What is product-market fit? — Startup Analytics

Ask yourself why you are building your product?

  • What is the problem that you are trying to solve?
  • Why do people care?

Listen to what your customers are saying

The next step, post the problem statement definition and an understanding of ICP is to start interacting and engaging with this audience. Armed with the right definition of customers, one should be able to find our customers in either of the following avenues:

  • FB Groups
  • Sub-Reddits
  • Youtube Channel Subscribers
  • Public Forums

Meet your customers and hear their feedback first-hand

Now that we have identified the audience and know where they hang out. It’s time to put on your jacket and head to them. Instead of trying to push the product or solution, engage and participate in their conversation. Try to gauge if the problem statement picked up is the right one and a major one.

Iterate until you find product/market fit

Once you have the basics figured, it’s time to get out with the first version of the working solution and get the initial feedback. This will be key to understand, where we are in terms of solving the problem and what will be needed to be done to improve upon this.

How does one know you have a product-market fit?

There have been multiple definitions and ways to define it and use it as a check. Most of these are anecdotal experiences or statements trying to expand on the exact feeling when this happened?

Conclusion

When you find product/market fit it will be easy to grow your business. When you don’t find a product/market fit it will be difficult.

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