Maja Voje is a growth strategy expert who has worked with some of the largest tech companies in the world. Through her consulting, she realised that there was a problem holding companies back from product/market fit. Unable to find a playbook to guide companies to the promised land, she decided to research and write one herself. We chatted about the book and some of the themes within it.
Episode highlights: 1. 95% of startups will not survive, but you can work together to beat the oddsIt's not normally a bad product that's the problem. There are a zillion reasons for startup failure, but beating the odds is not a product management or a sales or marketing problem. We have to work cross-functionally, join forces and work together to align the company around success.
2. Product/market fit is more than just delivering value, but being able to build a sustainable businessTraditional definitions of product/market fit focus on whether you can deliver value to a specific market segment, but it's important to bring other dimensions into play, such as the most effective business model and people's willingness to pay. You have to capture enough value to build a sustainable business.
3. It's essential to pick a niche, define your ideal customers, and stick to the planIt's really easy for early startup founders to try to go wide and fix everyone's problems, but this is generally a mistake. It's important to maintain discipline, be strategic, and realise that not all opportunities are created equal. You don't have to make a sale at all costs.
4. You're probably not charging enough for your solution, but your customers aren't going to price it for youFounders sometimes fall prey to product imposter syndrome, where they fail to extract fair value from their customers because they're not sure the product is good enough, or feel bad asking for money. We need money! But, don't expect your customers to just tell you a fair price. It's important to do decent pricing research.
5. We can learn a lot from "special ops" thinkingBusiness science has matured over the last couple of hundred years, but there are timeless principles from military strategy that can help us succeed. Pitting small resources against larger competition, being nimble, responding to change and executing fast can help us succeed in a crowded marketplace.
Check out "Go-To-Market Strategist""In Growth and Marketing, we were taught how the “big tech” companies grew to their heights more than a decade ago. They had bigger budgets, teams, and global talent. Markets were less saturated. Customers were more excited about innovation. You need a different playbook for GTM. One that applies to bootstrap startups, clever leaders in innovative companies, and independent innovators. So I went on a journey. I devoted a year of my life to interviewing 54 experts from companies such as: Hubspot, Miro, Figma, Metabase, CXL, and many more to ask them to share their “go to market” advice that will most securely and successfully guide you to product-market fit."
Check out the book website.
Contact MajaYou can catch up with Maja on LinkedIn.
Knowing your Customers, Seeking Evidence and Sticking up for Continuous Discovery (with Hope Gurion, Product Leader and Team Coach @ Fearless Product)
Transforming your Organisation to the Product Operating Model (with Marty Cagan, Author "Inspired", "Empowered" and "Transformed")
Applying Product Management Principles to Life (with Miloš Belčević, Author "Build Your Way")
Standing up for User Research... and User Researchers (with Debbie Levitt, CXO @ DeltaCX and Author "Customers Know You Suck")
Building Great Companies through Community-Led Growth (with Lloyed Lobo, Author "From Grassroots to Greatness")
Harnessing Generative AI to Reimagine the Future of Product Management (with Shyvee Shi, Product Lead @ LinkedIn & Author "Reimagined: Building Products with Generative AI")
Enabling Strategic Product Decisions through Product Operations and Portfolio Management (with Becky Flint, CEO of Dragonboat)
Nailing your Brand Marketing by Embracing your Zone of Genius (with Orly Zeewy, Brand Strategy Consultant & Author ”Ready, Launch, Brand”)
Making Sure You Make an Impact through User Research (with Steve Portigal, User Research Consultant & Author ”Interviewing Users”)
Helping Superhero Startup Founders Stay Away from their Kryptonite (with Richard Blundell, Founder @ Vencha & Co-author ”The Go To Market Handbook for B2B SaaS Leaders”)
Making our Product Teams Stronger through Building Communities of Practice (with Petra Wille, Author ”Strong Product People” and ”Strong Product Communities”)
Going Beyond the Dreaded Product Demo and Creating the Perfect Sales Pitch (with April Dunford, Author ”Obviously Awesome” and ”Sales Pitch”)
Fearlessly Defeating the Four Horsemen of a Product-Friendly Culture (with Eisha Armstrong, Co-founder @ Vecteris & Author ”Productize” & ”Fearless”)
How to Build Products when the Founder IS the Product (with Saagar Bains, Fractional Product Leader & Former Head of Product @ The Body Coach)
Supporting the Next Generation of Female Product Managers with Women in Product UK (with Namrata Sarmah, Founder @ Women in Product UK & CPO @ INTO)
Paying Off Your Organisation’s Human Debt Through Agility & Psychological Safety (with Duena Blomstrom, Founder & CEO @ People Not Tech)
Moving Beyond Founder-Led Product Development & Setting PMs up for Success (with Jennifer Yang-Wong, VP of Product @ Contrary)
Connecting Product Management to Business Goals by Mastering your Product Strategy (with Gabrielle Bufrem, Product Leadership Coach & Advisor)
Taking Control of your Career with Life-Changing Conversations (with Julie Starr, Author ”The Coaching Manual”, ”The Mentoring Manual” & ”Brilliant Coaching”)
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