In this talk, Alan Chiu pulls from his experience in product management and as a seed-stage venture capitalist to showcase a variety of case studies on companies who have perfected product/market fit.
It’s probably not surprising to hear that there is no silver bullet when it comes to market fit. To help startups approach this challenge, Alan proposes four key areas of exploration: users, applications, data, and buyers. By understanding each of these areas, teams can evaluate what has to be in your MVP… and what doesn’t.
Using each of these themes as a jumping-off point, Alan drills down with specific questions that get to the heart of what makes up a product.
- What is the value to your users?
- What are upstream and downstream products?
- What is your data roadmap?
- Who are your buyers?
Of course, it’s always helpful to have an example – and fortunately, Alan has filled this talk to the brim with them. In one case study, he shares how a financial services startup was able to convert more customers through brick and mortar stores than an online site. In another, how an organization turned potential competitors into partners by zooming in on a specific pain point for users.
It’s important to remember that what worked for one organization might not work for all. But exploring your product with a systematic approach like this one can help you understand what the market wants, and how your product fits in.