Getting a place in the market is good. But who has never dreamed of taking ALL the space, positioning themselves ahead of competitors and being automatically chosen by customers? A very beautiful dream, certainly. But a dream made possible by a concept , the Holy Grail of internet commerce : product market fit. If you are wondering about this magical notion and how to achieve it, this article is for you. And here we go: product market fit, definition! product market fit walk What is product market fit? Product market fit is the conceptualization of something that we all already know: if you find the perfect product for a market in demand, you have every chance of experiencing dazzling success. Very pleasant words, but relatively imprecise. The product market fit struggles to make this notion factual.
Study the market
Defined by Marc Andreessen, product market fit is the situation in which you find the perfect product, which corresponds exactly to the demand in a particular market. In the pyramid created by Dan Olsen, the product market fit is the perfect meeting between the characteristics of a product, and Cambodia Phone Number List the demand on a market . More simply, it is a perfect match between the product and the market . The one that makes buyers say “ it would be nice if it existed… Oh, but it does! ” when talking about your product. Product market fit: how to find it? But you can imagine that this resonance between product and market is not easy to find. Having a revolutionary idea does not happen every day! Otherwise, all the start-ups would also do it. To point you in the right direction, here are a few steps to follow.
Define the needs of your personas
This is not a magic recipe, but an approach to adopt to find your product market fit . Study the market The very first thing to do when you want to occupy an essential place in the market is to know the market in question. By knowing, we mean being able to analyze one’s problems . It is therefore essential to take the time to study the market in which you wish to position yourself . Finding the right solution involves knowing the problem! To do this, you News US can for example go to the site of your competitors . After a thorough analysis, you When you are looking for your product market fit, your objective is to find the product that does not yet exist, and which makes it possible to respond to the said problems . But that’s not all ! In addition to finding the right product, you need to make sure that your potential buyers are ready to adopt it. For example, if your product costs €75 to design , but the customers you are targeting are willing to pay only €20 to have their problem solved, that’s not great. It is even impossible.