Failory research on why startups fail is, around 56% of the startups do not find a product market fit and die eventually. So before you add more to your workforce, focus on the product.
The point is that
” Make mistakes of ambition and not mistakes of sloth.” —Machiavelli
Mistakes of ambition:
-failing on a big goal
-creating something nobody wants
Mistakes of sloth:
-not attempting a big goal
-consuming instead of creating.
Mistakes of ambition teach. Mistakes of sloth comfort.
Each marketing method is simpler with an extraordinary commodity. If the product satisfies the market the market is going to satisfy the organisation with their responses.
This is the point where most startups fail because they fail the get the right product which naturally affects their target customers.
In this blog ahead you will understand several aspects related to it. From the introduction of What is product market fit and why is it so important when developing a product?
What Is Product/Market Fit And Why Is it So Important When Developing A Product?
We’ve all heard of the idea that a great product will have a market. But what does it really mean to have a market for your product?
Product Market Fit definition– When an organisation comes up with some ideas and products for customers it sets certain goals. The products fit in the category of Product Market Fit if the clients/customers are purchasing, utilising, and educating others regarding the organisation’s item.
Having a market for your product is having a target market. A target market is a group of people that are specifically interested in your products and services. You may be looking at your target market and thinking: “I want everyone to buy my products!”
But that’s not a realistic goal. You’ll never be able to please everyone. Instead, you want to find a specific group of people that are interested in your products and services. Once you’ve found your target market, it’s time to put your product in front of them. The best way to do this is to speak directly to your target market. The next step is to actually get your product in front of your target market. Do this by creating a value proposition for your target market. Then, offer your product to your target market for a price that works for you and your target market.
Product Market Fit Framework
A product is building something people want and builds something people need. It is about developing a product so useful or beneficial that people will bear. This is the essential key if you enter the market. The more they are going to talk the more you are in the walk.
Write down your product vision and mission statement.
Vision is what you want to achieve. The mission is how you would want to achieve it.
Vision is the destination. The mission is the road to the destination.
The point is that It all begins with you, your idea, and your growth mindset to keep it alive.
When a business person recognises a need on the lookout and forges an answer that clients need to purchase, that is product-market fit. It revolves around the idea of creating products that people want and keeping in mind their problems and needs.
Apart from all these things, there are plenty of other benchmarks you will have to keep up with and they will be playing an essential role here.
How To Find Product-Market Fit
The first thing about product-market fit is how big or small is the market of your product. If you are building from a scratch first focus upon the market. Find a market where there is a genuine burning problem. Create an MVP to gain initial customers from the market and understand your consumers carefully.
So without further ado, let’s go through the key points that can lead to an ideal product-market fit. Decide Your Objective Consumer.
- Talk to them about what you are thinking about and what your ideas are.
- Take their reviews regarding it and plan consequently.
- Ask them if the product shows them some ease
- Know what value it holds in their life.
Deciding who your objective consumers are is the key and foremost point here. Keep the product aside and understand the consumers and their needs and automatically you will get the product that they desire. Be close to consumers and talk to them.
Don’t just impose your ideas on them but let them speak out, let them give you a lead towards the product that should come out.
Understand What Customer Needs
Everyone has their own opinion regarding anything. They have their requirements and values. Everyone has their expectations. And that’s the thing. Just take your time and know exactly where you need to hit it.
Someone living in the mountains won’t ask for a cooler so that’s the thing to be worked on.
Go around, examine what people think, what people speak, what they expect from any organisation.
After you are done with getting the opinions of them now sit and plan, And do what can be the product that stan on their expectations keeping in mind to your expectations.
Understand What Your Offer
Something you create and something the people need should be on the same line. Two different paths do not always lead to the same ends. So just be around the product and ask yourself. Is this thing going for a long run, Is it bringing gold to you. Is this what people out there will welcome and trust?
Everything is connected. Your ideas, your product, the needs and choice of people, their demands, their expectations. And it is something that is going to help you till the end.
Understand What Product Offers And Where It Stands
Now as you have known your consumers, their mindsets, and requirements. You have worked on your product too. You need to understand how long and where it stands. Hire specialists to make the product valuable. The products that are durable like cars, smartphones. Products that are consumable like fruits, protein powders.
Is it going to be of the same value and need 10 years from now or more?
Is it capable for the long run and for standing in between other products offered by various other organisations?
Does it hold the confidence to be valuable to all of them or what?
All these things are going to be a great mark. And you are the one who has to be responsible for it all.
If you do enough research and work before bringing the product to the market it is going to ace. Or it will fall just like nothing.
Related Post- 10 ECommerce Startups In India Which Are Huge Contributors To India’s GDP
How To Know The Product Is Not Market Fit
There are certain ways which tell about the product being Market-Fit likewise there are ways to tell that it is not market- fit too.
Some of the hints you can get earlier while some can be understood after the product is launched in the market.
But you can act on it anytime and here are the points reflecting towards the product which is not Product-market fit.
- You don’t have a serviceable consumer venture
- Free customers don’t operate your object
- Customers leave straight after a trial
- Slow sale cycles
- No natural development is shown
These can be some signs that will lead to the expectations and your role ahead.
How to Achieve Product Market Fit
Achievement can be defined as a thing done successfully with effort, aptitude, or courage. So to achieve something you need to dare to begin and lead it ahead.
To achieve the product-market fit you need to keep a certain thing in mind.
Here is what you need to do:
Something No One Else Has Brought Yet
There are plenty of problems around these days and if you catch the exact key and bring out the solution no one has done before. You are so into the game.
You have to think out of everything and aim towards the loopholes where no one has reached.
Your product needs to solve the problem no other did. Not all of them as there will be plenty but little by little. Trying to step up with time, everything will fall in line. All you need is just that first step towards it.
Related Post- 10 Top AI Startups In India That Are Leading Their Way Towards 2022
How Much Do You Believe In Your Product
You have worked on something and that product right there defines you. You know every part of it. If you believe that it can be of value and it is what should be out there in the world. That belief is going to be a lot helpful.
Because, if you have the slightest of doubt you know where it stands and if not then it is going to be a huge one out there.
An Adequate Market
When you bring any product you decide to put it in a certain category. And that is crucial as if it stands at the right market it is going to lead ahead. Around right consumers who know it’s worth will carry it with them.
The market will permit you to grow and develop your processes with ease, with no limitations and drawbacks.
The Right Motive Behind The Product
If your motives are right around the right consumers the product is going to be the right fit. The consumers have believed in you and you have paid them back. This will be good for the long run.
Product Market Fit Example
Deep down the lane, there have been many Product market fits. Which were worked upon with great intellect. Today they are standing there and doing their work greatly within the mark.
Believe it or not, they also began with small steps but were well executed and worked on.
For example-
Slack – This came up as an internal workplace communicating platform. It provides ease in workplaces and proved to be a great space. Currently, more than 10 million people use the product.
Netflix– Binge-watching any movie, show, series anything anywhere that too in any language you prefer. Netflix is straightforward, easy, and is dominating the entertainment market at present.
Spotify – One of the most used music streaming platforms. Plenty of songs with plenty of choices this is something which people needed. They have provided many features too to make it user-friendly.
The blog you are reading right now is an acceptable example of a product.
Apart from these, there are plenty more products right now which are growing and are up to the mark.
So that’s it on the topic, hope this proved to be an informative one.
Planning is thinking and thinking might be difficult but once you are there no one is going to stop you unless your mom calls for dinner.
“Getting the product right means finding product/market fit. It does not mean launching the product. It means getting to the point where the market accepts your product and wants more of it.” – Fred Wilson
The thing that the world will see as a result will be the product but all that hard work, those plans, those discussions are going to bring confidence in you and are going to change the way you think.
5 Best book for learning product market fit
- The Lean Startup by Eric Ries
- The Lean Product Playbook by Dan Olsen
- Zero to One:Notes on Startups, or How to Build the Future by Peter Thiel
- Trajectory: Startup: Ideation to Product/Market Fit by Dave Parker
- Lean B2B by Étienne Garbugli
Conclusion
It is a given that the most successful technology startups start with a good idea, but they also need to find a market in which their product will work. That is called product-market fit. A company that has found the product-market fit is able to identify a need in the market and fill it. In order to find product-market fit, a company must understand what its target market needs and wants.
