- Rahul Vohra describes the quantitative and systematic approach to finding and growing Product/Market fit
- The process is centered around Sean Ellis’s PMF score as a leading indicator of Product/Market fit
🚀 Rahul’s #LaunchRecipe
- Get your PMF score: ask users “how would you feel if you could no longer use the product?” and measure the percent who answer “very disappointed”
- High expectation customers: analyze the feedback of the “very disappointed” survey respondents to discover what they love about your product.
- Convert on-the-fence users: analyze the feedback of “somewhat disappointed” survey respondents.
- Inform your product roadmap: double down on what users already love and also address what’s holding back your on-the-fence users.
- Repeat: repeat the process until you reach Product-Market Fit
- To be a successful creator you don’t need millions of dollars or customers.
- 1,000 true fans is an alternative path to success other than stardom.
- If you keep the full $100 of each true fan, then you need only 1,000 of them to earn $100,000 per year.
- A thousand customers is a whole lot more feasible to aim for than a million fans.
- You want to focus on the super fans because the enthusiasm of true fans can increase the patronage of regular fans.
🚀 Kevin’s simple #LaunchRecipe
- Create Value: First, you have to create enough [value] each year that you can earn, on average, $100 profit from each true fan.
- Direct: You must have a direct relationship with your fans. That is, they must pay you directly.
- What’s your target $? How much can you earn from each true fan? This will tell you how many true fans you want to aim for.
- Cultivating a thousand true fans is time consuming, nerve racking, and not for everyone. Does it make sense for you to outsource fan management to someone else?
- Built AND launched app in 24 hours
- Resourceful and frugal while building: "using what I already know to build what I need"
- Launched WITHOUT an email list, pre-launch, spamming FB groups...aka "lazy marketing"
- LAUNCH RESULTS: Product Hunt #1 Product of the Day, 1,172 upvotes, featured on Lifehacker
- "Build something people would want to use repeatedly"
- "Make your product so INSANELY easy to use"
🚀 Zoe's #LaunchRecipe
- Starting Point: "I usually start off by identifying my personal problem"
- Start with the end in mind: "A landing page that explains what the app does in one sentence"
- Not a Designer? No problem! Find tools like Elementor, a Wordpress plugin to “drag-and-drop” anything
- Don't delay, just start with what you know: "I have to be 'technically frugal' about using what I already know to build what I need"
- Just do it: "I didn’t spend months building the audience before I 'feel' ready to hit the launch button. In fact, I launched my app to the public right after I deployed on Heroku."
- Optimize Product Hunt listing: headline & description, use stunning graphics
- Keep selling: "Post-launch matters more than your initial launch on Product Hunt. So don’t feel disappointed if you don’t get featured. Focus on the ongoing marketing & sales effort."
🥩 #LaunchPrep for Your Project
- Describe your app in one sentence
- How can you trim the fat so you can launch a prototype in 24 hours?
- Do NOT under-estimate tools that can help you quickly launch a prototype
- What step can you take today that will propel you forward?
- You need three things to create a successful startup: (i) good people, (ii) make something customers actually want, (iii) spend as little money as possible
- Find good people by working on your own projects
- How do you figure out what customers want? Watch them.
- The most important way to not spend money is by not hiring people.
- More people are the right sort of person to start a startup than realize it.
🚀 Paul’s #LaunchRecipe
- Idea generation: Look at something people are trying to do, and figure out how to do it in a way that doesn't suck
- Good people: Good people can fix bad ideas, but good ideas can't save bad people. Don't force things; just work on stuff you like with people you like.
- Launch quickly: Get a version 1 out as soon as you can. The only way to make something customers want is to get a prototype in front of them and refine it based on their reactions.
- That was easy: Make your product easy to use. Stephen Hawking's editor told him that every equation he included in his book would cut sales in half.
- Be cheap: For most startups the model should be grad student, not law firm. Aim for cool and cheap, not expensive and impressive.
- In summary: Build something users love, and spend less than you make. How hard is that? ;)
- “Build it and they will come” is a myth
- Marketing can help make a good product great–it will never make a bad product good
- Great products & companies need a competitive distribution advantage
- Very often, 80% of the growth will come from a relatively small number of channels
- Marketers must avoid the trap of getting hooked on paid marketing: it’s expensive, easily replicated and less defensible
- Very often the right words to describe your product will come directly from your customers, so listen closely
- Talking to customers is essential and you should chat with at least one customer every week
- A realistic first idea might not be as creative as an abstract second one.
- People value concreteness too much and abstractness too little in their initial ideas.
- We’re probably all killing a lot of our best ideas early in the creative process without knowing it.
🥩 #LaunchPrep for Your Project
- If you’re under time pressure, it may make sense to opt for initial ideas that are more concrete, as those will reach their potential fastest.
- If you have time, ask why ideas may be promising before selecting which to pursue.