How to find product market fit
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How to find Product Market Fit
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How to find product market fit
- 2. 1. Who are we? 2. Path to Product-Market Fit 3. What are Early Adopters? 4. Who are yours? 5. Where can you find them? Agenda
- 3. WHO AM I?
- 4. WHO ARE WE?
- 8. Success
- 10. Mentor Around the World San Francisco San Juan Seattle Lincoln Calgary Singapore Barcelona Paris London Sydney Zagreb San Francisco San Juan Seattle Lincoln Calgary Singapore Barcelona Paris London Sydney Zagreb
- 12. Mentor Around the World San Francisco San Juan Seattle Lincoln Calgary Singapore Barcelona Paris London Sydney Zagreb San Francisco San Juan Seattle Lincoln Calgary Singapore Barcelona Paris London Sydney Zagreb
- 15. Fortune 1000
- 16. ?’s
- 17. 1. Who are we? 2. Path to Product-Market Fit 3. What are Early Adopters? 4. Who are yours? 5. Where can you find them? Agenda
- 18. Validation you can achieve your goals, by deliverying a product at scale. Product-Market Fit?
- 19. Where do you start? What tests do you run? Questions How do you run them? ? ? ? ? What do you do with the results? ? ?
- 20. FOCUS Framework 1. Concrete steps Validation Roadmap 1 2 3 4 5 6 … 2. Orders the steps 3. Instructions & tools for each step
- 21. FOCUS Framework
- 23. Finding Early Adopters Offer Testing Currency Testing Utility Testing Scaling FOCUS
- 24. FOCUS Framework 1. Concrete steps Path to Product-Market Fit 1 2 3 4 5 6 … 2. Orders the steps 3. Instructions & tools for each step
- 25. FOCUS Framework
- 27. ?’s
- 29. WHY DECLARE VICTORY? 1. MAKES EVERYTHING EASIER 2. MEASURE: ARE YOU ON THE RIGHT TRACK?
- 30. Validation you can achieve your goals, by deliverying a product at scale. Product-Market Fit
- 31. 1/10/15 Virtual lean startup peer groups Early stage intra- & entrepreneurs
- 32. $1mm in the bank secure Justin Wilcox 1/10/15 Virtual lean startup peer groups Early stage intra- & entrepreneurs
- 33. 10 Founder victories declared accomplished Justin Wilcox 1/10/15 Virtual lean startup peer groups Early stage intra- & entrepreneurs
- 34. $2mm In profit
- 35. ?’s
- 37. WHY IDEA GENERATION? 1. IF YOU DON’T HAVE A COMPANY/PRODUCT IDEA 2. IF YOU DO…WHAT IF YOU’RE WRONG?
- 38. Validation you can achieve your goals, by deliverying a product at scale. Product-Market Fit?
- 41. WHY?
- 46. WHY?
- 48. Customers don’t buy products. Customers buy solutions to problems.
- 53. Developer Startup founder Seahawks fan “Doesn’t exercise enough” Works from home Partner dancer Speaker/educator Long-term boyfriend Meditator Only child living away from aging parents Microsoft employee Boat owner Wake boarder Options trader Swing dancer Golfer Skier Frequent traveler Soccer player Drive thru worker Under resourced children Entrepreneurs in developing regions Existentially anxious Young developers Female entrepreneurs
- 54. Speaker/educator Long-term boyfriend Meditator Only child living away from aging parents Frequent traveler Soccer player Drive thru worker entrepreneurs 1 Million $ in the bank Startup founders “How do I do Lean?” Under resourced kids limited career options Meditators existential angst
- 55. Speaker/educator Long-term boyfriend Meditator Only child living away from aging parents Frequent traveler Soccer player Drive thru worker entrepreneurs 1 Million $ in the bank Startup founders “How do I do Lean?” Under resourced kids limited career options Meditators existential angst
- 56. ?’s
- 57. 1. FOCUS: Path to Product-Market Fit 2. You Defined Victory A. Personal B. Team 3. Created a plan (w/ backups) Quick Summary
- 58. Takeaways
- 59. 1. Who are we? 2. Path to Product-Market Fit 3. What are Early Adopters? 4. Who are yours? 5. Where can you find them? Agenda
- 60. 5 Min Break
- 61. 1. Who are we? 2. Path to Product-Market Fit 3. What are Early Adopters? 4. Who are yours? 5. Where can you find them? Agenda
- 63. WHY? 1. 1ST STEP IN FINDING YOUR EARLY ADOPTERS…WHO ARE YOUR OPTIONS? 2. MAKE SURE YOUR SEGMENTS ARE REAL 3. START THE NICHING PROCESS
- 64. “TheFacebook”
- 65. Google
- 66. $1mm In the bank How do I do Lean Startup? Startup founders Startup curious corporates Failed founders High school teachers Professors Consultants Internal training departments Accelerators Innovation leaders at companies CEOs CMOs Funded founders Community leaders Community organizations Economic development teams Corporate Incubators Founders /w full-time jobs Serial entrepreneurs High school FBLA advisors Entrepreneurship Profs. Startup education organization’s content directors Leaders civic economic development team Directors Corporate Incubators Innovation Consultants Accelerator Director Seed funded founder Series A funded founder Startup community leader
- 67. ?’s
- 70. Startup founders “Not sure how to apply Lean Startup” Started reading Lean Startup Takes free courses online Filling out Business Model Canvas Goes to free Lean Meetups Success Start
- 71. “Not sure how to apply Lean Startup” Just started reading Lean Startup Takes free courses online Filling out Business Model Canvas Goes to free Lean Meetups Goes to Lean Startup Machine Pays for online courses Goes to Lean Startup Conf. Makes calls on Clarity Buy’s Ash’s Book Enrolls in Founder Institute Tweets about Lean Startup Machine Reviews online courses Leaves feedback on Clarity Amazon review for Ash’s Book Joins Founder Institute Meetup Group
- 72. WHAT ARE EARLY ADOPTERS? “Paying” to Solve It Know they Have It Have the problem CUSTOMERS WHO…
- 73. WHERE ARE YOURS? Externally Observable Behavior Tweets about Lean Startup Machine Reviews online courses Leaves feedback on Clarity Amazon review for Ash’s Book Joins Founder Institute Meetup Group
- 75. ?’s
- 76. 1. Role-ized your customers 2. Defined Early Adopters 3. Identified your Early Adopters 4. Discovered where to find them Quick Summary
- 77. Takeaways
- 78. 5 Min Break
- 79. 1. Who are we? 2. Path to Product-Market Fit 3. What are Early Adopters? 4. Who are yours? 5. Where can you find them? Agenda
- 80. What’s Next?
- 82. WHY? 1. TEST ONE SEGMENT AT A TIME 2. WHICH ONE?
- 84. SCALE your Segments S C A L E Description Segments 3 = 2 = 1 = 3 = 2 = 1 = 3 = 2 = 1 = 3 = 2 = 1 = 3 = 2 = 1 = ize T-shirt sizing Large Medium Small Founders who go to Lean Events Entre. Profs. who use “All In Startup” Innovation consultants at Lean Conferences Incubator directors at Lean Conferences 2 1 1 1 urrency How much of the thing you need, do they have? A lot Some A little 1 2 3 3 ccess If the product was ready, how quickly could you get currency? Days Weeks Months 3 2 2 2 ove How much do you want to serve this group for the next 5 years? A lot Some Not at all 3 2 1 1 arly Adopters How much data do you have they are trying to solve this problem? A lot Some None 3 2 3 2 Total Score Multiply the columns. Don’t add them. 54 16 18 12 Founders who go to Lean Events 54
- 86. Finding Early Adopters Offer Testing FOCUS U F C U Product-Market Fit Roadmap C O F O S Currency Testing Utility Testing Scaling
- 87. ?’s
- 88. BEFORE YOU GO
- 89. BONUS #1
- 92. BONUS #2
- 94. 1. Who are we? 2. Path to Product-Market Fit 3. What are Early Adopters? 4. Who are yours? 5. Where can you find them? What we Covered
- 95. Takeaways
- 96. HOW TO FIND YOUR PRODUCT MARKET FIT Justin@CustomerDevLabs.com