Stanford Webinar: If I build it, will they come? Understanding Product-Market Fit

So your company has a product idea. How do you know if this product is worth building? Will there be a demand for it?

Enter: product-market fit. Put simply, product-market fit means that there are enough people out there who will buy what your company sells so that you can make a profit. Assessing product-market fit is critical to the survival of your business and cannot be overcome by great marketing or flashy sales teams (though these things are great, too).

In this webinar, you will learn how to evaluate product-market fit and how to avoid common mistakes in this evaluation process.

#productmarketfit

Chapters:
0:00 Intro
0:53 Objectives
01:38 How does one define a product
02:14 If it's not broke let's not fix it
08:20 Market Fit
12:33 Product performance
21:16 Why do they fail
23:46 Types of Opportunities
24:26 Technology driven ideas
25:36 does it solve an existing customer problem
26:59 Is there an articulated customer need
27:52 Why do you need to turn the idea into a company
28:09 Opportunity driven ideas
29:38 Can a product actually live in multiple of these buckets
30:55 Talk to the customers
31:12 Customer experience
34:07 Key questions to ask
37:25 Key takeaways
38:38 How do we properly conduct client interviews to help define our product market
40:44 do you think jibo would have been successful in japan given the use of robotics
45:29 Product market fit
53:50 How do you avoid overestimating your market due to confirmation bias

[breaktherules]

Excellent ideas! THANK YOU so much for sharing! Thank you for being authentic and sincere!

[bloori]

This really opened my eyes to different opportunities. At first, I thought a product-market fit was just something we talked about when trying to create something that nobody really needed, so it didn't seem worth the effort. But then, when she talked about the different types of opportunities, especially tech-driven ideas, I realized how useful the whole product-market fit thing can be.

[rembautimes]

Thanks Prof Lynda, do understand that good content is an investment. It is a good intro lessons, hopefully one day will make the investment to get the full benefit.

[riazahmed]

This is super useful for startups. Clarifies everything about the product-market fit and I'm going to use the learnings from this session to help companies at our business incubator, understand more about finding the product-market fit. Thanks a lot for sharing this!

[dudefromsa]

Thanks a lot - found this to be very practical and relevant. Great examples to learn from

[prateekdevashetti]

Just watching this rn, SVB not really the best PMF :)

[olafundzriche]

I really appreciate all your efforts for the 1BTC you sent into my wallet you really amaze me sir!!!