Data reveals how long it takes to reach product-market fit, The rise of in-house influencers, and Apple expands 30% fee on Facebook and Instagram ads globally

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Careers, Business, Marketing

4.6 • 1.3K Ratings

🗓️ 22 July 2024

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

In episode #2783, we discuss the importance of launching a product quickly to iterate and reach product market fit, the rise of in-house influencers and how companies can leverage their employees' social media profiles, and Apple's fee on ads and recommend purchasing ads on a computer to avoid potential cost increases. Don’t forget to help us grow by subscribing and liking on YouTube! Check out more of Eric’s content (Leveling UP YT) and Neil’s videos (Neil Patel YT) TIME-STAMPED SHOW NOTES: (00:00) Data reveals how long it takes to reach product market fit (05:04) The rise of in-house influencers (09:47) Apple expands 30% fee on Facebook and Instagram ads globally (14:11) That’s it for today! Don’t forget to rate, review, and subscribe! Go to https://www.marketingschool.io to learn more! Leave Some Feedback: What should we talk about next? Please let us know in the comments below Did you enjoy this episode? If so, please leave a short review. Connect with Us: Single Grain << Eric’s ad agency NP Digital << Neil’s ad agency X @neilpatel X @ericosiu

Transcript

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0:00.0	Did you see the data on how long it takes to reach product market fit?
0:04.9	No, how long is it?
0:06.7	Okay, so this is from, this graph is from Lenny Rachitsky,
0:11.8	and basically it shows you this graph over here
0:15.0	how long it took from idea to product market fit and for some companies like
0:18.3	Slack it basically took five years to achieve product market fit but it also took them four years to achieve product market fit, but it also took them four years to launch the product, right?
0:26.0	That's why it took them so long to reach product market fit.
0:28.0	So, Gus, though, they launched a product right away, basically in like month one or two and then
0:34.4	to reach product market fit it took them six months to get there the point of this
0:37.9	entire graph and you can see the the circles when they reach product
0:42.3	market fit the triangles when when they reach product market fit,
0:43.2	the triangles when they launched a product.
0:45.0	The key takeaway here is you just got to launch our product.
0:48.4	If you wait years to launch a product,
0:49.7	you don't know when you did reach product.
0:51.3	So like a slack, it took too long,
0:53.3	so it just takes longer to reach product market fit.
0:55.7	So what they're saying is,
0:56.8	the quicker you launch your product,
0:58.2	the quicker you can iterate and get to product market fit.
1:00.3	Exactly.
1:00.9	So you see slack is that the slack is over here, right? So look, the triangle appears like way far down here and then over there.
	...

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