Among startup businesses, it is essential that they focus more on their product-market fit above everything else. It is due to the reason that these goals can drastically boost their chances of success. However, there are so many startups that are also failing due to the reason that they’ve wasted lots of money on products that no one were buying. Learn about product-market fit here.
So as a way of avoiding the latter, make it a point that you are aware of the pain point of what your product solves and also, the challenges that your customers are trying to solve. By being able to focus on the points that are discussed in the later parts of this article, you’ll be able to know how it should be done. Find out about the product-market fit now.
Number 1. Determining your target market – it is important that you work hard in identifying the target customer who represents user that will likely benefit from the product. It is ideal actually to use market segments to define the customers too. According to marketing experts, developing archetypes for customers is essential so by that, it will be easier for your team to understand who they are working on.
To get this done, there are basically four things that should be done and this is to analyze your service or product, familiarize yourself with the rest of the market competition, choose segment criteria and perform research.
However, among the steps that were mentioned, it’s the last step that has to be carefully crafted around the buyer persona as it’ll help in identifying parts to target on.
Number 2. Gather information – it is recommended to find time to talk to customers to be able to find out their problems and also, to know how much they’re willing to pay for a solution to these challenges. Get insights from your marketing and sales team in order to identify recurring problems. Gather enough volume of data to get meaningful feedback from your research.
Number 3. Concentrate on single vertical – it is very normal among startup businesses to just sell anything they have on anyone to recoup their limited budget. If such thing happens, it may just result to a disaster. Rather than doing this, it is preferable to narrow focus and then, dive deep to that industry. You can stimulate viral spread of your brand name and product by establishing yourself as an expert.
Number 4. Specify value proposition – knowing what your customer’s needs are can be a big help in finding out how to create the best service or product. You must know how to outperform the rest of your competition and come with a surprise to your market. Find more information on this website: https://www.huffpost.com/entry/building-a-strong-startup_b_6654842.