Generating product/market fit is not only relevant when you start a venture. It remains relevant at any and all times, particularly if you want to accelerate growth.
Growth acceleration often comes hand in hand with expanding your product offering, penetrating new markets, or selling to new customer segments.
In all these situations, you need to generate product/market fit before you invest heavily in the distribution of your products and services.
My book FastScaling has been launched.
It is supposed to help founders and aspiring founders get through the growth valley of death and from initial traction to sustainable high growth.
This growth handbook for founders shows a smart path to building massively valuable businesses.
Predictable revenue. Great! But FastScaling is not only about generating high growth and building massively valuable businesses. FastScaling is also about pursuing a smart path to building a massively valuable business. FastScaling enables you to achieve both high growth and a massive valuation with less founder dilution on the way.
You do not impress investors if you close a big deal every once in a while. It is predictability and your ability to create a constantly running growth engine that impresses them.
Predictable revenue is not the result of simply adding marketing and sales resources. Predictable revenue is the result of a thorough and company-wide prediction process.
The unit economics concept is a powerful tool that helps you better understand whether you pursue a viable business model. By deconstructing the unit economics and focusing on improving all underlying variables, you can also steer your business towards high growth readiness. Have the patience to develop strong unit economics. It will eventually pay off and pave the path to sustainable high growth.
FastScaling - On the basis of a relentless and company-wide focus on customer success, product/market-fit, product/channel-fit, strong unit economics, and a scalable technology infrastructure, efficiently and predictably leading and scaling a business fast towards market leadership in a large market.
A relentless focus on customer success usually leads to strong unit economics, a shorter payback period and high and very efficient growth. But customer success needs to be more than lip service. Walk the talk!
If you want to work successfully with channel partners, you need to understand why they could be interested in helping you distribute your products. They will be interested if they see significant value for themselves in working with you. Otherwise, they will not care at all. That’s business.
Many founders believe their target market is larger than it actually is. Thoroughly analyze the size of your target market. Make sure it is large enough and that market dynamics support your high growth plan.