When your product or services can satisfy the needs of the spectators, it will reach product-market fit. In this blog, Jon Purizhansky has shared what to do and what not to accomplish the same. Every year hundreds of startups start everywhere with what sounds like the next great thing in tech that’s going to transform the business and you have observed that the majority of them fail.
A startup fails for a variety of reasons and not achieving the product-market fit is one of them. It is because the product or solution startup has created is not selling. Consumers are not speaking about it; they don’t comprehend its values, declining sales, and so on. It’s not the product-market fit. Let’s learn more about the product-market fit.
What is Product-Market Fit and How to achieve it?
In simple words, product-market fit means your startup is in a good market with a product or service that can gratify that marketplace. Just remember that market needs to be good and not your product says Jon Purizhansky. And you should create a half-decent product that fulfills the need of the market or be better than the existing one. Let’s learn how to achieve product-market fit:
Find your target consumer
Your potential consumers will get the most out of what product or services you are providing. Hence, you need to comprehend customers to have an efficacious and lucrative product. Your team must comprehend who they will be concentrating on while planning and creating the product.
Initially, it was hard to nail down a particular persona, but you can keep repeating by conducting product study, thorough market research, and understanding your rivalry. The deeper you go, the better the probabilities are that you will be capable to discover unanswered pain points of your prospective clients.
Find the patron’s agony point
Once you have done with your target market identification, you need to gather information from patrons concerning their needs and if they are gratified with the product or not. Such information helps you to produce a product or solution to be a perfect market fit says Jon Purizhansky.
Know your value proposition
The value proposition is a fundamental idea on how to deliver top-notch services to your patrons and beat the challengers in the market. All you need to do is to develop a product that includes the features that meet clienteles needs.
Form your MVP
Once you have done with the value proposal, now it’s time to plan and form your minimum viable product. Remember to evade stuffing too many features hastily and overspending only to cram that your clientele didn’t like the product. Your MVP must have the simple minimum features that can offer value to target customers so that you can authenticate whether you have a valued product emphasis Jon Purizhansky.
Test your MVP
Now it’s time to assemble valuable feedback from customers. The one thing you have to be cautious about is getting a comment from the wrong person. You do not want to amend your product based on feedback given by individuals who do not even tenuously signify your target market. After collecting feedback from potential clients, you should test the prototype.
Repeat the MVP
You need to repeat the process. As the customer comment points out which step of the product development process you have to go back and repeat. It sounds a bit boring, but it will be well value the effort.
If you have touched a point where the potential clientele is completely in love with the product and have zero negative comments, then you have a valuable product. This means your product has achieved product-market fit says Jon Purizhansky.