Product Strategy
by Sarah Wong · updated 2mo ago
Product Strategy
- For this percentage to be meaningful, we want to have a fairly large sample size. In my experience, a minimum of 30 responses is needed before the survey becomes directionally useful. At 100+ responses I am much more confident in the results.
from Using Product/Market Fit to Drive Sustainable Growth
Sarah Wong added 2mo ago
PMF
- a leading indicator of product/market fit: Just ask users “how would you feel if you could no longer use the product?” and measure the percent who answer “very disappointed.”
After benchmarking nearly a hundred startups, Sean Ellis found that the magic number for product/market fit was 40%.from Product/Market fit survey by Sean Ellis and GoPractice
Sarah Wong added 2mo ago
- “The wedge metaphor to me is most useful in making sure you’re not a blunt instrument trying to chop into a market by being everything for everyone, but instead the sharp blade with extraordinary focus on a specific persona/use case to start.”
from Picking a wedge by Lenny Rachitsky
Sarah Wong added 2mo ago
- A strategy is your plan to win.
from Getting better at product strategy by Lenny Rachitsky
Sarah Wong added 2mo ago
- The more entrenched and competitive the market, the more valuable a wedge will be.
from Picking a wedge by Lenny Rachitsky
Sarah Wong added 2mo ago
“A good strategy is, in the end, a hypothesis about what will work.”
— Michael Porterfrom Getting better at product strategy by Lenny Rachitsky
Sarah Wong added 2mo ago
- Broadly, the best way to get better at developing strategy:
- Spend time understanding your market (including your competition)
- Spend time understanding your customers and their needs
- Spend time crafting and executing strategies — and learn from those experiences
- Study colleagues who are great strategic thinkers
- Read about strategy
from Getting better at product strategy by Lenny Rachitsky
Sarah Wong added 2mo ago
- Team Mission : Make it easy and fun to book a home on Airbnb
- Team Vision : If you see it, you can book it
- Team Strategy : Transition the Airbnb marketplace from a “Request to Book” model to an “Instant Book” model, by (1) giving hosts all of the tools they need to be successful with Instant Book, (2) incentivizing hosts to enable Instant Book, and
from Getting better at product strategy by Lenny Rachitsky
Sarah Wong added 2mo ago
- My number one predictor of whether or not a company will find product-market fit: High shipping cadence.
Sarah Wong added 2mo ago
PMF, Naval