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Product Market Fit Framework (Create A Product People Will ACTUALLY Buy) — Transcript

by TK Kader · 2,912 words · 577 segments · language en · Watch on YouTube

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0:00If you're building a
0:00product and you are pursuing
0:01product market fit, there's one
0:03huge problem.
0:03It is easier than ever to build software.
0:07However, at the same time,
0:08the overwhelming
0:09majority of software being built
0:10today is never going to earn a dollar.
0:13Why?
0:14Well, building
0:15the software was never,
0:16ever the hard part.
0:17The hardest part was figuring out
0:19what people actually need
0:21and are willing to actually pay for.
0:23In today's world,
0:24as you are honing in on your idea,
0:26as you're building your software product,
0:28whether it's SaaS or AI,
0:29how do you make sure
0:31that you don't waste months building
0:33something that not enough
0:34people are going to pay for?
0:35In this episode,
0:36I'm going to break down
0:37the three laws of product market fit.
0:40These are the laws
0:41that I learned the hard way
0:42when I took my companies
0:44to product market fit,
0:45and I've taught
0:45nearly 1000 founders
0:47on following these laws.
0:49When you understand these laws,
0:51you will never look at product
0:53market fit and building products
0:54the same way again.
0:55But more importantly,
0:56when you implement these laws,
0:58going to be able to accelerate your path
0:59product, market fit and initial revenues.
1:02Intro.
1:10What's everybody?
1:11Welcome to my channel.
1:12I'm T.K.,
1:13the managing director here at TK capital.
1:15I operate
1:15a portfolio of advisory
1:17education and software companies.
1:19So if you're new to this channel,
1:20welcome.
1:21I drop an episode every single Sunday
1:23with actionable strategies
1:24and tactics on what's working.
1:26As we're scaling our own companies,
1:28and I share everything that I'm learning.
1:29So if you're new to this channel,
1:31be sure to hit the subscribe button
1:32and I bell icon
1:33that you'll get notified
1:34every single time I drop an episode
1:36with the TK energy.
1:37you're already part of this community,
1:38my people, welcome back!
1:39It's really awesome to see over
1:41For my first SaaS company,
1:42which no one has ever heard of.
1:43I spent months,
1:45nights, and weekends
1:46right after I came home from my day
1:47job building it out.
1:48When I launched it,
1:50It led to total crickets.
1:51No one actually wanted
1:52what I was building.
1:53I went back to building again,
1:54thinking, well, I think I can fix this,
1:56I just need to add some more features.
1:57And I fell into one more feature trap
1:59and I launched it again and again.
2:00No one wanted
2:01My second SaaS company,
2:02I built it over a weekend
2:04and it started generating
2:05revenues on week number one.
2:07I then went on to scale that company.
2:09We pioneered the sales
2:10engagement category.
2:11My company was called Tout
2:13We were backed by the likes of Andrews
2:14and Horowitz,
2:15Jackson Square Ventures,
2:16founder Collective,
2:17and we amassed 100,000
2:19salespeople on the platform
2:20and then sold the company to a market
2:21leader called Marketo.
2:22Since then, I have coached
2:24a thousand founders, on this actual
2:26three laws of product market fit.
2:28And in this episode, I'm going to explain
2:30to you exactly what those three laws are.
2:32And once you see these three laws,
2:33you're not going to be able
2:34to look product market fit and building
2:36product the same way ever again.
2:37So you're excited
2:38going to smash that like button
2:39for the YouTube algorithm.
2:40And let's dig
2:40right into So law number one
2:43in the three laws of product market fit,
2:45the first thing that you really want to
2:47double down on is the who.
2:50happened to baby TK
2:51when I was working on that idea.
2:52Nights and weekends
2:53I used to wake up around 6 a.m.
2:55I used to work to like about 830.
2:57Then I used to drive to my day job.
2:58I come back from my day job.
3:00I would quickly eat dinner
3:01and then get back to work and work
3:02till about 11 p.m..
3:03I truly worked on
3:04building a really great product,
3:05but no one really wanted
3:07The fundamental problem
3:08that existed with the way
3:09I approach it
3:10versus the way I approach it now, the law
3:12that I didn't understand
3:13about product market
3:14is it's not about my idea.
3:15It's not about what I want.
3:17It's about who I'm targeting.
3:19So you really want to get specific
3:21on the exact group of people
3:23that you are building the product for?
3:25Instead of just saying, oh, it's
3:26people like me
3:27or some broad group of people
3:29that you are thinking about now.
3:30There lots of different ways
3:31you can do this.
3:32I like to think of it
3:33as an ideal customer profile.
3:35You want to get specific
3:36in terms of title, company, size.
3:39Geography, trigger moments.
3:41There's lots of different ways
3:42you can narrow this down,
3:44but you want to get really specific
3:45about exactly who you are
3:47solving this problem for and who
3:48this product is going to be for.
3:50This ties into law number two,
3:52you want to make sure that
3:54whoever it is that this group of people
3:56that you're targeting,
3:56that you're
3:57building this solution
3:58for this product,
3:59for this idea that you have,
4:01this thing that you're building,
4:02you can connect it to an urgent
4:05and important
4:08problem.
4:09This is the piece a lot of us skip.
4:11We choose
4:12this is for this group of people.
4:14And then this is the solution
4:15that we offer.
4:16But we don't try it directly to
4:18what is the urgent and important problem
4:20that we're really solving.
4:21And this is important
4:23because there's one thing to say
4:24that they have this problem,
4:26but it's another thing
4:27to say that it's important.
4:28And so you really want to classify
4:32exactly the level of problem
4:34that you're solving
4:35and whether it is truly urgent
4:37and important, urgent meaning
4:39they need to solve it now.
4:40An important meaning
4:41if they don't solve it now,
4:43something
4:43terrible is going to happen
4:44in their lives,
4:45in this case, their business.
4:47most of the times
4:48when founders are building,
4:49building, building
4:50and not getting anyone
4:51to buy their product
4:52beyond maybe a friend
4:53who did you a favor
4:55because they didn't want to say no,
4:56or even their own friends and family
4:58aren't buying.
4:58It's either
4:59that they are not clear
5:01who they're targeting,
5:02they're just going after people
5:03they know,
5:03and it's a wide group of people.
5:05Or more importantly,
5:06they may be going
5:07after a specific group of people,
5:08the Who.
5:09But the problem that they are
5:12solving is either not urgent,
5:14not important,
5:14or not
5:15clearly communicated to the people
5:17that the founder is talking to.
5:19Now, before I go into the third
5:20law that brings this together.
5:22Let me pause here for a second.
5:23I want to make sure that you understand
5:26this piece.
5:26It is easier than ever to build software.
5:29But truly, if you are an engineer,
5:31you know
5:31that building software was always easy.
5:33If you are not a technical founder,
5:35then I get it.
5:36You look at building software
5:37and you say,
5:38oh my God, it's
5:38such a difficult thing to do.
5:39You have to get a degree.
5:40But now you're vibe coding software
5:42it is approaching, which is true.
5:44But at the same time,
5:45I just want to say
5:46that relative to these things is way
5:49easier, whether it's building a feature
5:51or adding a feature,
5:52whether you're using
5:53AI to do it, or your hand
5:54coding relative
5:56to doing the sales and marketing work,
5:57to actually get people
5:58pay attention to you
5:59so that they buy from you is way harder.
6:02That is the key thing
6:03that I really want to drill into Also,
6:04if you're in this stage
6:05where you're honing in on your idea,
6:06you're building the
6:07and you're struggling
6:09to get to product market fit
6:10and you're struggling to figure out,
6:11like who I really frame this for,
6:13what is an urgent, important problem?
6:15do I actually get people to pay
6:16attention to me?
6:17This is why I created my
6:19AI and SaaS launch program.
6:21Inside of this program,
6:23I teach you how to actually implement
6:26these laws of product market fit.
6:27I give you this step by step instructions
6:29and also my coaching.
6:30You don't have to go anywhere right now.
6:31I want to cover law number three.
6:33And I'll tell you more about it,
6:35at the end of this episode,
6:36and I'll also link to it
6:38in the description below.
6:39Law number three
6:40this is probably the thing that
6:42people build for months
6:44and then realize eight months,
6:4612 months, 16
6:47months into building
6:48and hadn't thought about it
6:49and they could have thought about it
6:51way earlier.
6:52The short code that I have is
6:54it needs to be ten x plus money.
6:57And let's break this down.
6:59What does that mean?
7:00The ten x is your product
7:03that you are building
7:04that solves this very specific, urgent
7:08and important problem for this
7:09very specific group of people has to be
7:12ten times better than the status quo.
7:17The status quo.
7:18Like the reality is
7:19these people are
7:20waking up in the morning,
7:21going to sleep at night,
7:23and they are not dying.
7:24Which means
7:25that even though they have this urgent
7:26and important problem,
7:28something is solving it
7:30to a certain extent.
7:32And whatever that something is,
7:34that status quo,
7:35that is the thing
7:36that's going to keep going
7:37It could be an Excel spreadsheet,
7:38it could be an existing
7:39software platform, it could be nothing.
7:42to they're going to be okay.
7:43Your solution that you are building
7:46for this specific,
7:47urgent and important problem
7:49for this specific group of people
7:50has to be ten times better.
7:51Why does it have to be ten times better?
7:53Because if they already have something,
7:55then that means that in order
7:57to change their minds,
7:58to stop doing that thing
7:59and use your thing instead,
8:00it has to be ten times better.
8:02And because you are building a business,
8:04not just a hobby project,
8:06they have to be willing to pay for it.
8:09So we refer to this
8:11as do they have budget?
8:13if you are going after a group of people
8:15that has this problem,
8:17but they have no money,
8:18they have no budget,
8:20and therefore you will violate
8:21the third law of product market fit.
8:23Or if you're going
8:24after a group of people
8:25and they have budget,
8:26but the status quo is just okay,
8:30it's fine.
8:30It's not as good as yours, but it's good.
8:33They're not going to die.
8:33They're like,
8:34look, we're to have this thing.
8:35The problem is kind of solved for
8:37we really don't want to pay you money
8:39and deal
8:39with all the work
8:40involved to make to switch it over,
8:42because y yours is not ten times better.
8:45the key
8:46to product market fit is making it
8:48where once they look at your product
8:50they're like,
8:50oh my God,
8:51this is ten times better
8:52at solving this urgent
8:53and important problem for us.
8:54This is terrible.
8:56And therefore we will pay you money
8:58to move over to this ten x solution.
9:00And that's the third law
9:02and that's what brings it together.
9:03the biggest thing
9:04that people make a mistake around
9:06is they kind of choose a who.
9:08They skip
9:09the urgent, important problem
9:10and they start building the product.
9:13And after
9:14six months,
9:1512 months,
9:1518 months of building the product,
9:18they finally go
9:19start to sell it and market
9:21it and launch it, only to realize
9:23whatever they built
9:24is not ten times better.
9:25And these people don't have budget
9:27and they're not willing
9:28to leave their status quo.
9:29Which is why the biggest thing
9:31this is the bonus one that I have.
9:33is while you are building,
9:35whether you're coding in
9:36or you have a technical founder,
9:38or you are
9:39hiring a dev shop to build it out,
9:41you want to make sure
9:42that you're not
9:42waiting for the product to be done.
9:44You're not
9:45waiting for the product to be ready.
9:47You're not waiting to
9:48have all the features.
9:50You want to make sure
9:51that you want to get into 100
9:54customer conversations.
9:55you could manually email 100 people.
9:59You could post, you could run ads.
10:01There's all kinds of things you can do,
10:03but what you want to make
10:04sure is
10:05you have 100 customer conversations.
10:09While you are specifying your who
10:12your urgent, important problem
10:13and you're building your ten x solution,
10:16the faster you get to 100
10:19customer conversations,
10:20you're going to get your first customer,
10:22and then it's
10:23going to compound from there.
10:25that's the three laws of product
10:27market fit.
10:27And that's the benchmark you want to hit.
10:30The biggest mistake I see people make
10:32is they build a product.
10:34They fall into the one more feature trap
10:36and they waste months
10:38building the wrong product,
10:39which is why it's super important
10:40to get into customer conversations
10:43as early as possible
10:44so you can keep refining
10:45your urgent, important problem.
10:47Whether you have a ten x solution,
10:48whether they have budget,
10:50the sooner you do
10:51that, the faster
10:52you're going to hit product market fit
10:54and the faster
10:55you're going to implement
10:56these three laws of product market fit.
10:59So now you know the three laws of product
11:01market fit.
11:02That is part of my product
11:04market fit framework.
11:05What you may not know is
11:06I have an idea,
11:08I'm building a product and I have the MVP
11:11and no one's buying,
11:12and I'm just not sure
11:14what part is broken.
11:15Is it that I'm not targeting
11:16the right people?
11:17Is it
11:18that I'm not aligning to an urgent,
11:20an important problem
11:21when I explain the product
11:22and what it does to them?
11:23Is it that my product is not
11:25ten times better?
11:26Is it
11:26that I'm not framing the price
11:28in a way where it aligns to their budget?
11:31Is it
11:31that I'm not explaining
11:32why we're better than the status quo?
11:35If you're struggling
11:35with any of these pieces
11:37and you want to learn
11:38how to actually take your product idea
11:41to product market fit and revenues.
11:43This is why I created my AI
11:45and SaaS launch program.
11:47Inside of this program,
11:49we focus on three core things.
11:51The first thing we focus on
11:53is your ideal customer profile.
11:55That's your who.
11:56The second thing we focus on
11:58is your value proposition.
12:00Your value
12:00proposition is how you communicate
12:02to these hundred people
12:04exactly what your product does,
12:07how it aligns
12:08to your urgent, important problem,
12:10why your ten times better,
12:12and why you're justifying the price
12:14that you want to charge to them,
12:16which gets you earlier
12:17data points on exactly whether people are
12:20going to buy your product
12:22by the time you finish building
12:24And the third thing we focus on
12:26is a launch funnel
12:27inside of this program.
12:29We don't wait for the product
12:30to be perfect
12:31to do a big bang launch,
12:33because that's taking on too much risk.
12:34You might spend months
12:36building a product that no one wants,
12:38which is why we teach you
12:40how to run a launch funnel
12:42so you can get into these
12:44100 customer conversations
12:46and get data points
12:48so you can truly understand one.
12:50If you're building a product people need,
12:52if it's
12:53aligned to an urgent, important problem,
12:55if these people have budget
12:56and if they're willing
12:57to leave their status quo.
12:58So if you'd like to work together,
13:01all you have to do is just go to get
13:04unstoppable.com/launch,
13:08get unstoppable.com/on
13:11that page
13:11you will get all the details
13:13about the program.
13:14I've been running this program
13:15for six years now.
13:17What I know is the better
13:18the fit, the better the results.
13:20So just fill out the little form
13:22telling us about your product,
13:25the thing that you're working through,
13:26the idea that you're honing
13:27what you're struggling with.
13:28I will review it personally,
13:30and if it's a fit, we'll get started
13:32right away.
13:32It is an incredible program
13:34and we've had tremendous success stories
13:36coming out of that program.
13:37So just go to get unstoppable
13:39com slash launch for all of the details.
13:42Also,
13:43if you got value from this video please
13:45smash that like button
13:46for the YouTube algorithm.
13:47It just loves it when you do Also,
13:49I drop an episode every Sunday
13:51with actionable strategies and tactics
13:53on how to scale software companies.
13:54This one was about earning
13:56that first dollar.
13:57I also do
13:58episodes on how to
13:59scale your software company,
14:00so if you haven't already,
14:02be sure to hit the subscribe button
14:03that bell icon.
14:04You'll get notified
14:05every single time I drop an episode.
14:07if you have a fellow founder,
14:09if you are part of a slack group
14:10or WhatsApp group,
14:11if you have a friend
14:12that you're starting a company with,
14:13please share this video with them.
14:14You want to serve
14:15as many founders as possible,
14:17and this incredible time
14:18where building software
14:19is easier than ever,
14:20but we really want to building software
14:23that people actually need.
14:24So please share this video
14:25with a friend
14:26or your
14:27co-founder or your team
14:28so that we can serve as many folks
14:29as possible in this incredible time.
14:31And lastly, remember
14:32everyone needs a strategy
14:33for their life and their business.
14:34When you are with us,
14:36yours is going to be unstoppable.
14:38I'm T.K.
14:39and I'll see you in the next episode.
14:40We're inside of the launch program.
14:43Take care everybody.

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