Growth & Branding
What is PMF, really? - 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 is called finding product/market fit.
The marketplace algorithms work to excessively rewarding a few products. Hence, revenue follows the power law, which is why we see a lot of brands with a handful of products contributing to more than 80% of their overall topline. Consequently, these brands are built on the back of these winning products. Case in point, Apple Cider Vinegar Shampoo of Wow Skin Science.
The core principle here is to deliberately not serve all users: it is better to make a product that a small number of people love, rather than a product that a large number of people somewhat like.
1. Set up your survey to ask your users "How would you feel if you could no longer use goodness.me?"
2. Segment your audience to find supporters and paint a picture of high-expectation customers
3. Analyze feedback to convert on-the-fence users into fanatics
4. Roadmap your improvements by doubling down on what users love and addressing what holds others back
5. Track product/market fit over time as your North Star Metric
"My baby's skin is super sensitive!"
HXC - Mothers of infants with extra sensitive skin. They are looking for products that have taken extra steps to ensure that they don't lead to an allergic reaction.
When you can understand and articulate your customers' goals and struggles and anxieties in simple, precise language, your developers and product teams will not have to guess what to build.
As an unknown startup, it’s hard enough to even get people to read or click on your ads,let alone rewrite their beliefs or change habits.
We have identified a 3-step approach to aggressively innovate on product, establish fit with the market and drive growth. We think of this as a continuous loop of activity with dedicated pods allocated to each function. Technology and data will be a cross-cutting area of investment that will drive revenues, customer engagement, and brand recognition across the board. We estimate that tech & data infrastructure will become a priority once our products start gaining traction in the market and delivering results.