Welcome to day 3 of the 90-day challenge. The last two days were all about mindset, motivation and discipline, today we’re getting more specific about entrepreneurship. Above all, the absolutely essential topic of “Product Market Fit”. Find out what this means and how you can use it to achieve entrepreneurial success.
What is Product Market Fit?
Product Market Fit means offering a product or service that customers not only buy but are so excited about that they recommend it to others. It’s not about monetizing a hobby but creating something that provides real value and grows organically.
Sam Altman from Y Combinator coined this term and emphasized how crucial it is to achieve this point before investing in marketing and expansion. One indicator of this is the Net Promoter Score, which measures how likely customers are to recommend your product.
Our Journey to Product Market Fit
When we started Bake in 2019, we already had a pretty good Product Market Fit in the crypto and staking space. In 2020, we expanded our offerings and achieved a really solid Product Market Fit, especially by adding liquidity mining and other crypto services.
Challenges and Learnings from the Past Years
The year 2022 was challenging. Many crypto companies lost their Product Market Fit, and we had to reorient ourselves as well. We learned that the crypto market is extremely volatile and requires constant adaptation. Now, in 2023, we’re on a good path back and have realized that customer needs have evolved.
Our Strategy for the Next 90 Days
Our goal for the next 90 days is to offer a product and service that is so good you’ll pay for it and recommend it. We are focusing on three main characteristics: simplicity, transparency, and attractiveness.
We will introduce new features, such as automatic rebalancing bundles and tax-optimized payout options. Additionally, we are working on better partner integration and a more user-friendly onboarding process.
How You Can Join Our Journey
You probably belong to one of the following three groups:
- Inspiration Seekers: You’re here to find entrepreneurial inspiration. Check if you’ve achieved Product Market Fit for your own business. If not, work hard to attain it.
- Former Customers: You’ve invested with us before and might have withdrawn in the last 8 months due to uncertainties. Consider coming back. We offer full transparency, security, and attractive returns.
- Newcomers: You’ve never heard of us? Check out bake.io, download the app, and dive into the world of crypto investments.
Conclusion
The energy and enthusiasm in our team are immense. We look forward to having you join our 90-day journey and support us as a customer. See you tomorrow for Day 4!
Stay up-to-date on the latest developments
If you want to stay informed about the 90-day game plan and beyond, you should also subscribe to my newsletter: https://ceonews.bake.io/en/newsletter
Your Julian
Entrepreneur / Investor / Athlete / Father
