How to Get Ahead of 99% of Businesses in 2024 | Ep 122

“Learning means that you have a change in behavior.” Today, Leila (@LeilaHormozi) discusses how achieving product-market fit can drive business growth and success. She emphasizes the importance of customer interaction, continuous product development, and team collaboration, offering practical strategies such as regular customer engagement, product backlog formation, and commitment to testing and learning.

Welcome to Build where we talk about the lessons I have learned in scaling big businesses, gaining millions in sales, and helping our portfolio companies do the same. Buckle up, because we’re creating an unshakeable business.

Timestamps:

(1:31) - Breaking down beliefs about product

(3:29) - The secret to business success: product focus

(5:57) - Understanding product market fit

(13:30) - The Ellis test: measuring product market fit

(16:39) - The consequences of a poor product

(19:20) - The importance of refocusing on the product

(20:35) - Identifying the right product and customer fit

(25:26) - Understanding your product's position in the market

(28:50) - Improving your product: gathering feedback

(31:52) - Creating a product roadmap

(34:16) - The importance of regular product iteration

(36:21) - The impact of a great product on business success

(37:59) - Actionable steps to improve your product

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