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So can you give us more information, tell us more about what product market fit is? And why is it so incredibly important for product entrepreneurs to really grasp this concept fully? So product market fit is this funny term and that is thrown around a lot within the investor community.
So product market toledo cash loans online for bad credit loans fit refers to the idea that that risk has basically been accounted for and paid off so that you actually build the thing that in the market will be successful.
Ben:But at the same time for you as a business, you can actually do this profitably. You can gain customers profitably, you can service payday advance san diego those customers profitably, etc.
And I love the fact that you were able to distill the three core components of great product market fit down into product market and economics. And I imagine that for somebody to be a great product manager, for somebody to be great at product, they have to have a handle on those three things: creating a great product, understanding the market and discovering the market, and then the economics of whatever the company and the product is.
You did product at a number of individual companies, and then you started a consulting firm where you went out and it sounds like you found companies that needed help, I assume startup companies that needed help with their product.
J:And you came in and you basically served as the expert while they were growing.
And we talked earlier about how especially small companies need great product people, even more so than big companies, because that is the company at the early stage. Can you give us an idea of, what differentiates a great product person or a great product team from just a mediocre one? I think a lot of entrepreneurs make a mistake when they make their first product hire. So getting that thing out the door, launching it, etc, is first and foremost, your job as the entrepreneur. They meet with you, you share a meal together, they ask what your retirement goals are, etc. And then they come up with a strategy that makes sense. And then they do that with the next person, and the next person. Ben:But if you think instead about a product, maybe something like Mint. They have to design the product as a single one-size-fits-all solution for a whole entire market. And that may mean that the product itself asks those questions, but it means it all has to be programmed from the beginning, to be again, one size fits all. But when you hit that shot on goal, then the low interest loans potential valuation really sores for the company. Product company is the way to go and we think we have that perfect product, and we start to develop the product.
So I want to circle back to one other thing that you mentioned, Ben, that I found really powerful and I suspect our community will as well.
You talked a bunch about the extreme power of really layering in new products on top of the infrastructure that you build. And that can be a real frustration in the role because you have all these great ideas and you want to make them cash loans online for bad credit all go happen, etc. What that means is, you get to cherry pick and choose the best few things to work on. And yes, it means you will have to say no to everything else, but usa cash saying no to everything else is part of the innovative process.
And I really like that because if you cash loans online for bad credit think about product strategy, you think about product vision. This is this shiny opportunity that looks good over here. But if we say yes to that, and we say yes to this and we say yes to cash loans online for bad credit this, we fall into the trap of becoming that services-based company again. And you can do that by really saying no to all these other opportunities that are going to be outstanding.
Ben:But once you achieve that, you realize that the whole entire world is opened up. Do I take this product market fit that I have here? And now, do I go try to get product market fit for a different market? Hey, this technology could be used in these five other industries.
What about just refining the product and making it better a one? Or, what if we integrated some other company that we could potentially acquire? The list just goes on and on and on on these different directions that are all possible, but the question is, which of those are stepping stones? Obviously, Microsoft has a million products, both in the consumer space and the B2B space and basically everywhere, probably government space and hardware and software. But if you think about it, most of these companies made their name by doing one thing for a really long time really, really well. J:So even these large companies, Google now owns everything, but what was Google? How would I know how much additional sleep that I need tonight based on the run that I did earlier today? And so those are the kinds of things that we try to provide, because if we can do that, then we can make a material difference in whether people are actually able to accomplish their goals.
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Ben:Google is another example of this as well, just Google Search by itself. You run any search, you become acclimated to using Google for everything. Because the data that they collect about when somebody searches for this term and then they get shown these results, then they click on this particular one and then they actually go visit where can i get a cash loan on that site versus they bounce off and go somewhere else, gives them a data asset that they can use to then create better advertising solutions than anybody else can ever provide. Ben:And no one else has access to the same kind of data volume that Google does. So they utilize that to then make their advertising products better. I was actually reading something yesterday that goes right to the heart of what you are saying, it was a quote or a discussion with Elon Musk about Tesla and why Tesla will likely win the self-driving car wars. One, they were first, they were loan for bad credit no credit check one of the first, but two, a lot of other car companies rely on simulation data. So they create these non-real world simulations and they use those simulations to program their car to self-drive and do the right things and not do the wrong things.
And they will grow exponentially as opposed to linearly because cash loans online for bad credit that data is just self-reinforcing, if that makes.
Just think about this, with Microsoft Word, they had word processing for years and years, decades before other people had it. And the more convoluted, the more complex the product became, the more of a learning curve there was to getting up and running with it. And that collaboration capability was worth more than all of the features of rich text editing that Microsoft Word person loan could offer combined. Now, obviously Microsoft had followed suit and built a lot more of collaborative capabilities into their products and stuff like that since.
But they ended up having to come back and play the catch-up game because they were so consumed with thinking about the next advancement.
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And what we discovered is that the companies that were actually the best at getting their own business outcomes, were not the ones that paid fullest attention to just those things.
Ben:The companies that were most successful were the ones payday loans columbus ohio who were really good at getting product market fit, and product market fit was coming by really having a true appreciation of what drove customers to be successful using the product. What was the problem that customers really needed to have solved? Ben:The companies that are really successful are the ones that really concentrate the vast majority of their energy on thinking about how we deliver better and better value to our customers. And then as a secondary consideration is, how do we then extract a percentage of that revenue back for ourselves.
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