Product Market Fit (PMF)
Can your offering meet the needs of a widespread set of customers?
A value hypothesis is an attempt to articulate the key assumption that underlies why a customer is likely to use your product. Identifying a compelling value hypothesis is what I call finding product/market fit. A value hypothesis identifies the features you need to build the audience that’s likely to care, and the associated business model required to entice a customer to buy your product.
Startups often go through many iterations before they find product/market fit (if they ever do fin it).
‘When a great team meets a lousy market, the market wins. When a lousy team meets a great market, the market wins. When a great team meets a great market, something special happens.’
‘If you address a market that really wants your product — if the dogs are eating the dog food — then you can screw up almost everything in the company and you will succeed. Conversely, if you’re really good at execution but the dogs don’t want to eat the dog food, you have no chance of winning.’ ~ Andy Rachleff
Start with a set of hypotheses to be tested with customers.
NOTE: video starts & stops at pre-assigned times
Customer Acquisition (9:00)
Once you achieve product/market fit, you then need to acquire customers.