Product-Market Fit

… There's such a thing as product market fit. There's a thing as founder market fit, there's a thing as founder, product market fit.

… founder who then hires people to make the product, which is right, if you have product market fit before, you lose it, and maybe you hire people that are good writers, but that's hard. It's total opposite patte...

… r two things that your customers really care about and that you can be radically better at, it's going to improve your chances of winning and finding product market fit. (00:44:22): And we find that going through this process where…

" (00:12:20): That usually tells you very astutely, do you have product market fit? Once you're already in the room and people are converting, you have found that problem statement that is critical to them that is hurting them the m...

… I do think for a company like Snapchat or Social Network, the core product market fit can be extremely strong. Essentially, the reason that people are downloading it, the way that it's spreading, the way that it's distributing, the way…

And so we spent at least a year, year and a half thinking about building social networks and all kinds of things when we should have been working on Captions because there was product market fit there. And how we figured that out is…

… Which is number one, you can measure product market fit. Number two, you can optimize product market fit.

" I lost product market fit. The value proposition that I had is wrong or is no longer valid or no longer relevant.

And there's two specific reasons that I incur on, which is before you have growth team, before you would think about growth team first you need to have solid PMF, product market fit, means that you have a solution to a problem and you have…

… it makes me think about, as you're talking, people think about product market fit and something, a lesson from this journey is just like product market fit is not a binary. You will have it now.

… ly in totally three different segments now let's go in scale now we all knew we get like we need like one person 1 and C kind of do what's now called Product Market fit I don't know that the term even existed there and they were like nah…

… uch more accute I love this example and like intuitively it all just makes sense as you describe what you landed on and like this is what people call product Market fit way you're describing where somebody has a pain that you are solving…

… And two and a half years into Wiz, at that time, Wiz was already, it was a very clear product market fit. (00:24:50): Our revenues were already there.

… ess novelty and disagreeability uh then you have to kind of scan the market and we have this framework uh called the Recon canvas that splits the market up into uh the product the medium and the market that's another hot take of mine is…

I think it's because I definitely saw that there was product market fit. I saw that students at Stanford were obsessed with it, but it also had a long list of colleges that were really excited and on the waiting list to be accepted onto…

The thing that, I think we were relatively lucky, I talked about why I was bullish on Facebook in 2005 even was because there was product-market fit. And so for us growth, as much credit as we give to the growth team, I'm actually not sure…

… I sometimes think that maybe some of our efforts were really more on the margin of a bigger trend around product-market fit.

… We always talk about product market fit. Nobody really knows what product market fit is.

… to figure out is your product a must-have, which could be equated to having product market fit. And so the question is, how would you feel if you could no longer use this product?

I would say it's a leading indicator of product market fit. The lightning indicator is, do they actually keep using it?

And so with this question, you can kind of find out day one, you don't need a good analytics system in place to be able to see if product market fit exists. And so yeah, the 40% was not something I originally had in there.

… Product market fit is a huge thing. We've run into some of this at Shopify, and we definitely ran into this at IBM.

… Once we did that, we started doing tremendously better because we had a product market fit. They had demand for our product, and now we were able to serve them, meet them where they were.

… And I didn't realize at the time that was the signal that we did not have product market fit. And I ended up wasting many more years on that project.

… And so a lot of times your first implementation won't be right, but if your insight is correct, you can navigate the implementation to the right implementation to get product market fit. But what we need to understand is there need to be…

That's right, and in the early days of product market fit, I like to say we want to answer a very simple but profound question. What can we uniquely offer that people are desperate for?

… And so, you want to be, right insight, right inflections, right implementation, right early believers that you're talking to, as you iterate towards product market fit. And if you're not succeeding at product market fit, then one or more…

… Now this one thing is figuring out product market fit. It's not one thing, right?

… l use many of them, but we don't standardize or find one that dramatically changes our life beyond the mindset of we are going to make sure that this product has product market fit before we scale it. One of the things I've seen…

I completely agree with what Gustav said, but to look at this from a different frame, I think is that the founders lose hope. " I can see it when I'm meeting with a founder, when they resign themselves that they're failing versus.

… the framework starts with a very simple idea that is product-market fit is not a one-size-fits-all thing, and it doesn't just happen overnight. And for B2B companies, specifically, it does tend to follow a repeatable patt...

… Remember, usually as soon as you get product-market fit, you're working on it for other products and other markets, and so it's an ongoing thing, but while it's small, it usually is most useful just to look at the number of engineers. At…

So yes and no. I think he's right in general, but there's a really important nuance.

… You have a certain amount of time to prove that you have product market fit to prove that the thing that you're making is the right thing for some customers. And so the faster you can do that, the more quickly you can find ou...