Cataloging, Classification, Information Science, PKMs and YOU! - Knowledge management - Obsidian Forum

Cataloging, Classification, Information Science, PKMs and YOU! - Knowledge management - Obsidian Forum

The Never Ending Road To Product Market Fit — Brian Balfour

In the realm of knowledge management, cataloging and classification play a crucial role. Cataloging refers to the act of organizing and labeling information, whether it be physical or digital, while classification involves assigning subject headings or tags to these items. However, the effectiveness of tagging can be limited due to the lack of control and meaning. As one article aptly put it, "a (controlled term) is worth a thousand tags." Therefore, it is advisable to prioritize the use of controlled vocabularies and classification systems whenever possible.

Similarly, in the pursuit of product-market fit, understanding where you stand along the journey is essential. Brian Balfour outlines a comprehensive path to achieving product-market fit, starting with the Leading Indicator Survey. This survey, created by Sean Ellis, poses the question, "How would you feel if you could no longer use [product]?" The measure of success lies in 40% or more respondents answering "Very Disappointed." This survey serves as a crucial leading indicator for traction, transition, and growth.

To complement the Leading Indicator Survey, engagement data provides valuable insights into user behavior. It is important to focus on events or actions rather than mere views. By analyzing the core purpose of the product and tracking user engagement, you can gain a deeper understanding of whether you have found product-market fit for a specific market or audience. The retention curve, which plots the percentage of active users over time for different cohorts, is a powerful tool in identifying the characteristics of those who retained versus those who did not. Key demographics, time, and user source are factors worth considering in this analysis.

Qualitative surveys can also be employed to uncover differences between retained and non-retained users. By delving into the motivations, preferences, and pain points of users, you can gain valuable insights that inform product development and market positioning. Ultimately, without retention, accelerating growth becomes meaningless. The retention curve serves as the best proof of product-market fit.

To achieve the trifecta of product-market fit, three factors must align: non-trivial top-line growth, retention, and meaningful usage. Non-trivial top-line growth refers to significant user acquisition, while retention signifies a high percentage of active users over time. Meaningful usage goes beyond mere daily visits and focuses on users taking meaningful actions that align with the product's purpose.

It is important to note that the journey to product-market fit is never-ending. Markets are constantly evolving, and your product must adapt accordingly. With markets changing at an accelerating pace, product-market fit becomes a pulse that requires constant monitoring and adjustment.

In conclusion, the principles of cataloging, classification, and information science can be applied to the pursuit of product-market fit. By employing controlled vocabularies and classification systems, you can enhance the organization and labeling of information. Similarly, understanding where you stand on the path to product-market fit, utilizing leading indicator surveys and engagement data, and analyzing the retention curve are crucial steps in achieving success. Furthermore, the trifecta of non-trivial top-line growth, retention, and meaningful usage serves as a benchmark for product-market fit. To stay ahead in an ever-changing market, continuous monitoring and adaptation are imperative.