Pmarchive - The only thing that matters: How to craft your story for product/market fit

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Sep 24, 2023

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Pmarchive - The only thing that matters: How to craft your story for product/market fit

In the world of startups, there are three key elements that often come up in discussions: team, product, and market. Many argue about which one is the most important, but the truth is, they are all interconnected and crucial for success.

When it comes to the team, having the right people in place can make all the difference. The CEO, senior staff, engineers, and other key members of the team should be suitable for the opportunity at hand. However, in a great market, upgrading the team on the fly becomes remarkably easy. The team's caliber is ultimately defined by how well they align with the potential of the market.

On the other hand, the quality of a startup's product is determined by how impressive it is to a customer or user who actually uses it. Startups are in the business of inventing products, and customers are the ones who buy and use them. The product should be able to meet their needs and provide value.

But what about the market? The size and growth rate of a startup's market are crucial factors for success. In a great market, where there are plenty of potential customers, the market pulls the product out of the startup. However, in a terrible market, even the best product and a killer team won't matter – the startup is bound to fail. Lack of market is the number one company-killer.

So, how do you ensure that you have the right product, team, and market? It all starts with finding product/market fit. This means doing whatever it takes to align your product with the needs of the market. It may involve changing people, rewriting the product, moving into a different market, or even saying no or yes to customers when necessary. The goal is to create a strong connection between your product and the market demand.

But how do you communicate this connection to others? This is where crafting your story becomes crucial. Your story should connect with people in a way that makes sense and creates the necessary emotion. However, one of the biggest challenges is translating what makes sense in your head to what resonates with your audience.

When telling your story, it's important to focus on more than just the features, advantages, and benefits of your offering. Customers and investors are looking for something deeper – a sense of purpose, curiosity, and safety. They want to believe in something bigger than just a product or service. This is why selling an identity, a story, and a purpose is crucial.

To craft a compelling story, you can follow the 3P Framework: Purpose, Passion, and Potential. Start by writing about yourselves, the team, why you care, and the vision going forward. This gives insight into the founder, team, and vision. Then, interview the founders to understand the essence of their journey – what event or experience led them to start the company and what the best outcome for the company would be.

An elite individual who can deliver a compelling story has a deep understanding of speeches, pop culture, and moments in the zeitgeist. By incorporating these elements, you can tap into nostalgia and other emotions in the listener, creating a sense of connection to your message.

It's important to note that the story will evolve over time. As your startup progresses from pre-seed to Series A, the story should adapt and grow. If you're leading a successful startup, it's healthy for the story to evolve as well.

In conclusion, finding product/market fit is the only thing that matters for a startup's success. It requires aligning your product with the needs of the market and doing whatever it takes to achieve that alignment. Crafting your story is a crucial part of this process, as it allows you to connect with people on a deeper level and create a sense of purpose and belief. Remember to focus on the team, product, and market, as they are all interconnected and essential for success.

Actionable advice:

  • 1. Continuously assess your product-market fit and be willing to make necessary changes to align with market demand.
  • 2. Invest time and effort in crafting a compelling story that connects with your audience on an emotional level.
  • 3. Adapt your story as your startup evolves to ensure it remains relevant and resonates with your stakeholders.

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