People Don’t Know: product market fit

Startit Admin

Wednesday 8 August 2018

People Don’t Know: product market fit

Every month, we boost your entrepreneur lingo by explaining a little-known business concept. This time, we’re introducing the product market fit. Time to get inspired!

As a startup, you’ll reach product-market fit, when you’re in a good market with a product that can satisfy that market. Some even say finding the right customers is more important than finding the right team members.

Just because you launch your product, doesn’t mean it will be picked up by your target audience. That’s why it’s a good idea to test a prototype in advance.

 

(Ad)just your prototype

Does your prototype fail to satisfy the right audience? Then it might be a good idea to make some adjustments before the actual launch. Does approximately 40% of your users feel like they can’t live without your product anymore? Uncork the champagne, you achieved a market fit!

In conclusion: reaching a product-market fit is all about fulfilling product demand. If you know what the market wants and succeed to satisy their needs, you’re more than halfway there.

Want to know what bootstrapping in the startup world refers to? Click here!
Subscribe to our Youtube channel and stay up to date!