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