I realize that the only thing that matters is our product. The marketing, operations, system, procedures all doesn’t matter if we have a shitty product. We are in the start-up phase and we are learning but now I want to have a team dedicated to just R&D. That teams only goal is to create a product or services that has “Product market fit”.
Experts have shown that to reach product market fit, we need a score of at least 40%. We ask our beta users “How would you feel if you could no longer use Networkingfx?”
- Very disappointed
- Somewhat disappointed
- Not disappointed.
If 40% or more of our users says they would be very disappointed if they could no longer use Networkingfx then we have done a great job and found product market fit.
I also want us to focus our service on the fundamentals of human psychology that will never change. For example, Amazons 3 pillars are:
- Low price
- Vast Selection
- Fast Shipping
Amazons knows that 15 years from now people are not going to say “ I wish you had higher, pricing, or I wish you delivered more slowly. These are the pillars that will never change.
For our business model, we know that word-of-mouth will be around 15, or even 100 years from now. Therefore our platform should focus on:
1) Trust/ building meaningful relationships within the community
2) The amount of people on the platform (vast selection)
3) Entertainment/ dopamine
Caleb and Bryan, can you track and try to change the product if necessary to create product market fit and reach our goal of 40%?
I’m going to focus on sales and market research. I’ll invite new leads to the platform with our free offer, but I’ll also ask open ended questions such as “ what’s the hardest part about networking on zoom?
“Why was that difficult for you?”
“Have you tried any other solutions”
“What don’t you love about the solutions you have tried”?
“How frequently do you encounter that problem”
Once we combine the data from our beta users and our marketing discovery questions then we will have the perfect opportunity to create a great platform and product that people will really enjoy. I would like to end this memo with a quote from Elon Musk.
“Great companies are built on great products” Elon Musk.