Always Going North

Notes on customer acquisition, growth, and app marketing

Category: Growth (Page 2 of 2)

Product-market fit survey (Sean Ellis)

It’s a survey designed to determine how well your product is resonating with early users, and assess product/market fit qualitatively. Find it here: https://survey.io/
A sample of 40-50 current users should be enough for conclusive results, but the more users you can get to participate the better.

The core product/market fit question is:

How would you feel if you could no longer use [product name]?

And the possible answers are:

1. Very disappointed
2. Somewhat disappointed
3. Not disappointed (it isn’t really that useful)
4. N/A – I no longer use [product]
Plus and open-ended response that would help you understand why.

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Defining product/market fit

It is impossible for a startup to drive sustainable growth without getting product-market fit first. Lots of startups fail before P/M fit even happens.

Product-market fit is one of the most important Lean Startup concepts. The term was first used by Marc Andreesen in the blog post The only thing that matters. He defines product-market fit as being in a good market with a product that can satisfy that market.

According to Andreesen, product-market fit is not happening when:

– Customers are not getting value out of the product
– Word of mouth is not spreading
– Usage is not growing fast
– Press reviews are kind of dull
– Sales cycle takes too long
– Lots of deals never close

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Frameworks to help you choose the right traction channel

The following frameworks have been designed to help startups to choose the right traction channel to start with.

Brass Framework

David Arnoux of Head of Growth at Growth Tribe
http://growthtribe.io

This framework helps you prioritize which customer acquisition channels you should test first. It is based on two premises:
1)  the answer to the question “What should we try to drive users to our website?” lies within the startup. It is simply a matter of asking the right questions.
2) the more people you get involved in the acquisition channel brainstorming and voting, the better your chances of choosing the right channels to test.

Step 1. Get people together
The more people you get involved in the process of selecting customer acquisition channels, the better. Diversify the types of people (marketing, technical, CEO, analysts)

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Why is important to understand growth in order to understand startups?

Stan Chudnovsky

(Paypal’s VP of global strategy, Facebook’s VP of Growth)
http://essays.nfx.com/

The foundation of growth is the language used to describe the product because language defines the product. A commonly used example is ‘share photos’ vs ‘store photos’. You will build a different product to share photos (like Instagram or Facebook) than the one you’ll build to store photos (something like Dropbox).

The language you use to talk about your product is also important for the team that’s building the product. When you can explain your product simply, chances are your product will end up being simpler to use.

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