The secret to the perfect product market fit

Apr 22, 2021
The Weekly with Fred Schebesta #20: The secret to the perfect product market fit
 
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When the 4 founders of DoorDash first came up with the food delivery app, they were solving one customer problem.

They started going around to restaurants and small businesses and interviewing them. They were asking what was their biggest problem. It was one macaroon store manager who showed them her problem of filling delivery orders. She pulled out a big paper booklet of orders and had no delivery drivers to fill them.

They found a product-market fit – the market that you’re targeting for the product you’re building. This business idea, now worth US$16 billion in 2020, came from discovery.

This is the secret to finding your perfect product-market fit and growing your business. Talk to your customers and discover the key insights and focus on these.

Canva interviewed their first 100 customers. In the same way, I was literally answering the live chats on our website. I was asking our customers questions and learning about their problems.

I shared more tips on this topic with Michael Liedtke, Founder and Director of Photo Anywhere, on the latest episode of Ticker Ventures. This is a cool app for ordering photos of anywhere in the world and part of Freelancer.com.

Click here to watch the episode.

 

⚡️ CRYPTO UPDATE ⚡️

Today, bitcoin was trading at US$51,000, dipping to US$49,000.

Dogecoin is plummeting. It’s dropped half its value in the last 2 days.

BEWARE: SafeMoon is a new ponzi scheme. It’s been crashing, stay away.

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Here's a 30-second update video on LinkedIn.

 

⚡️ INSTA INSPO ⚡️

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The best bits of my chat with Tony Skinner Podcast My Business on new opportunities, adaption, and how businesses are going through change as a new normal.

Change is super hard. There’s a culture inside businesses that need to be ok with change. There’s saying no to things, to find room to seek out new opportunities. And to take risks when you don’t know the outcome.

But the key thing is to be persistent. Don’t give up. Keep going. You will find a way to make it work and come through the other side stronger. 💪

If your business can take on a pandemic it can take on anything!

Link to the full episode here.

 

PS…

Go Live with Fred Schebesta: How to develop your business idea 🚀

If you’re keen to learn my process for launching incredible business ideas and find your success, check it out here.

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