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.
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”)
Designing Conversations that Matter with the Conversation OS Canvas (with Daniel Stillman, Executive Coach & Conversation Designer @ The Conversation Factory)
Product Managing APIs - What’s Different and What’s the Same? (with Deepa Goyal, Product Strategy Lead @ Postman & Author of ”API Analytics for Product Managers”)
Build Better Products Faster by Embracing Continuous Delivery (with Dave Farley, Consultant & Co-author of ”Continuous Delivery”)
The Big Pivot to Reinvent Product Management (with Yana Welinder, Founder & CEO @ Kraftful)
Landing That Perfect Role by Finding Your Inevitable Edge (with Erika Klics, Job Search Strategist & Founder @ ErikaKlics.com)
Doing the Splits to Accelerate your Product Growth (with Andres Glusman, CEO @ DoWhatWorks & A/B Test Enthusiast)
Moving to Customer-Led Growth by Forgetting the Funnel (with Georgiana Laudi & Claire Suellentrop, Founders @ Forget the Funnel)
Embracing Change to Innovate in Product Management (with Greg Coticchia, CEO @ Sopheon)
Achieving Product Excellence with the Product Operations Manifesto (with Antonia Landi, Product Ops Consultant & Co-Author ”Product Operations Manifesto”)
Is Product-Led Growth Really For You? (with Leah Tharin, Product-Led Growth Guru & Head of Product @ Jua)
(Don’t) Scream If You Want To Go Faster - How to Accelerate Product Development (with Ed Biden, Founder @ Hustle Badger)
The Rise of the Robots - How to Responsibly use AI in your Products (with ChatGPT 4, Cutting-edge language model @ OpenAI)
Moving from Value Streams to Software Profit Streams (with Luke Hohmann, Co-author ”Software Profit Streams” & former SAFe® Framework Contributor)
Getting Ahead of the Competition by Getting Good at Competitor Analysis (with Bethan Vincent, Managing Partner @ Open Velocity)
The Seven Deadly Mistakes of Productization (with Eisha Armstrong, Co-founder @ Vecteris & Author ”Productize”)
How to Move Fast Without Breaking Things (with Dani Grant, Co-founder & CEO @ Jam)
From High-Frequency Trader to Investor in Good Ideas (with Pooja Parthasarathy, Head of Product @ AbstractOps)
Valentine’s Special! A Love Letter to Problems, not Solutions (with Uri Levine, Founder @ Waze & Author ”Fall in Love with the Problem, not the Solution”)
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