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How to Achieve Product-Market Fit

This is intended as documentation for myself, written so that others might benefit. The talk (linked above) describes an experiment that any product manager can run to better understand their users, and to help write the roadmap for achieving the highly-coveted product-market fit.

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Introduction

The 5 Steps to Achieving // Table of Contents

  1. Survey
  2. Segment
  3. Analyze
  4. Implement
  5. Track

Step 1: Survey

(Link to video at this time)

  1. What type of people do you think would most benefit from < insert your product >?
  2. What is the main benefit you receive from < insert your product >?
  3. How can we improve < insert your product > for you?

Step 2: Segment

(Link to video at this time)

  • HXC = Highest Expectation Customer
  • “The HXC is the most discerning person within your target demographic. They will enjoy your product for its greatest benefit and spread the word.
  • Others aspire to emulate the HXC because they seem clever, judicious, and insightful”
  • Concept borrowed from Julie Supan (Dropbox, Airbnb, etc.)
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Step 3: Analyze

(Link to video at this time)

  • Return to the survey, and focus on the users who would be “very disappointed” without your product, and look at their answers to question 3: “What is the main benefit you receive from < insert your product >?”
  • Word cloud the answers:
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  • Now, you must figure out how to convert the users who answered “Somewhat disappointed” and ignore the feedback from everyone in the “Not disappointed crowd” because: “They are so far from loving your product, that no matter what you do, it doesn’t matter what you build, they’ll never fall in love with your product”
  • Take the main benefits of the product (in this case speed), and segment the “Somewhat disappointed” crowd into two parts: (main benefit == speed & main benefit != speed):
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Step 4: Implement

(Link to video at this time)

  • Spend 50% of your time addressing objections of the “Somewhat disappointed” responders who align with the main benefit of the “Very disappointed” responders

Step 5: Track

(Link to video at this time)

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Written by

Documentation and tutorials on Python, Programming, and Data Analysis. FPL Addict. Occasionally writing about biohacking, PMing, and food.

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