What is the Product-Market Fit?

What is the Product-Market Fit?

Product-market fit illustrates the stage of any startup where they have productively identified the target audiences and serve them with the right product.

  • Product-market fit represents being in a good market with a product that can satisfy that market.
  • Product/market fit tells you the scope of the problem you are trying to solve and how well your product or service is solving that problem.

 

How to achieve a Market-Fit Product

There is no one fit solution for this. If a sure short solution is available to get it right, then all the startups would eventually become damn successful. So, you need to concentrate on how well your product is solving or giving viable service to the customers.

Let’s list a few simple steps which allow you to go through the right process of measuring the product/market fit:

 

  1. Identify Your Target Customer

Identify your target customer, do high-level research then refine and narrow down your choices until you find the ultimate buyer persona.

 

  1. Understand the Big Customer Needs

You need to find the demands and needs of vital customers who are at the target.

 

  1. Know your Competition

You should come up with something absolutely inventive and thoroughly revolutionary to win people’s hearts and surpass your competitors.

 

  1. Specify your Product Feature 

After you define your value proposition/ competitors, specify what functionality your product will include to attract and capture the market. Define what innovative and new your product will have.

 

  1. Test the product with Potential Customers

Once you got the product, it’s time to get comments and feedback coming from the target audience. Interact with the audience personally, ask questions to clarify things that matter the most for the product; try to analyze deeper to get more views. Listen to your testers, identify patterns of similar comments, and then go find methods to improve and enhance the product accordingly.

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