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PYROS Deep Dive: Product-Market Fit

PYROS Deep Dive: Product-Market Fit

How do you know you're on the path towards Product-Market fit?

We'll explore what Product-Market fit is, how companies know they've achieved it, and some early signals in beta or pre-launch through what we're calling 'Problem-Solution Fit'

Regan Davis

March 31, 2022

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  1. regan davis product leader from chicago, il BACKGROUND Sr. Director

    of Product @ SpotHero EIR @ 1871 Advisor, Coach regandavis.com VP of Product @ Jellyvision VP of Product @ info.com
  2. regandavis.com organic growth • ‘K-score’ or Virality — people sharing

    your product themselves (credit: Lean Analytics, Yousef Benjamin)
  3. regandavis.com “I think the right initial metric is ‘do any

    users love our product so much they spontaneously tell other people to use it?’ —Sam Altman, CEO @ OpenAI
  4. regandavis.com retention • plot the % of active users over

    time • look for a fl attening curve (credit: Lenny Rachitsky)
  5. regandavis.com disappointment if you left Survey Question: • “How would

    you feel if you could no longer use [Product]?” (credit: Superhuman Product Market Fit survey)
  6. regandavis.com “For enterprise businesses, at the end of your free

    trial, you should pull the trial. If the customer doesn’t scream… if they aren’t desperate, you don’t have PMF.” —Andy Rachleff, CEO @ Wealthfront
  7. regandavis.com irrational behavior (credit: Lenny Rachitsky) • Users using your

    product in ways you don’t expect. • Harnessing strange behavior patterns.
  8. regandavis.com January March May July September November DVD Sales DVD

    Rentals (credit: “It’ll Never Work”, by Marc Randolph)
  9. regandavis.com it takes time While others… • Net fl ix:

    1.5 years • Segment: 1.5 years • Airbnb: 2 years • PagerDuty: 2 years • Superhuman: 3 years • Amplitude: 4 years Some found product- market fi t immediately. (credit: Lenny Rachitsky)
  10. regandavis.com visible excitement • “Where have you been all my

    life?” • “I wish I had thought of this.” • Genuine smiles, eyes widening as they use the demo
  11. regandavis.com willingness to pay • If you can get people

    to put down money before you have a product • If they willingly give you references to contact (social payment) • If they give you testimonials to use (credit: Ash Maurya - Running Lean)
  12. • Self-selected early adopters and high likelihood to have PM-Fit

    • You can directly interact and probe on feature requests async (and bonus - engineers hear from customers) • You have a relationship to test for willingness-to-pay without a sales team. why build a community?
  13. regandavis.com (credit: Lenny Rachitsky, Matt Gallivan) talk to 6-12 active

    users • Walk me through the last time you did X [where X is some essential function of your product]. • For each key decision you made along the way, tell me a bit about why you made those decisions. • What are the different products you use to do X? What are the best and worst parts of using those products? • The last time you did X using this product, why did you use it instead of something else? • Why did you try this product in the fi rst place? What were you hoping it would do for you? How well has it delivered on that hope?
  14. regandavis.com (credit: Lenny Rachitsky, Matt Gallivan) listen for… genuine enthusiasm

    recognition of explicit, superior value compared to alternatives