What’s Product Market Fit
One of the secrets of a successful business is addressing the market that really needs its product.
Product Market Fit is generally a scenario where customers’ needs and problems are resolved with the companies’ services or products and the story is told to other customers to see the brand growth and improvement again.
A company should raise capital and be successful but, generally, this process is always related to something that people want or expect from a company. Fulfilling that purpose is the key factor that generally helps the brand grow.
A company should be able to find or create a product that will satisfy the market. Without having a product that will make the customers willing to buy it, all the other following strategies lose their meaning.
How to Measure Product Market Fit?
Measuring product market fit can’t be done in several simple steps however you can consider several options, that will make everything easy for you.
Companies should observe, how the customers are adapting to their products and conclude how many of them would switch to it and abandon different alternatives. Understand if the customers truly know the value of the product and realize how it differs from others.
Generally, the measurement process differs for every company. However, the best way to start is to determine the target audience, identify their underserved needs, use different surveys as well and determine if the company is on the right path.
Understand Why Customers Buy
There are several reasons of course. First is the necessity. They require your product. To visualize the whole hierarchy of reasons that make customers buy, you can imagine the famous hierarchy of needs, created by Abraham Maslow. It’s based on human motivation and states that people should satisfy their fundamental needs before taking care of their social and emotional needs.
Need is a strong motivation and a company should always know how they can satisfy the needs of the customers. It could be food, clothes, shelter, status, or freedom.
People value comfort, security, protection, and happiness. The product should make their daily life easy or it should create a sense of urgency in them. Urgency could come from the fear of missing out, your product could be their pillar of status and importance.
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Analyze Competitive Business Models
What’s the advantage that your competitors use and how do they use it? How do they benefit and how do they communicate with the target audience?
You can check their reviews across different channels. Also, check how many loyal customers they have now and find out why they lost others. Their advantages and vulnerabilities could be great lessons for your company.
Marketing and Product Market Fit
After gaining a new product or a business, it’s important to research how the company can present it. Without the correct way of delivering the idea, no matter how important and valuable it is, it’s not going to be received well.
Marketing teams always study the audience and know how to communicate with them. Also doing well-designed surveys and getting to know more about people’s needs is another crucial point. You just need to test your hypothesis and idea until you join the market with full force.
Achieve Product Market Fit and Maintain It
Good things need good planning. Achieving a goal is a difficult journey, but more difficult is maintaining the place that you’ve earned. Markets evolve and change on daily bases. Good product-market fit gives the company chance to run its business smoothly.
Products and services have to be improved regularly to ensure the success of the company and keep meeting the needs of the customers. Since nothing is constant on the market, after achieving one goal company should start searching for other solutions as well.
They must have several options that will be actively searched for on market. Basically have an updating solution, so when one product, despite its value won’t be trendy or necessary anymore, the company will still have different options that will directly go into sales and will make them profit without pause.
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