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We’ve been assisted to create a business model, an investment deck thus to define our strategy that lead us to our first pre-seed funding.
The definition of PMF
P/M fit is when people who know they want your product are happy with what you’re offering in terms that they believe they need it and also they are willing to pay for it.
“Product/market fit also means being in a good market with a product that can satisfy that market.”
“Good” meaning that the market size is large enough to sustain a business.
Practically, product/market fit just means you have a product that the market really loves and can’t live without.
Key Steps – Theoretical Background
Have we developed a product that users want? > Define Demand
- Pre-existing product category
- Verify the target market (find out who is in your target market)
- Number of customers “pulling” for that product category
- Understand your customers’ current behavior and needs
- Foresee future ones
How can our product pick over the competition? > Define Competition
- Successful Practices
- MVP of successful competitor(s)
- Trends in the industry
- Market Share
- Firm Age
- Firm Size (employees, sales)
Build a Minimum Viable Product
- Specify Minimum Viable Product (MVP) feature set
- Create MVP prototype
- Test MVP with customers
Build feedback loop
- Systematically test your model
Questions and Answers around Product Market Fit
Good strategy is the antidote to competition. Strategic thinking is the process of developing a strategy that defines your value proposition and your unique value chain. This process includes market and competitive research as well as an assessment of the company’s capabilities and the industry forces impacting it.
Good strategy is the antidote to competition. Strategic thinking is the process of developing a strategy that defines your value proposition and your unique value chain. This process includes market and competitive research as well as an assessment of the company’s capabilities and the industry forces impacting it.
Good strategy is the antidote to competition. Strategic thinking is the process of developing a strategy that defines your value proposition and your unique value chain. This process includes market and competitive research as well as an assessment of the company’s capabilities and the industry forces impacting it.