23 Quotes
"In order to get to 10 million active users you need roughly 100 million people who download your app or use your website."
— Christoph Janz
Five ways to build a $100 million business"To get to $100 million in ad revenues, you need dozens of millions of users."
— Christoph Janz
Five ways to build a $100 million business"The first one is to have a product that is inherently social and has a high viral coefficient (Instagram, Snapchat, WhatsApp)."
— Christoph Janz
Five ways to build a $100 million business"The second one is a ton of UGC (user-generated content), which leads to large amounts of SEO traffic and some level of virality."
— Christoph Janz
Five ways to build a $100 million business"To acquire one million consumers or prosumers who pay you roughly $100 per year, you need to get at least 10-20 million people to try your application."
— Christoph Janz
Five ways to build a $100 million business"Most SaaS companies that target small businesses charge something around $50-100 per month, so their ARPA per year is around $1k. To acquire 100,000 of these businesses you need something in the order of 0.5-2 million trial signups, depending on your conversion rate."
— Christoph Janz
Five ways to build a $100 million business"There's no silver bullet, but the closest thing to a silver bullet is inbound marketing – besides having a fantastic product with a very high NPS (net promoter score) and being obsessively focused on funnel optimization."
— Christoph Janz
Five ways to build a $100 million business"Another option is a an OEM strategy (i.e. getting your product distributed by big partners), which can work but comes with its own challenges."
— Christoph Janz
Five ways to build a $100 million business"If you're a deer hunter and want to acquire 10,000 customers paying you $10k per year each, most of the rabbit hunting tactics still apply."
— Christoph Janz
Five ways to build a $100 million business"This can work very well and we're very excited about these types of businesses, but to successfully execute this strategy, SaaS founders with a product/tech/marketing DNA usually have to bring in an experienced VP of Sales who has built an inside sales organization before."
— Christoph Janz
Five ways to build a $100 million business"Jason M. Lemkin, another friend and co-investor, once said (I'm quoting from memory) that if you have a good solution for a significant problem experienced by large enterprises, building a $100 million business is relatively straightforward."
— Christoph Janz
Five ways to build a $100 million business"The other part of the truth, though, is that it may take you several years and millions of dollars to find out if you really are solving a problem (a.k.a. product/market fit), and once you're at that point, you still need tens of millions of dollars or more to finance the enterprise sales cycle."
— Christoph Janz
Five ways to build a $100 million business"“when you are before PMF, focus obsessively on getting to PMF”."
— Christoph Janz
WTF is PMF? (part 1 of 2)"The problem with PMF is that it’s hard to precisely define and even harder to measure."
— Christoph Janz
WTF is PMF? (part 1 of 2)"To make things worse, according to data from a Startup Genome Report “premature scaling” (i.e. spending significant amounts of money on growth before you find PMF) is the 1 reason why startups fail!"
— Christoph Janz
WTF is PMF? (part 1 of 2)"Marc Andreessen got more precise, saying that PMF means “being in a good market with a product that can satisfy that market”."
— Christoph Janz
WTF is PMF? (part 1 of 2)"“your product isn’t going to fit the entire market from day one. Minimum Viable Segment (MVS) is about focusing on a market segment of potential customers who have the same needs to which you can align.”"
— Christoph Janz
WTF is PMF? (part 1 of 2)"“It happens when the product (a set of features that have a clear value proposition) resonates with customers (which are of a certain type and have defined needs) that you know how to reach and convert (through marketing and sales).”"
— Christoph Janz
WTF is PMF? (part 1 of 2)"“when people who know they want your product are happy with what you’re offering”."
— Christoph Janz
WTF is PMF? (part 1 of 2)"“The term product/market fit describes ‘the moment when a startup finally finds a widespread set of customers that resonate with its product”"
— Christoph Janz
WTF is PMF? (part 1 of 2)"“I ask existing users of a product how they would feel if they could no longer use the product. In my experience, achieving product/market fit requires at least 40% of users saying they would be “very disappointed” without your product. Admittedly this threshold is a bit arbitrary, but I defined it after comparing results across nearly 100 startups. Those that struggle for traction are always under 40%, while most that gain strong traction exceed 40%.”"
— Christoph Janz
WTF is PMF? (part 1 of 2)"Product/Market Fit means having a product that solves an important problem — without custom work and better than existing solutions — for a significant number of independent customers in a large market."
— Christoph Janz
WTF is PMF? (part 2 of 2)Explore More Quotes 📚
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