How to Find Product-Market-Fit as Fast as Possible (CEO Explains)

Рет қаралды 31,278

11 ай бұрын

Finding Product-Market-Fit is one of the most important parts of building your business... BUT, it's also extremely unclear as to what it actually is. In this video, my goal is to teach you what Product-Market-Fit is and how I was able to reach it for my startup, Stan.
This is the exact process that I used to get my Startup from 1 user to over 8,000. Though it's a fairly abstract concept, once you break it down it's quite simple, so make sure to watch the full video!
Specifically, I cover:
- What is Product-Market-Fit?
- What Product-Market-Fit Doesn't Feel Like
- What Product-Market-Fit DOES Feel Like
- The system that allows you to find Product-Market-Fit
- How to Quantify if you have Product-Market-Fit
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If you want to build your business on social media, check out my company, Stan:
stan.store/
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Connect with me on LinkedIn: / johnghu
DM on Instagram: / jayhoovy

Пікірлер: 116

@Dr_Angelcee 7 ай бұрын

I have been a teacher for seven years. I worked for the federal government of my country as a teacher and I, now, often teach the english language to kids and teenagers and adults here in Russia. But, I must say, you are a very great educator! The way you perfectly fit the 'pizza story' into the whole market fit narrative is overwhelmingly wholesome!!. You are exactly the right kind of guy to make a platform like stan. TBH I am learning a lot from you.

@jzk2020 6 ай бұрын

Ok calm down, Stan. Keep your pants on.

@mattappleseed007 11 ай бұрын

These videos keep on getting more and more creative

@jayhoovy 11 ай бұрын

here to entertain sir - hope you enjoyed!

@photon2724 10 ай бұрын

I thought the whole pizza thing is gonna be a gimick but omg I couldn't be any more wrong! This was a fantastic video that actually demonstrates Product-market -Fit!

@jayhoovy 10 ай бұрын

Hahahah it was me desperately trying to make a nerdy biz topic more fun

@SuperKillaki 11 ай бұрын

Great video! The best analogy I’ve heard is imagine you’re playing darts and bullseye is PMF. You have 18 months to hit bullseye. The best startups configure themselves to throw as many darts as possible, each one getting closer than the last. The worst startups spend too long trying to create the perfect dart and only throw a few before they die. Speed to iteration is the number 1 thing you should optimise for pre PMF. From a product perspective try to focus on two metrics: Activation & Retention. A lot of start-ups skip the former but it’s arguably the most important of the two initially… there is no party if people leave after 5mins. So get obsessive about learning what your Activation metric is and when you crack it configure the whole on-boarding experience toward it. I’m yolo moving from London to the US (state TBD) and looking for my next Chief of Staff / Strategy / Product role at an early stage startup I believe in. HMU in the comments if you know of any opportunities. LinkedIn sucks. 🙏🏽

@SuperKillaki 11 ай бұрын

@@nonefvnfvnjnjnjevjenjvonej3384 when your user gets or builds their first meaningful bit of value from your product. E.g. for KZbin when you watched your first interesting video… it made you come back for more.

@user-bv3zt1gk6t 9 ай бұрын

can you drop your social handle?

@tenzin8131 10 ай бұрын

this was blissful. This is the content that makes me watch youtube.

@jayhoovy 10 ай бұрын

Awww thank you so much Tenzin ❤️ What a sweet comment - I really appreciate it!

@2ScoopsPlease 8 ай бұрын

Thanks for the amazing content and making it fun and simple to understand

@sioncamara7 27 күн бұрын

Y combinator defines it fairly well (in the context of a startup) as achieving a virality coefficient of 1.1, meaning on average for each user you get they will tell 1.1 other people who will actually use it. Obviously, the numbers don't make much sense if not thought about in averages. If your able to achieve this, then your users will grow exponentially over time. Y combinator has videos on the relevant KPI's (key performance metrics) to keep track of in order to know if you have hit product market fit.

@josephk87171 11 ай бұрын

You definitely needed to roll out that dough thinner. Also, appreciate the breakdown, Rahul's presentation is great, and he builds on the work of Sean Ellis, if you want to get more advanced it's great to be able to layer in user behaviour where you see the retention curve and customer value. It's worth adding that hard data to the survey results so you can validate the survey results with their actions.

@jayhoovy 10 ай бұрын

Hahahaha next pizza video will be better 🤦🏻 👨🏻‍🍳

@BLESSINGMARIEE 4 ай бұрын

I've been really loving your videos - thanks for documenting your journey

@jayhoovy 4 ай бұрын

D'aww - thank you so much for the kind words Marie! The hope is that you take all of my learnings from my journey, and they make you even more successful in yours!

@lucv5573 2 ай бұрын

Digging the pizza-product fit while you explain product-market fit. Entertaining and educational.

@AnnaSabinoCoaching 11 ай бұрын

Great video, John! The fit is not easy to achieve but once we hit it, it feels so seamless...

@jayhoovy 11 ай бұрын

So true Anna! Thanks for the kind words as always - your comments and support make my day!

@RhedgeBallesteros 2 ай бұрын

Wholesome! Can't wait for Stan to get to that >40%

@annabelletang2318 10 ай бұрын

This video is so fun! Best PMF tutorial online that also teaches us how to make pizza. Will Stan branch out into the pizza business next?

@WalkerJones 11 ай бұрын

What an amazing skill you have. Not only can you make a perfect video describing exactly what I was looking for but you're making a pizza while doing it. When you IPO i'll invest.

@jayhoovy 11 ай бұрын

HA - my pizzamaking skills are still very subpar, but I appreciate your support Walker!

@carlosriquelmea 10 ай бұрын

@@jayhoovyI was thinking something like that... Good idea for content

@fabiojonathanarifin1 9 ай бұрын

literally took my pen and notebook for this.

@cashyong8903 10 ай бұрын

Love the video! May I understand how often we should conduct these surveys too? Especially when it's sent back to the ones who have filled it up before. Thank you!

@timiade8804 3 ай бұрын

You are brilliant, don't give up!

@harshsikka 11 ай бұрын

This was great! I've been using the Superhuman Engine for PMF too, pretty powerful framework. Dude your channel is great, I've really been enjoying hearing your challenges and learnings.

@jayhoovy 11 ай бұрын

Appreciate the kind words Harsh! Any specific learnings or challenges you'd want me to cover? Hoping it helps in your own entrepreneurial journey!

@harshsikka 11 ай бұрын

@@jayhoovy My friend, more of a meta-challenge/learning: how do you navigate stress and burnout as a founder? I recall in your board meeting with Forerunner in one of your recent vlogs that you mentioned you were feeling burnt out. Wondering if you have any tips/tricks/frameworks to ease burnout while on this crazy journey.

@akira3132 11 ай бұрын

Hey Jay, content is amazing as always. I’ve got a question, could you make a video on how you got your business up and running. Especially from the start of your idea to then hiring people as you go. Cause I have the problem where I feel like I need to know everything but end up not sticking with learning one thing extremely well.

@jayhoovy 11 ай бұрын

Ahhh - so like a "Everything You Need to Know to Start Your Own Business" kind of video? Or let me know what exactly you mean and I'll make it! Also - thanks for the kind words Akira!

@akira3132 11 ай бұрын

@@jayhoovy Yeah for sure! Anyways pretty much me and probably other aspring entrepreneurs have an idea but don't know what steps to take to really get the ball moving. How do we hire quality talent, develop a MVP, find co-founders that we can bond with, etc. Any experiences you had when you had when Stan was a business idea and how it grew would be hugely beneficial to people like me who don't know how to get the business "snowball" to move. Thanks!!

@user-pd2dd4ho7b 2 ай бұрын

genius. I'm only commenting so I can get more of your video on my feed haha

@avivshvitzky2459 9 ай бұрын

Thanks for another great video. Can you say how often did you iterated? It seems like keep reaching out to your users might irritate some. Also, how early have you started doing this?

@matthewymi082 11 ай бұрын

Great Video! I’m curious if you’d be open to talking about how you get paid as a founder before hitting profitability? It’d be interesting to hear the dynamics of how you determine a salary while balancing other aspects of the businesses needs.

@jayhoovy 11 ай бұрын

I just paid myself a living wage of $70k! But as the company gets more successful I plan to pay myself a bit more - I personally am super happy living with pretty little - I'm lucky to have a roof to sleep under + food on the table - and other than that + loved ones, I'm content. :) I'd say general rule - pay yourself at minimum enough to not have stress deteriorate your actual ability to work on the startup! From there, kind of up to you!

@timiade8804 9 ай бұрын

This is brilliant

@Charles-lp3gj 11 ай бұрын

Doing an amazing job. Keep it up.

@jayhoovy 11 ай бұрын

You're part of the reason I'm keeping going Charles! Thanks so much for the kind words!

@zaidkaleem 11 ай бұрын

Idk how I found your channel but I’m really glad I did! I’m in the early stages of forming a startup and was thinking about documenting the journey as well. Btw, curious to know how you built the MVP version of the product without a technical cofounder and which features were part of it?

@jayhoovy 11 ай бұрын

I was a CS undegrad so I have very mediocre coding skills - but you can easily find a cheaper agency on a site like Upwork to build an MVP for ya!

@aqil199 10 ай бұрын

It is reaaally good video

@ogollaogolla7 8 ай бұрын

I am also building a startup and I think we should document the process as well.

@jzk2020 6 ай бұрын

@@jayhoovyyou recommend an agency over a freelancer? Why

@akbarfjr1349 11 ай бұрын

love the video! , keep it up Jay!

@jayhoovy 10 ай бұрын

Appreciate the kind words Akbar! Cheers!

@boburrajabov5797 2 ай бұрын

... the moral of the story: making ton of pizzas! 🍕 Dope ending))

@victorvo4734 10 ай бұрын

What camera are you shooting on ? Looks great!

@PedroRicardo_ 10 ай бұрын

Best explanation of PMF ive seen

@jayhoovy 10 ай бұрын

@PedroRicardo_ 10 ай бұрын

@@jayhoovy for sure! you made it really easy to digest by quantifying it. Although one needs to be really careful about these results… if you send this survey to the wrong user segment you are f* Quick question… why was your first reaction to the results to double down on the features wanted by the 10%? After seeing the results my brain 🧠 immediately asked how can I make the 40% move to those 10%. Just wondering about the thought process 💭

@srevinod 5 ай бұрын

Hey Jay, great video explanation of how to iterate on customer feedback to get closer to PMF. What tools do you use to run this survey among your users? Did you incentivize your users to complete this survey? If yes, how?

@jayhoovy 5 ай бұрын

don't need anything more than a typeform/google forms! and ideally you should have strong enough customer connection that they'll willingly fill out - but yes, can always incentivize

@lifeofluba 11 ай бұрын

awesome video! also the first iteration of the pizza looked pretty dope! which pizza oven is it?

@jayhoovy 11 ай бұрын

Thanks Luba! Hope ur recovering from VidCon. It’s an Ooni!

@youaremadbrother 11 ай бұрын

Watching the video I would've guessed that you had at least a million subs. Great work man you deserve more attention

@jayhoovy 11 ай бұрын

We're on our way there! Thank you for being along for the journey!

@MatthewHuo 11 ай бұрын

Great vid! How did you get a significant number of survey responses? Sometimes I feel like that can be the hardest part.

@jayhoovy 10 ай бұрын

Definitely tough if you’re early and don’t have much customer traction - you can incentivize in that case with a gift card / some other sort of more personalized value!

@OluwaseyiFakoya 11 ай бұрын

Great advice Jay. Pls where can I get the Superhuman Engine for PMF.

@jayhoovy 11 ай бұрын

This is the full article you can reference! review.firstround.com/how-superhuman-built-an-engine-to-find-product-market-fit

@TYinNYC 6 ай бұрын

I love your vids!! How long did it take you to develop your MVP (I assume it was by yourself)?

@jayhoovy 6 ай бұрын

1 month! Unless you're building something super deeply technical, try to hold yourself to shipping as soon as possible!

@TYinNYC 6 ай бұрын

@@jayhoovy Holy!! Thats crazy. Thank you!

@maryslifestyletv 10 ай бұрын

Hi Jay! Good to find you again after you left me a comment on my page you’re inspirational.

@jayhoovy 10 ай бұрын

Glad to hear Mary! Cheers!!

@Robert_Ali23 10 ай бұрын

Man I literally followed your videos first … then got stan… and then only realised it’s yours 😂

@jayhoovy 10 ай бұрын

HAHAHA love to hear it Robert! Please reach out anytime we can be helpful - and welcome to the #StanFam!

@robzzz8046 11 ай бұрын

You gonna be big soon leaving this so its known I saw you early

@jayhoovy 11 ай бұрын

Let’s both come back to this when I get big one day! Cheers and thanks for being an early supporter!

@crsmth 11 ай бұрын

Do you have a newsletter / blog where you write about your learnings? This was a great breakdown of PMF!

@jayhoovy 11 ай бұрын

Yes I do! I’m about to pub a new one Monday: thecreatorentrepreneur.substack.com

@crsmth 11 ай бұрын

@@jayhoovy Subbed. Good luck growing your channels!

@aqil199 10 ай бұрын

It is reaaly good video 🎉🎉🎉

@ABC112010 6 ай бұрын

How long into the startup journey should one get to test for product market fit

@ajalanbrown2200 8 ай бұрын

i'm actually doing this now for an app im building.

@layvond 9 ай бұрын

Felt like I've just watched Kill Bill 2's final scene where Bill was preparing sandwich for his daughter, while giving some kind of lecture. Lol

@chinweihan827 11 ай бұрын

Can you make a video on how to pitch to investors

@jayhoovy 11 ай бұрын

Yes! Have one of these planned :) make sure to subscribe so you don’t miss out!!

@johndphiri997 12 күн бұрын

Right

@watchen 11 ай бұрын

Hey, cool video! How many people have to fill out the survey to take accurate insights?

@jayhoovy 11 ай бұрын

I would try to get at least 30 responses to make sure you have meaningful enough data!

@minecraftalix6286 6 ай бұрын

1:07 target market, my product/ 2:59 how to find a product market fit, once you have a target market, and product

@SoyJuanLuis 11 ай бұрын

I like your content. 🤝🤝

@jayhoovy 11 ай бұрын

I like you Juan! 🤝

@user-ss6kg9nl7j 4 ай бұрын

simple metaphors prove your genius

@srisaisushangumadavalli4049 11 ай бұрын

Banger vid

@jayhoovy 11 ай бұрын

Banger sub - thank you sir

@srisaisushangumadavalli4049 11 ай бұрын

@@jayhoovy i aspire to be you some day

@user-ze6wu3mk5b 11 ай бұрын

Hi Jay, I have one question w.r.t. asking users of how do they feel if they stop using our product. Can we ask this question (i.e. would the answers would be valid) to clients to whom we recently pitched our product to?

@jayhoovy 11 ай бұрын

Yes! But it will be less effective and true signal vs someone actually using it!

@tnitin1025 10 ай бұрын

@@jayhoovy after pitching the product people praise it a lot but are not forward to using it, then in this case the existing users are low too then how to check for PMF

@user-ze6wu3mk5b 10 ай бұрын

@@jayhoovy I want to check if PMF is the reason of why users are coming in board

@kozmik4848 11 ай бұрын

How did you get the lighting so nice?

@jayhoovy 11 ай бұрын

the sun :3

@jwoo3214 10 ай бұрын

How did you get the demographics of the customers? Were your customers selected ( people you knew ) or random? Because I don't see how you can get information about their demographics unless you make them fill out another survey or put personal information into your app.

@jayhoovy 10 ай бұрын

We just asked them those questions in the survey they filled out!