Title: How to Find Product/Market Fit for Your Startup
Headings: How to Find Product/Market Fit for Your Startup
How to Find Product/Market Fit for Your Startup
Find Product/Market Fit
Product/Market Fit, Defined by a Startup Legend
How to Find Product/Market Fit
How to Measure Your Product/Market Fit
Conclusion
Product/Market Fit, Defined by a Startup Legend
How to Find Product/Market Fit
Find Your Value Hypothesis
Source
Choose the Right Industry
A Pre-Existing Product Category
Large Numbers of Interested Customers
Lots of Successful Competition
Clear Axes of Competition
Copy What Works
Source
How to Measure Your Product/Market Fit
High Net Promoter Score
Source
Low Churn/High Retention
Here’s How to Find Product/Market Fit
About Ivan Kreimer

Content: To test a value hypothesis, you first need to define it—a testable statement that can be validated or refuted when facing your users. If Foundr was to develop a value hypothesis, we could say, “Foundr believes entrepreneurs need content that helps them launch and grow their online businesses.” To test this hypothesis, we’d need to create content and see if people find it useful in their journeys to launch their online businesses. The same could be applied to our premium courses. If people read our content, shared it, linked to it, commented on it, and bought our courses, then we’d be able to verify our value hypothesis. In order to test your value hypothesis, you need to apply Steve Blank’s concept of “getting out of the building.” In a startup no facts exist inside the building, only opinions. You need to leave guesswork behind and get “outside the building” in order to learn what the high-value customer problems are, what about your product solves these problems, and who specifically are your customer and user (for example, Who has the power to make or influence the buying decision and who will use the product on a daily basis?). Talk to your customers one on one and discover how they react to your company. Write down what they tell you, record their reactions, and avoid pushing back.