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.
Avoiding the agency trap & ADHD in Product (with Janna Bastow, CEO ProdPad, co-founder Mind the Product)
Lifelong learning & the perils of time-based roadmaps (with Andrea Saez, Product Growth & Education @ ProdPad)
Managing Tension in Product Management (with Marc Abraham, author & Head of Product @ ASOS.com)
Product Processes & the Importance of Work / Life Balance (with Busayomi Omotosho, PM @ Softcom)
Growing a PM career & the importance of side hustles (with Victoria Tkatch, Senior PM @ Sonos)
Technical Product Management & the importance of mentorship (with Mark Yamashita, Technical PM @ Sensibill)
API Product Management & mountain climbing as a metaphor (with Elina Sokolovska, PM @ Flux)
AI Product Management & The Importance of Communication (with Mark Graham, Lead PM @ Sharktower)
Entrepreneurship & being a founder (with Matt Wilkinson, Founder @ Zenquiries)
The role of education in leadership (with Mac Maistrelli, Engineering Leader @ Blocket)
Building inclusive products for all (with Nidhi Wadmark, PM @ PayPal)
Making yourself heard in the workplace (with Priyanka Naik, Growth PM @ Advarisk)
Networking to start your Product career (with Anna Lieberman, aspiring PM)
Using your experience to teach the next generation (with Maanas Bukkuri, PM and educator)
Putting users back at the heart of UX (with Dr Nick Fine PhD, UX consultant)
Being an AI Product Manager (with Pouya Jamshidiat, author & Senior PO at Eagle Genomics)
Getting started in Product (with Becca Vibert, Product School speaker & PM @ Fiit)
Product leadership & how heroism doesn't scale (with Saeed Khan, product consultant @ Transformation Labs)
How to do UX in sextech (with Ansh Bagri, UX @ Vibio)
Networking, communication & growth mindset (with Kristy Olinger, podcast host & credit card PM at Citizens Bank)
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