how to get your product/market fit - by côme courteault
TRANSCRIPT
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HOW TO GET YOUR PRODUCT / MARKET FIT CÔME COURTEAULT, GROWTH HACKER @ THEFAMILY
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WHAT IS A PRODUCT / MARKET FIT ?
When your product meets a demand.
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KNOW YOUR MARKET You have to be clear about who is
your niche.Demographic or intent-based?
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YOU CAN’T FAKE IT Do not delude yourself! If you have to spend more (time or money) than what you earn,
it’s not a product market fit.
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3 CHARACTERISTICS OF PMF
1. Understanding2. Buying3. Sharing
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UNDERSTANDING Does your target understands? A PMF
is always target-relative!
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BUYING Measure $$, not leads! Only a
transaction* is worth something.* For free products:
transaction = active users
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REFERRAL This is where you get liquidity: it makes
your acquisition even more efficient!
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SUCCESS IS OBVIOUS If you ask about your PMF, chances are
you don’t have one!Always aim for 100% conversion rate ;-)
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PMF CHANGES YOUR LIFE
Enter the first world problems!
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PMF CHANGES YOUR GROWTH STRATEGY
Your activation, retention and referral become crucial.
Your acquisition strategy changes: what is your customer lifetime value? What is
your cost of acquisition?
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PIVOT If you don’t have a PMF, build another product!
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effort
PS: YOU CAN’T EDUCATE A MARKET You conquer a market, you don’t
educate a market!Don’t waste your time ;-)
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IT CAN TAKE TIME AirBnB tested many different targets and many different messages to get
where they are!
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TIPS TO GET YOUR PRODUCT / MARKET FIT
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TEST A PRODUCT, NOT A MARKET
The “build it and they will come” strategy doesn’t work if you don’t know who “hey are!
Better cut the loss soon and try something else!
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CHOOSE SOMETHING YOU LOVE
You have to believe in your product but keep an analytic mind for your metrics
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YOU DON’T NEED A PRODUCT
Build a landing page!Use a tool like kickofflabs.com with
built-in viral loops!
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DON’T MICRO-OPTIMIZE! Launch fast, get a result quickly!
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RUN AN AD TEST Product * Target = landing pageFor every 1,000 visitors, what is
the conversion rate?Choose your platform: Facebook
(behavioural) or Google (intent-based)
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FREE ACQUISITION Niche communities:
Product Hunt, Hacker News, etc.Listen to feedback online (comments, tweets, etc.)
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TRACTION VS. GROWTH
http://www.coelevate.com/essays/traction-vs-growth
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LOOKING FOR A PMF
(#) Visitors (%) Conversion
rate
($) Cost per conversion
Idea 1
Idea 2
Idea 3
Idea 4
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TRACKING: UTMS
https://support.google.com/analytics/answer/1033867
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TRACKING: GOOGLE ANALYTICS
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TRACKING: GOOGLE ANALYTICS
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TRACKING: GOOGLE ANALYTICS
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TRACKING: GOOGLE ANALYTICS
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QUALITATIVE DATA Use hotjar.com to track how your visitors behave on your website.
Monitor heatmaps, screen recordings, etc.
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TRACTION PHASE
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THEN, TRANSITION TO GROWTH
http://www.coelevate.com/essays/traction-vs-growth
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BE RADICAL!
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SEE YOU SOON! LOVE. THEFAMILY.CO