Join Brad Batesole for an in-depth discussion in this video Evaluate your fit, part of Marketing Foundations: Growth Hacking.
- Before you shift your focus to growth, you'll need to explore how well your product fits into the market you're attempting to capture. We'll call this your Product-Market Fit. It used to be that getting your product to market first gave you the upper hand. That first mover advantage coupled with a good enough product was often all a company needed to secure meaningful revenue. But if you want to experience impressive growth, that's not going to be enough. Instead, you'll want to pursue being the first to have a product-market fit. And if you can't be the first, then you'll wanna have a product-market fit that exceeds that of your competition.
This fit means that you've solved an important need, you've filled a gap and alleviated a pain point. A quick way to see where you're at is to survey your current user base. Sean Ellis suggests that achieving product-market fit requires at least 40% of users saying they would be very disappointed without your product. Finding this fit has to be your first step. It might require going back to the drawing board several times, but there's nothing worse than launching out of the gate prematurely. If you don't have a small user base to draw data from, then you'll need to start by recruiting some early adopters.
Once you have an existing set of customers, then you can leverage a survey to determine your fit. Take a look at survey.io. It's built for this exact scenario. The goal is to determine not only how upset they'll be if your product did not exist, but what alternative they might use, if any. Depending on the loyalty of your user base, you can get some other qualitative data such as what they find to be your best feature, or even things you might be lacking. Another approach to evaluating fit is to write up a hypothetical product announcement. Share this with your coworkers, colleagues or friends, and gauge their response.
Werner Vogels, the CTO of amazon.com, suggests writing a Frequently Asked Questions document for the product you're developing. The exercise can help you understand any hurdles users may have when using your product or as they learn about it. That FAQ can provide you with some insights into whether or not you're solving the problem well enough to achieve a product-market fit. At the end of the day, it's your customers that will determine if you've achieved a solid fit. Just don't end up in a situation where you're working tirelessly to growth hack something that isn't a strong fit.
The course concludes with growth-hacking case studies, highlighting the growth-hacking techniques that helped propel such companies as Airbnb, Uber, and Tinder to explosive growth.
- What is growth hacking?
- Understanding the funnel
- Setting up tracking and analytics
- Leveraging customers and existing users
- Testing ideas
- Generating an audience
- Creating an incentive strategy
- Real-world examples of successful growth hacking