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You invested in a startup, but do they really have Product-Market Fit, or do they have a Problem-Solution Fit with positive signs of P/MF? I can assess P/MF for your portfolio company and help them achieve it by following a hypothesis-driven process to tighten up each aspect of P/MF, including customer segments, acquisition channels, and product features.
Timeline: 9-12 months
Find and Achieve Product/Market Fit
P/MF Part I
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Nothing else matters more than the Product/Market Fit in the life of your startup, and achieving it is vital for your startup’s success and survival. The purpose of the P/MF diagnosis sprint is to identify the current state of P/MF, the root cause if you don’t have it and actions you can take to achieve it. The diagnosis includes activities*, like data analysis, interviews and workshops with the co-founders and leadership team. We will diagnose by analysing the symptoms like high churn, poor sales conversion and poor retention through the customers’ lens. We will identify the steps to achieve, strengthen or speed up the journey to P/MF and get you into the exciting zone of scalability challenges.
Product/Market Fit Diagnosis Sprint
P/MF Part III
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Activities
P/MF Part II
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Identifying and assessing symptoms like low customer adoption, lack of referrals and inconsistent market demand.
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Analysing qualitative and quantitative data, like product usage, customer research, win-loss analysis, and sales and marketing reports, to assess symptoms.
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Conducting 1-1 interviews with key business leaders to build a picture of their current state covering business model, pricing, strategy, assumptions, team, revenue, competitors, etc.
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Enriching the internal view of stakeholders with an external view of the customers for a reality check.
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Conducting qualitative interviews with customers if recent customer research doesn’t exist.
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A lightweight product audit to review product performance metrics (AARRR), product usage and strongest/weakest areas of the product.
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A series of targeted workshops like Product/Market Fit Canvas and Timeline Mapping to build a common understanding and alignment in the room.
Outcomes
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Identifying and analysing the gaps that need to be addressed between the current and future state of your startup's product-market fit.
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Identifying the root cause causing several other issues and holding you back from achieving P/MF.
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An outline of the scope, objectives and approach to gather data and conduct qualitative/quantitative customer research.
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Addressing open questions and the leadership team’s alignment and shared understanding of all aspects of P/MF diagnosis.
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Ideas, suggestions and potential fixes to address P/MF or scalability issues in a prioritised order, e.g. Effort vs Value matrix. There may be a need to pivot in rare situations despite visible progress.
Time
2-3 weeks**
Location
Hybrid (Onsite + Remote)
Deliverables
Outcomes report and the leadership team debrief
* We will shortlist the activities to conduct by assessing your circumstances and the available information.
** The timeline depends on factors like existing customer research, product complexity and data availability.