How to get your product/market fit - by Côme Courteault

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