Product market fit means having a good product that can satisfy your market needs. If the market isn’t getting great value out of your product, it could be due to poor word of mouth, bland press reviews, long sales cycles and you don’t have product market fit.
These 4 steps will help you with product market fit:
1. Get to know your market
In a great market, you have lots of potential customers, pulling your product and referring your product to others. Research your market before expanding your business. Think about it’s size, growth, the amount of potential customers you could acquire.
2. Determine your competitive advantage and unique value proposition
Often overlooked by startups is competitive advantage and unique value proposition (UVP). Your UVP is a single, clear, compelling message that states why you are different and worth buying over your competitors. By clearly positioning your product within the right market, it can be all that’s needed to drive product market fit.
3. Make your product a ‘must-have’ product
Do your customers have a great first-time experience and do they come back for more? Your answer will indicate whether your product is a ‘must have’ product. If your constantly working on improving your product, define your Minimum Feature Set (or Minimal Viable Product) that will drive potential customers to use your product, come back, and eventually give you money.
4. Measure your product market fit
When measuring your product market fit, focus on improving the overall experience for your customers. There’s no set formula to determine whether you have reached product market fit, but there are elements you could look out for to make a decision whether you’ve hit product market fit or not, such as:
- Are we growing organically?
- Are the survey responses improving?
- Are customers coming back to the site and using the product?
Keep repeating the above steps until you develop a must-have product for a certain market.
At Milkshake-factory, we are on a mission to make your small business marketing hassle free. You will find a lot of articles on our blog that can help you gain insight in the world of digital marketing. We hope these are going to be useful to you and we also look forward to your feedback on what else would you like to learn to help you to grow your small business. Consider hiring Milkshake-factory, complete marketing solutions for all your marketing needs, contact us for a FREE consultation.