What does product market fit for startups feel like

Hammering down product market fit for your startup 

According to the latest data, up to 90% of startups fail.

What does the other 10% do …. They look for product market fit. 

It’s no secret that achieving product market fit is crucial for startups 

Yes, I m talking about that sweet spot where people absolutely love what you’ve built, and it starts flying off the shelves.

Let’s jump into it 👇

 

Understand the problem:

The first step is to stop thinking of your product as a “Product searching for a market” and instead view it as a solution to a specific problem.

Ask yourself these questions:

  1. What specific problem does my product solve?
  2. Who is experiencing this problem, and how do they currently solve it?

 

Remember, your goal isn’t to sell to everyone but to create a loyal customer base that genuinely needs your product.

Entrepreneurs can sometimes get overly excited about their products and miss the actual market demand. This leads to building a solution without a real problem to solve.

 

Bring a product to market that can offer a partial solution to a current problem (like shown in the picture)

 

What does product market fit feel like? A metric-driven approach:

Product-market fit can be hard to define, but we can gauge it by looking at customer retention rates. Netflix nailed product-market fit, keeping 70% of new users for a year and an impressive 30% for seven years!

 

Other metrics to consider are revenue growth, net dollar retention, burn multiple. But remember, product-market fit is a feeling.

 

Here’s what you need to do: 

Learn from the Best: Get invaluable insights and tips on finding product-market fit from “How Superhuman Built an Engine to Find Product Market Fit”  

Read it. Understand it. Implement it. 

 

Talk to Users: 

Engage with customers and use the 8 Customer Discovery Questions to get insights for validating your product-market fit.

 

Use The Mom Test as a guideline for interviewing customers.
Don’t have time for the book? Check out this awesome summary.

 

Check out these awesome resources: 

What it really means, How to Measure it, and Where to find it

Seven Steps to Achieve Product Market Fit

A How-To Guide to Product-Market Fit

Also Check out this Reddit post with a lot of good stuff around product market fit 

 

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Whenever you’re ready here are the 3 ways I can help:

  1. Join me on a free 30 mins 1:1 consultation call focused on your business
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