Product market fit is comparable to fishing, where the product are fishes and the demand is the sea.
You need to have a fishing rod and find a lagoon or water to fish, or in less fishing words, you need to build a product whose value proposition meets the needs of a business and its potential buyers for your business to succeed.
What Does It Mean For A Product To Be Market-Fit?
Product market fit, also known as “product/market” or “product-market” fit, refers to the stage in which a startup business has successfully established a target customer and is able to supply them with the appropriate product. The next move after establishing product/market fit is to scale by conducting research to find more consumers within the target market (user feedback and interviews).
Understanding The Product Market Fit
In theory, surveys can be used to determine how many of your customers believe your new product is a “must-have.” Most of the time, though, product/market fit is more about an in-depth and concrete perception of who your clients are and how they feel about you and your service than it is about abstract figures and statistics. Is the product valuable enough for people to pay for it? You have product/market fit if it is. Before you develop a marketing strategy to scale consumer acquisition, the path to product/market fit is always paved with word-of-mouth customer retention.
Your product/service would most likely satisfy a small market segment (ideally a successful market!) as a company or early-stage business. As you gain experience, your understanding of these issues you’re solving will improve, and your customer profile will likely change as a result.
If you want to achieve this understanding in the first place, you must first develop a relationship with the customers and speak to them
Own The Relationship With Your Clients
One-on-one interactions with your consumers and clients help in the identification of challenges, the generation of proposals, the improvement of the product, and the development of relationships. It also serves as the foundation for the original consumer segmentation planning.
User and client interactions can be conducted on the internet, through Google Hangouts, or in person; based on what you want to learn/investigate, you’ll need to formulate a checklist of basic questions, but you can also feel free to reinvent and clarify as the dialogue progresses. In general, you’ll want to ask about:
- the history of your client – who they are, where they live, and what a normal work day looks like for them;
- what the client is attempting to do – what problems they’re having, what they’re doing to fix them, and what solutions they’ve found
- how they learned about your service, how they’re using it, and whether or not they’ve found ways to combine it with other techniques
Another way to gather data is from the employees and management, especially customer service representatives. If you have a small staff, you can provide help yourself; as the company grows, keep customer service staff in-house if you can: it’s the only front line you have where clients can come in and speak to you, and this can help you appreciate what your targeted audience and consumers need.
Set up a framework for the product team to monitor and preserve consumer requests and issues. If you get feature requests or questions about product design or website accessibility, take them as a hint that you need to understand more about demand and start a discussion.
Talking about how and why the product works (or doesn’t) will help you come up with practical ideas that could or may not reflect the demands or modifications your clients initially proposed. You’ll finally use this experience to guide your marketing plan as you move toward product/market compatibility.
How Can This Process Be Systematized
B2B SaaS is becoming more popular. As a result, several organizations have emerged that have created advanced technologies to assist businesses in automating such operations, increasing productivity, and meeting rising consumer demands.
One of the most well-known B2B SaaS Startup Builders is Zyla Labs. They specialize in using the venture studio model to create B2B SaaS businesses, allowing them to concentrate on what they do best and also helps them to shorten the time it takes to transform a concept into a product. The Zyla Labs team was established with the aim of conceiving, designing, and launching cutting-edge technology companies.
Their team consists of qualified people, product executives, administrators, designers, and operators. Zyla Labs also automates corporate processes to improve the efficiency of businesses. Many businesses depend on them for distribution, production, and customer service support.
Entrepreneurial spirit, according to Zyla Labs, would help people reach their full potential and make the world a better place to live. They consider large-scale global problems and technological solutions while also playing with several solutions. When anyone shows a lot of potential, they form a great team, form a firm, and assist them in starting a profitable company.
This business collaborates with entrepreneurs to create, launch, and scale ground-breaking ideas. They are always putting new market concepts to the check and confirming their viability. During the quarterly Sprint Week process, Zyla Labs develops, designs, and validates some top concepts, which serves as the primary moving mechanism for introducing new SaaS startups.
When a new company is founded, it is surrounded by world-class experts in every field needed to create a market-leading company. Zyla Labs makes it easier to transform an idea into a Micro SaaS business. Their specialization fields are categorized as brand and design, product and development, HR, distribution, communications, finance, and data science.
If you want to know more about Zyla Labs, click here.
Also published on Medium.