Download - Product/market fit @ Growth Hacker Meetup
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! Product/market fit - Petronella Turesson �1
Product/market fit the holy grail that comes before growth
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! Product/market fit - Petronella Turesson �2
ac·tion·able \ˈak-sh(ə-)nə-bəl\ Adjective Information that allows a decision to be made or action to be taken.
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! Product/market fit - Petronella Turesson �3
9/10 startups fail
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! Product/market fit - Petronella Turesson �4
Product/market fit means being in a good market with a product
that can satisfy that market.
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! Product/market fit - Petronella Turesson �5
1. Problem/solution fit 2. Product/market fit
3. Scale
Have I found a problem worth solving?
Have I built
something people want?How do I accelerate growth?
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! Product/market fit - Petronella Turesson �6
ACQUISITION
ACTIVATION
RETENTION
REFERRAL
REVENUE
Focus on the right metrics
Signups & frequency of usage (MAU+DAU)
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! Product/market fit - Petronella Turesson �7
”Great! But what is the
difference from Spotify Premium? ”
The value proposition is in the name of the product
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! Product/market fit - Petronella Turesson �8
What solutions are potential customers using today and why?
Cluster customers based on needs and usage. Identify a minimum viable segment.
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! Product/market fit - Petronella Turesson �9
Highlight the benefits described
by your customers!
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! Product/market fit - Petronella Turesson �10
LIKING
INFLUENCE
AUTHORITY
SOCIAL PROOF
COMMITMENT &
CONCISTENCY
RECIPROCITY
SCARCITY
Cialdini’s Six Principles of Influence
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! Product/market fit - Petronella Turesson �11
LIKING
INFLUENCE
AUTHORITY
SOCIAL PROOF
COMMITMENT &
CONCISTENCY
RECIPROCITY
SCARCITY
Cialdini’s Six Principles of Influence
Engage customers to make them stay
Adress the person your target audience wants to be
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! Product/market fit - Petronella Turesson �12
How do you know if you have achieved product/market fit?
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! Product/market fit - Petronella Turesson �13
SOME INDICATORS…
Engagement metrics + look at your retention curve.
The Sean Ellis test (40% would be ”very disappointed” if they no longer had access to your product)
Try out the value proposition: ”Explain the product back to me.”
Net Promoter Score – how likely are people to recommend it?
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! Product/market fit - Petronella Turesson �14
Hack the definition of your buyer Who’s got the problem? Who’s got the money?
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! Product/market fit - Petronella Turesson �15
SMOKE TEST A one page website which describes the
product and request the visitor to sign up to a mailing list. Change the description and
measure the signup conversion rate to learn about what customers are interested in.
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! Product/market fit - Petronella Turesson �16
CONCIERGE TEST The entrepreneur attempts to charge a
customer for manually performing the service without any product development.
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! Product/market fit - Petronella Turesson �17