Product-market fit may be the golden rule for just about any startup – entrepreneurs require it or their concept will fail. However, defining product-market fit could be challenging for a few startups, as it does take time and takes a deep knowledge of your marketplace.
From my experience in the last 2 yrs building my startup Dizzle, a mobile app for real-estate agents, I’ve developed several variations of my product hoping of mastering the product-market fit. It had been a tiny challenging time, as I continually found myself exhaustively explaining the way the product worked. I finally decided rather than having all these great features, I would concentrate on the only real feature that provided the most value and utility to my marketplace. With this new strategy, I could approach the product-market fit questions a bit differently. I started handing my product to my clients and asked them to describe it if you ask me. Once my target customer could explain the precise value proposition of my product back again to me (and was ready to shell out the dough), I believed I finally nailed the product-market fit conundrum.
The Golden Rule of SETTING UP: Product-Market Fit
I realized providing value may be the name of the overall game, and it is crucial for the market you want to serve that they understand your value proposition instantly. The quicker your customer can understand the worthiness, the more you understand your product has achieved product-market fit.
For all those seeking to achieve product-market fit quickly, listed below are three tips:
1. Understand your customers’ current needs and foresee future ones. Learning the needs of your customer does take time and experience. Unless you know your customer, you will not have much luck determining the product-market fit. To obtain a better knowledge of your target demographic, you should spend time together with your customers, write for industry news outlets, attend industry tradeshows, and discover a mentor available in the market that will help you learn the ropes. Doing this permits you to gain invaluable connections and gain an inherent sense of the industry needs. Creating a deep knowledge of the issues facing your customers allows you to relate with them better and ultimately helps builds trust and credibility.
2. Concentrate on one significant value proposition. Narrowing your feature set right down to the one feature that is clearly a game changer is difficult, nonetheless it a complete necessity. To determine which feature you should initially concentrate on spend time with customers, analyze major emerging trends in the market, and examine areas where competitors neglect to solve problems. The ancillary features will come later as your visitors will be ready to wait if your product solves one major pain point they are facing.
Last Things First: 4 Secrets to Acing Your Product Development Process
3. Build credibility. The easiest way to build credibility is to provide up a tale. Customers wish to know how your service or product will make sense for them, and the simplest way to get this done is to inject their needs into your brand’s story.
For example, I was raised in the real-estate industry, and my mom was sick and tired of clients relentlessly contacting her for an area handyman recommendation. We figured it had been simpler to say “download my app” rather than texting this info backwards and forwards multiple times a day. Works out there were a whole lot of other agents facing this issue — setting the building blocks for Dizzle to grow.