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:
- What specific problem does my product solve?
- 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.
Check out these awesome resources:
Also Check out this Reddit post with a lot of good stuff around product market fit
Whenever you’re ready here are the 3 ways I can help:
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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
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