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34 thoughts on “David Rusenko – How To Find Product Market Fit”

  • Very much agree on what David said at 18:10: "Don't listen to people proposed solution. But he didn't say he never talk to customers, listen to their problems and iterate."

    I just want to add to that that it's frustrating to see so many people thinking Apple build their products in the dark and never talk to customers. I found these two Steve Jobs' presentations (https://youtu.be/YM4If6YHN3s & https://youtu.be/6iACK-LNnzM) and just by watching the first 10 mins of them you will find himself saying "talking to customers" more than 3 times.

    What I also find interesting is that David's advice aligns with Jeff Bezos' view on Inventiveness: the company invents ON BEHALF OF the customers because they often don't know what they want it's really the job of a company. (https://youtu.be/J2xGBlT0cqY?t=730)

  • Mr. Linsenbigler says:

    Build a great product, people will come. Weebly is the best and most intuitive website builder on the market. Not perfect, but definitely the most intuitive and easiest to use.

  • After October 2007, his product took off, yet he fails to explain why. Between August 2007 and October 2007 what did he do? That was the most critical part of the video. How on earth could you not mention anything about that?

  • Sandeep Kumar says:

    While the video was good, there are some things I could not understand.

    1. How did they get accepted into YC without a product market fit?

    2. Product market fit is the most important thing so it brings in revenue. Without that how can you recommend a team size of upto 20 when there is no revenue to support their pay unless all are working for equity or founders.

  • I would be interested in how to acquiring customers. This is the ultimate challenge. You can have the best and the worst product but you need customers to develop it into something valuable!

  • Peter Grillet says:

    Really enjoyed this.

    Notes…

    # Startup Phases

    1. Idea
    2. Prototype
    3. Launch
    4. Traction
    5. Monitisation
    6. Growth

    Idea > Traction: Is finding Product Market Fit (Hardest Stage)

    Traction > Growth: Is optimising product market fit

    # Major Challenges

    – Building a product that a lot of people want
    – Building a great team
    – Making money (Distant 3rd)

    # Market Research is not going to help

    – Best companies create their own market
    – You are looking for a hidden need
    – If it's obvious, lots of people will be doing it
    – What job are people hiring you to do? (Read: Jobs to be done)
    – Where are your customers pulling you?
    – You shouldn't be pushing your customers
    – Look for how users are hacking your solution to do something you haven't thought of

    # Building a remarkable product

    1. talk to customers and develop a market thesis
    2. Listen to customer problems, not solutions
    3. Rapid prototyping & user testing
    4. Build solution to problem
    – People don't know what they want, that's why market research isn't ideal. But talking to customers is critical.
    – No great solution was built in vacuum
    – Most important thing is to quickly infront of users
    – Don't worry about making things that will scale
    – Product experience is more important than money
    – No matter how many times you think you will need to iterate, 10x it
    – Keep costs low
    – Build a team that can do this quickly (outsourcing might not be ideal)
    5. Test solution with customers
    1. Make sure you are talking to target customer (be willing to change target customer if it makes business sense)
    2. Don't over think
    3. Run customer Interviews (10 is usually enough)
    4. UX testing sessions (3-5 is okay)
    1. Most important thing you can do
    2. Get people to use app in front of you
    3. Force them to give honest feedback
    4. Ask them to perform a task, without your input
    5. Do not say anything!!!
    5. Metrics (You will never have a large enough sample size)
    6. Did it work? (Data!) if false { return 1 }

    By the time you have cycled through this 27 times, you might have something. No one get's it right the first time. Don't expect to.

    # Launching

    – Aim for: Minimum Remarkable Product
    – Launch when your product when it's better than competitors

    # Prioritising

    – Focus only on the thing that gets you to the next milestone, nothing else
    – Prioritise for learning
    – "What is my biggest unknown, right now?"

    # Achieving product market fit

    – Track
    – Return usage: vital (Days: 1, 3, 30)
    – NPS
    – > 50 is probably Product Market Fit
    – It can get negative
    – Payment Renewal Rate (Not Churn. Churn can be deceptive)

    Less important metrics

    – Signups is not as important as Active Users
    – Conversion Rates aren't super important
    – When you have it, people are fighting to get to your product

    # Beyond Product Market Fit

    ## Key three things

    1. Product must be meaningfully different from competitors
    2. How to acquire customers in a differentiated way that scales
    3. Invent a business model that doesn't kill your business model

    https://brianbalfour.com/essays/hubspot-growth-framework-100m

    ## Scaling the team

    – Don't scale team until Product Market Fit
    – You will need management once you have 27+ people
    – You need to know everything until you get beyond 27 people
    – Once you get Product Market Fit, scale aggressively
    – Build team aggressively but not excessively
    – Delegate, no micromanagement beyond 27 people

    ## Branding

    – Great brands are built around a consumer insight
    – Don't over think this

    – "Your company only fails when you give up"

    @mrgrillet on twitter to fix typos and add points

  • for the producers, please keep the focus on the slides for a bit longer. he had a decent amount of text on his slides and i had to continuously pause (disrupt flow) the video in order to read what he wrote.

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