Sarah Wong
@sarahwong
Sarah Wong
- The intensity of the pull is a factor of the fit (how good your product is at solving the user’s problem) AND initial market size (is it niche or broad) .
from What It Feels Like When You've Found Product-Market Fit by Lenny Rachitsky
- To pick a wedge, find a large market and then:
- Pick a very narrow (and very painful) problem
- Pick a very specific segment of people to solve that problem for
from Picking a wedge by Lenny Rachitsky
- “Wedge selection should be very intentional. Don’t just build for the first customer persona you think of or the closest city to where you live. Build for the group that has the most acute pain point, or the highest willingness to pay, or the fastest sales cycles. The more carefully you pick your wedge, the easier it will be to succeed and to expan... See more
- “When I say it needs to have a good wedge, I’m looking for an entry point that provides some sort of power to the startup.”
—Ann Miura-Ko, GP at Floodgate - A wedge seems most essential when you’re going after a market that is (1) entrenched or (2) crowded. When it’s hard to break in head-on.
What to look for Pre-Product
1. Visible excitement
2. People are willing to pay for it now
What to look for Post-Product
1. Retention: Users stick around
2. Surveys: Users say they’d be very disappointed if your product went away
3. Exponential organic growth
4. Cost-efficient growth
5. CAC < LTV
6. Customers clamor for your product
7. People are using it even when it’s broken
- My number one predictor of whether or not a company will find product-market fit: High shipping cadence.
PMF, Naval
- The more entrenched and competitive the market, the more valuable a wedge will be.
from Picking a wedge by Lenny Rachitsky
