A Quote by Michael Seibel
My definition of product-market fit is you are drowning in demand - your product is being used by so many customers that you cannot handle all the new people knocking at your door!
Related Quotes
Customers are a great way to finance a business for many reasons. First, customer financing is typically non dilutive. They want something from you other than equity in your business. Customers also help you fit your product to the market. And customers will help debug and improve the quality of the product.
Creating demand is hard. Filling demand is easier. Don't create a product, then seek someone to sell it to. Find a market - define your customers - then find or develop a product for them.
Not being in tune with your customers is like living in an alternate reality; the way you think your customers feel about your product is not always the same as what your customers really think about your product.
Traditional sales and marketing involves increasing market shares, which means selling as much of your product as you can to as many customers as possible. One-to-one marketing involves driving for a share of customer, which means ensuring that each individual customer who buys your product buys more product, buys only your brand, and is happy using your product instead of another to solve his problem. The true, current value of any one customer is a function of the customer's future purchases, across all the product lines, brands, and services offered by you.
Before product/market fit, your only job that matters is to build a great product.
I don't understand how you can have product-market fit and not a lot of people wanting your product. The two go hand-in-hand.
Cigarette companies market heavily to young people. They need young customers because their product kills the older ones. It is the only product that, if used as intended, kills the consumer.
A new DAO is like a startup. It requires a product/market fit, business model realization, and a lot of users/customers.
How your customers learn about your product is part of your product. The medium is the message.
you're a product just as much. a product of a product. the people who design cars, they're products, your teachers, products. the minister in your church, another product.
The bottom line is a by-product of taking care of your main product - your customers.
Focus on your product. A lot of people focus on the name of their brand or the legal aspects, but it's more important to create your product. It's why people join. It's your vision. Without your product, nothing is going to happen.
80% of all products and services that will be on the market in five years do not exist today. So therefore, always be innovative, always be creative, always think, 'What new products or services could I create, could I represent, could I joint venture?" Sometimes you can find someone else that has a fabulous product or service that you can use your existing business or resources to sell and you can double your income or sales in your business by selling somebody else's product to the same customers that are buying yours.
Never expect that your startup can cover every aspect of the market. The key is knowing what segment will respond to your unique offering. Who your product appeals to is just as important as the product itself.
Get your product in front of actual, living, breathing strangers. Your college roommate's approval does not mean there's market demand.
I've always believed that the best way you combat intellectual property theft is making a product available that is well priced, well timed to market, whether it's a movie product, TV product, music product, even theme-park product.
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