What is your process to get to product-market fit? Could you share some examples of your past projects or work?
As per its definition, PMFit is a post-pre-launch state and it is achieved when users are actually using the product you offer them. The process follows three main steps
- Asking them to signup (metric sign-ups vs landed)
- Measuring how many times they come back (logins as the main metrics)
- Measuring what they do inside the app in terms of transactions (are they) (engagement/activity is the main metric)
We had products that had an amazingly nice cohort (buying again and again) and also leaving ecstatic comments on social media and review sites.
What were some “fail fast” stories that did not work? Why?
First of all, a fail-fast-story is not about working, it’s about the pace/velocity of testing if it is gonna work.
There are many reasons why a fail fast story may not work. These are the main reasons
- During MPFit, you discovered a competitor you were not aware of
- During PMFit, you realized that you don’t have enough budget or resources to complete the product
- During PMFit, you realized that the product is not of people’s interest and there is no intent to use it, let alone to pay for it.
What were some of the most successful get-to-product-market fit experiences? What were the key levers to make that happen?
There are various examples of get-to-product-market fit experiences that were very successful. The main key levers were:
- Amazing customer support via automation and journey monitoring
- Amazing customer support in case of questions
- Different FTE (First-time Experience) for new users
- Push Notifications to bring users back based on business rules
- Nice copy in empty states and smart messages throughout the User Experience.
What are 3 concrete actions, tools, or resources that founders can implement?
- Metrics — To understand what users are achieving and how they move down the funnel. A tool like Mixpanel or Pendo is a must
- Automation — To engage users. A tool like Intercom, Pendo or other is a must
- Events — To understand what users are doing. A tool like CDP, segment, Rudderstack is a must. Also a tool like
What’s a typical MarkTech Stack?
A typical marktech is: Segment > Snowflake > MixPanel > Intercom