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The "Product Market Fit" Cycle. Carlos from Seedcamp at #turingfest  

(lots of insights in here but unordered I'm afraid)

The seedcamp "product" is a program to prepare companies for reaching product market fit and to prepare them for raising capital. Currently have 90+ customers.

They get to see recurring patterns. Most customers have similar issues. e.g all founders are constantly learning.  The patterns:

1. Hackers are really good at building

Its human nature to focus on what you are good at.  You tend to get stuck, you may build and measure but not learn.

Definitions:
Product market fit - you are selling just as quickly as you can make it
Minimum viable segment - the more narrow your segment, the more differentiated you can become, the quicker you can iterate

Recommended reading: positioning by Al Ries and Jack Trout: age of superlatives is dead, we are in age of comparatives as all competitors have 4 or 5 stars).  Example: Avis moved from "we are the best" to "we are second best so we try harder", realised that people wanted customer service.  Made Hertz look like the lazy one.

Go2market - this is partnerships, channels etc (recommended reading: crossing the chasm)
Pirate Metrics - as defined by Dave McClure (sound like my next book). 

so what are these patterns in failing

1. they weren't identifying the minimum viable segment

You can't be everything to everyone

2. didn't have a clear positioning strategy shaping of minimum viable segment

Your MVP is the bullet, the projectile that gets you to market with your MVS.

If you get lets of people coming to your haloween party, your diffentiation is right but if they leave then the product is wrong. Alternatively if you get lots of people sticking around and referring but not coming otherwise, your product is good but differentiation is wrong.  

Positioning statements can have a massive impact on conversions.

You don't start scaling until you identify your MVS, designed your bullet, tested with pirate metrics
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