 9
  • 10. CONFIDENTIAL PRESENTATION | PAGE10 Lean Startup Principles • No idea survives first customer contact, so get out of the building ASAP to test ideas • Goal: validation of business model hypotheses, based on rigorous experiments and clear metrics • Minimum viable product (MVP): smallest set of features/marketing initiatives that delivers the most validated learning • Rapidly pivot your MVP/business model until you have validation and product-market fit (PMF) • Don’t scale until you have achieved PMF 10
  • 12. CONFIDENTIAL PRESENTATION | PAGE12 Crossing The Chasm
  • 13. CONFIDENTIAL PRESENTATION | PAGE13 Where are You? Before Product-Market Fit: Search & Validation • Lean startup approach • Hunch-driven hypotheses • Minimum viable product (MVP) • Customer development process • Selling to early adopters • Pivoting • Bootstrapping • Small, founding team • Product-centric culture; informal roles • Early in sales learning curve After Product-Market Fit: Scaling & Optimization • Building a robust, feature-rich product • Crossing the chasm • Metrics, analytics, funnels • Designing for virality & scalability • Challenges with corporate partnerships • Building a brand • Scaling the team; more formal roles • Scaling a sales force
  • 14. CONFIDENTIAL PRESENTATION | PAGE14 Tools/Techniques • Structured idea generation • Business model generation • Customer discovery process • Focus groups • Customer survey • Persona development • Competitor benchmarking • Wireframing • Prototype development • Usability testing • Charter user program • A/B test • Conversion funnel analysis • Landing page optimization • SEM/SEO optimization • Inbound marketing design • PR strategy • Customer support analysis • Product feature prioritization • Sales pitch • Lead qualification • Bus dev screening • Net Promoter Score • Lifetime value vs. Customer acquisition costs 14
  • 15. CONFIDENTIAL PRESENTATION | PAGE15 “Lessons Learned” Drives Scaling Concept Business Plan/Canvas Lessons Learned Scale Do this first instead of scaling (or raise seed round to test hypotheses…rigorously) Test Hypotheses Source: Steve Blank
  • 16. CONFIDENTIAL PRESENTATION | PAGE16 Should You Always Nail It Before You Scale It? • That is, when is it ok to be a little “fat”? • If you are in a winner take all market • Deep customer lock-in / high switching costs • Network effect businesses • Capital is cheap • Executive team knows how to scale • Upromise example • Series A: $34m (March 2000) • Series B: $55m (October 2000) • Launch service: April 2001
  • 17. CONFIDENTIAL PRESENTATION | PAGE17 Leading Thinkers/Books/Blogs • Geoffrey Moore: Crossing the Chasm (read this!) • Steve Blank: Customer Development Process (read Four Steps to the Epiphany) • Eric Ries: Lean Startups (read this too!) • Marty Cagan: Silicon Valley Product Group (great book and blog) • HBS Prof Tom Eisenmann: Launching Tech Ventures (great blog) • Sean Ellis: Startup Marketing (great blog) • Andrew Chen: Growth Hackers (great blog)
  • 18. CONFIDENTIAL PRESENTATION | PAGE18 Additional Resources • My blog: www.SeeingBothSides.com • Quora on product management: • http://b.qr.ae/W1npOi (product mgt skills) • http://b.qr.ae/sYy4jS (Google product mgt) • HBS Case Note on Product Mgt - http://bit.ly/TQhw7w
  • 19. CONFIDENTIAL PRESENTATION | PAGE19 Product Management 101: The Search for Product-Market Fit Jeff Bussgang General Partner, Flybridge Capital Senior Lecturer, Harvard Business School @bussgang April 2013

Hinweis der Redaktion

  1. In rough terms, tools in the left column are used pre-PMF, and those in the right post-PMF. A/B tests are used in both phases.