Product

Product Market Fit

What is it?

A validation that you have built a useful product for a specific market. Ideally, an important milestone to reach before you scale your company.

Some symptoms:

  1. Lots of repeat users across months (not just days, weeks).
  2. User Acquisition is easy – WOM and Organic channels are shining.
  3. You are growing out of office space and support staff.

It doesn’t imply:

  1. Your startup is successful – Competitors will come and your market will evolve.
  2. That once achieved, you can’t lose it (eg Nokia, Myspace).

How to achieve Product Market Fit:

  1. Understand your consumer’s problems super well.
  2. Focus – on solving their biggest pain point.
  3. Be patient and restless – It will not happen quickly and will take toil, failures, experiments, pivots.

 

According to Marc Andreesen

Do whatever is required to get to product/market fit. Including changing out people, rewriting your product, moving into a different market, telling customers no when you don’t want to, telling customers yes when you don’t want to, raising that fourth round of highly dilutive venture capital — whatever is required.

When you get right down to it, you can ignore almost everything else.

Good reads:

 

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