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.
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.
When surveying potential customers or allowing them to test your product, does some segment indicate they will switch to your product? Are some users who have rejected similar products on the market willing to try yours? When user testing, do people group your product accurately with the right competitive offerings? Do users demonstrate an understanding of your product’s differentiators or unique value proposition? How do your underlying metrics (such as retention rates of users) measure up against those of your competitors?
product-market fit means finding a good market with a product capable of satisfying that market.
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