Product Market Fit
Product-market fit describes a scenario in which a company’s target customers are buying, using, and telling others about the company’s product in numbers large enough to sustain that product’s growth and profitability. Product-market fit means finding a good market with a product capable of satisfying that market.
Before you develop a product that you confirm enough people are willing to pay for, your team cannot afford to focus on other important strategic objectives such as growth or upselling existing users. Those initiatives could even be counterproductive, in fact, if you haven’t first determined that your product has enough of a market to sustain itself and generate a profit.
We generally associate the concept with marketing and product management. In reality, achieving it is a shared responsibility across the company. Sales, business development, support, finance, and all other departments help the company reach this important milestone.
This concept might seem obvious, but it is important to make sure there are enough people who want what your business offers and to define your value proposition accordingly. Product-market fit can matter more to the future of your business than creative ideas, masterful teams, or any other factor, and is critical to take into consideration when you build the product. For any business to survive, there must be people who will buy what it sells.
You can create product-market fit in lots of different ways. You can adapt your core product to new markets, identify a strong market demand, repurpose or reorganize old ideas, go to where the market is, or even create an entirely new service.
It is important to remember that fit is not binary. Product-market fit does not look the same from business to business, customer retention curves are also different. However, there are some established processes you can follow to help you achieve it while developing a minimum viable product prototype.
There are six steps for a lean product process – Determine your target customer, Identify underserved customer needs, Define your value proposition, Specify your Minimum Viable Product feature set, Create your Minimum Viable Product prototype, Test your Minimum Viable Product with customers.
This product will primarily be useful to marketers when preparing a new product-to-market strategy. You can provide competitor analysis and market analysis in detail when developing your marketing strategy.
Product managers can also use the slides from this template in their work. For example, you can present your suggestions for improving sales using the slides in this template.
University educators and business coaches can use the slides from this template to prepare their courses on marketing analysis and product promotion in a highly competitive environment.
Product Market Fit template will be useful for marketers, product managers, analysts, and startup executives. All slides in this template have all the tools you need to build a professional presentation. You can customize colors, block sizes and infographics yourself. The Product Market Fit template will be a worthy addition to your collection of professional presentations.