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Finding Product Market Fit as a Service Business... with Garrett Miller
Manage episode 434146697 series 3543566
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Summary
In this episode, Jeffro and Garrett Miller discuss the importance of product market fit for service-based companies. They break down the elements that should be considered, such as audience, problem, offering, vehicle, revenue model, client acquisition, and sales. Garrett shares his personal experience of not having product market fit and the importance of feedback and vulnerability in the process. They also explore the differences in product market fit for B2B and B2C companies, and the warning signs that indicate a need to re-evaluate product market fit. The episode concludes with a call to action to lock in product market fit.
Takeaways
- Product market fit is crucial for service-based companies, not just startups or companies with new products.
- The seven core pieces of product market fit include audience, problem, offering, vehicle, revenue model, client acquisition, and sales.
- Feedback and vulnerability are essential in the process of finding product market fit.
- B2B companies focus on wealth as a key factor in product market fit, while B2C companies may focus on health or relationships.
- Warning signs that indicate a need to re-evaluate product market fit include slowing sales velocity and the need to constantly change the offering.
- Maintaining product market fit requires staying on the pulse of your audience and continuously adjusting and improving your offering.
Links
Garrett's Skool Community:
https://www.skool.com/delta-lead-3739/about
Garrett's LinkedIn: https://www.linkedin.com/in/garrett-miller-delta-lead/
Garrett's YouTube: https://www.youtube.com/channel/UCUCGs0c6Ynx1jdu0EJ9JfXA
Chapters
00:00 Introduction to Product Market Fit
00:30 The Importance of Product Market Fit for Service-Based Companies
01:29 Elements to Consider for Product Market Fit
04:35 Simplifying Product Market Fit
05:25 Learning from Personal Experience
07:21 The Importance of Feedback and Vulnerability
08:32 Product Market Fit for B2B Companies
10:09 Creating a Solid Offer for B2B Companies
11:02 Factors to Consider for B2B Product Market Fit
13:28 Warning Signs for Re-evaluating Product Market Fit
16:19 Adjusting the Offering or Target Market
22:56 Final Thoughts and Call to Action
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