! Product/market fit - Petronella Turesson �1

Product/market fit the holy grail that comes before growth

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ac·tion·able \ˈak-sh(ə-)nə-bəl\ Adjective Information that allows a decision to be made or action to be taken.

! Product/market fit - Petronella Turesson �3

9/10 startups fail

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Product/market fit means being in a good market with a product

that can satisfy that market.

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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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ACQUISITION

ACTIVATION

RETENTION

REFERRAL

REVENUE

Focus on the right metrics

Signups & frequency of usage (MAU+DAU)

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”Great! But what is the

difference from Spotify Premium? ”

The value proposition is in the name of the product

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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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Highlight the benefits described

by your customers!

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LIKING

INFLUENCE

AUTHORITY

SOCIAL PROOF

COMMITMENT &

CONCISTENCY

RECIPROCITY

SCARCITY

Cialdini’s Six Principles of Influence

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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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How do you know if you have achieved product/market fit?

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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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Hack the definition of your buyer Who’s got the problem? Who’s got the money?

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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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CONCIERGE TEST The entrepreneur attempts to charge a

customer for manually performing the service without any product development.

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