3. • $1M ARR in 6 month
• 23K+ paying members in 18 months
• Monthly churn rate: 2.5%
Why we are credible to talk
about this topic?
4. • $1M ARR in 6 month
• 23K+ paying members in 18 months
• Monthly churn rate: 2.5%
•800k trials
Why we are credible to talk
about this topic?
5. To share Setapp experience of finding and measuring Product-Market Fit and
to help you avoid making the same mistakes we made.
The goal of today’s talk:
7. “Product-Market Fit means being in a good
market with a product that can satisfy that
market” Marc Anderssen, a16z
8. Product-Market Fit means that your
average sales person can sell your
product to an average customer.
Or your average ads can convert a
significant percentage of your average
customers.
9. • Does the problem we solve exist?
• Is the problem important enough?
• Is the market for our product a 'good' market?
PMF is basically a health check
that allows you to test the following:
19. 1. How did you discover Setapp?
2. How would you feel if you could no longer use Setapp?
3. What would you likely use as an alternative if Setapp were no longer available?
4. What is the primary benefit that you have received from Setapp?
5. Have you recommended Setapp to anyone?
6. What type of person do you think would benefit most from Setapp?
7. How can we improve Setapp to better meet your needs?
8. Would it be okay if we followed up by email to request a clarification to one or
more of your responses?
The questions are:
20. Who should I send
the survey to?
People that have experienced the core of your product offering:
• used your product at least twice
• used your product in the last two weeks
21. How many people do I need for
conclusive results?
The more you have, the more accurate results will be
But ~50 responses can be enough.
23. Cool thing: the survey is really insightful
Bad thing: you actually have to talk to your customers
24. How many of you talked to your customers
last week?
25. 1. Used Setapp desktop app at least twice in the last 2 weeks
2. Used at least 2 apps from Setapp suite in the last 2 weeks
We invited 9000+ users
who match the following criteria:
28. “How would you feel if you could no longer use Setapp?”
The key question is:
29. •Very disappointed
•Somewhat disappointed
•Not disappointed (it’s really isn’t that useful)
•N/A - I no longer use Setapp
“How would you feel if you could no longer use Setapp?”
The key question is:
The answer options are:
30.
31.
32. 48% of people chose that they would be “very disappointed” if Setapp
no longer existed.
33. 48% of people chose that they would be “very disappointed” if Setapp
no longer existed.
According to Sean Ellis if at least 40% of survey respondents make this choice,
there’s product/market fit.
34. 48% of people chose that they would be “very disappointed” if Setapp
no longer existed.
According to Sean Ellis if at least 40% of survey respondents make this choice,
there’s product/market fit.
Yeeey! Setapp does have Product-Market Fit.
45. Open-ended responses are a key part to the product/market fit survey
because they represent the thoughts of the people who actually use the
product.
You can use this words and phrases to improve your marketing copy and
increase conversions.
57. 2 easy ways to health check your Product-Market Fit on regular basis
58. Setup an email-sequence and send it every X months to your new customers.
Analyzing historical data and comparing it to your new results
will give a clear understanding of what’s up with your Product-Market Fit.
First
59.
60. Use retention dashboards with segmentation applied.
It is a clear and yet powerful tool that gives you an understanding
of how your product is sticking.
Second
67. So even if you think that you have a Product-Market Fit,
come back to your office and check wether it’s true or not.
68. And establish the process to monitor it.
So even if you think that you have a Product-Market Fit,
come back to your office and check wether it’s true or not.
70. At the end of the day, we only want
to build something meaningful yet profitable.
71. In the end of the day, we only want
to build something meaningful yet profitable.
Which means something that brings value, something that shows traction.
72. Needless to say it is easier
if you know how sticky your product is.
73. And the best way to measure the stickiness in measuring Product-Market Fit.
Needless to say it is easier
if you know how sticky your product is.