Answers to YourStory Quiz - Finding Product Market Fit
Q.1. Kevin Kelly is the pioneer of the concept that for a business to succeed, it takes about 1000 true fans who will buy anything you produce.
He is also the founder of which of the following American magazines owned by Condé Nast, on how emerging technologies affect culture, the economy, and politics?
The 1000 true fans have been promoted by some of the world’s most famous entrepreneurs like Tim Ferriss. To know more about Kevin Kelly click here.
Q.2. Connect the following.
Before the founders of Airbnb raised funds from Y Combinator, they sold breakfast cereals under the names Obama O’s and Cap’n McCains, to tap into the general vibe of the then-presidential elections. To find out about the early days of Airbnb, click here.
Q.3. In 2004, this product was launched on April Fool's Day. Initially considered a prank, it was available only on a referral basis. Name this ubiquitous product.
Gmail was offering a storage capacity of 1 GB - 500 times what its competitors were offering. To know more about the early days of Gmail read this article.
Q.4. Meetup is a service used to organize online groups that host in-person events for people with similar interests. It is often used by many founders who want to reach out to customers. Which American company acquired it in 2017?
Thanks to the acquisition, We Work would help Meetup help organize events at venues with all the required amenities instead of overcrowded pubs and dusty spaces.
To find out the acquisition click here.
Q.5. Adding an insightful twist to product marketing fit, D'arcy Coolican from Andreessen Horowitz, a venture capital firm, is said to have coined the term Product Zeitgeist Fit. Does it mean that the product must resonate with which of the following?
Ans. Zeitgeist means the defining spirit or mood of a period. When the company has PZF, the product resonates with users because it feels extremely culturally relevant at that moment in time for a group of people. To know more click here.
Q.6. A startup put out this explainer video on Digg. Within 24 hours, the video had more than 10,000 Diggs. It kicked off a chain reaction and helped which organization gain traction without spending much on advertising?
To avoid the probability of their product being difficult to understand, the founders decided to put up a simple video. Resembling any product demo, it had subtle references to Office Space and XKCD. To learn more from the growth of Dropbox click here:
Q7. Shown here is a note by Brian Acton, the founder of an organization started in 2009. It has a huge presence in India thanks to word of mouth. Surprisingly, its first advertisement in India was in 2018 to highlight the impact of fake news. Name this American startup.
Facebook purchased the messaging service WhatsApp for $19 billion in February 2014.
To learn more about the success story of WhatsApp click here.
Q8. Ekins is a group of loyal customers of a company who are involved in the pre-development stage of the product.
The founder came up with this name as he wanted the members to know the brand backwards and forward. Which company is this?
In the memoir Shoe Dog, the founder of Nike, Phil Knight discusses the company’s early days, struggles and how he overcame them. To know more about Nike and its loyal fans read this article.
Q9. A must-have survey is a quick way of determining a business's market fit. It was introduced by Sean Ellis, a famous angel investor. He also coined which of the following terms meaning "the use of rapid experimentation across various channels and product development paths in order to determine the most effective way to scale and grow a business".
Ans. Growth Hacking
Growth hacking helps in the growth of the company and the retention of its active user base. It helps ensure that the limited resources are put to their economic use.
Find out how to be a growth hacker! Click here.
Q10. This startup figured out their product-market fit by cajoling their friends at other companies to try out their product and give them feedback. In the initial days, its founder Stewart Butterfield himself addressed the majority of the feedback received on Twitter. Name this startup.
Constant feedback from customers provides a much-needed perspective to the team. It helped them make changes to the product, introduce, remove and rework the features.
Q11. This startup was once one of Kickstarter's most funded products. However, as it did not keep pace with ever-evolving market needs and check its product-market fit, it had to be shut down in 2016. Name this tech company.
When launched, it looked ahead of its time, which added to its appeal. However, the smartwatches market saw the entry of many competitors like Apple. Hence, Pebble was acquired by Fitbit and eventually shut down. Take a look at the history of Pebble here.
Q12. Which of the following companies was started when the founder saw the collapse of Napster and other P2P file-sharing networks in the early 2000s as an opportunity in the space for a legal streaming product?
After its success in the online music industry, Spotify is now keen on podcasts.
Trying to emulate the success of Spotify? Read here for some tips.
Q13. AMA or Ask Me Anything allows brands and entrepreneurs to have an open and engaging conversation with their customers. This feature is derived from which of the following startups?
Ask Me Anything was a popular subreddit. It included participation from people of different walks of life including celebrities.
To find out more about this trend, read this article.
Q14. In early 2019, serial entrepreneur Rahul Vohra posted a now-famous blog piece about how his startup Superhuman took Sean Ellis’ famous product-market fit test and built a detailed 4-step test around it to gauge product-market fit. What is the fundamental question that Ellis and Superhuman asked in order to test product-market fit?
Rahul Vohra is the founder of Superhuman, a service designed around helping people spend less number of hours on email every day. To get a better understanding of the superhuman test, read this article.