What comes first: the product or the market? REQUEST FOR SAMPLE REPORT Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit This is the question most of the entrepreneurs face with when deciding to come out with a new product. To make this easier to understand, let us consider an example. You have come up with this unique and astounding software product development idea, and subsequently after undertaking market research, numerous discussions with your team, listing out multitude of product features, you finally get down to your Minimum Viable Product (MVP) and approach your friends, associates, acquaintances, and start sharing about your product. And, what more everyone loves your product & provides great feedback. Now, you share your software product with them, but after sometime you are surprised to find that these people do not seem to use it, and basically are not really that interested or zealous about your product. And, this could be simply because of the fact that though your idea was innovative but you overlooked to consider that does it really solves a problem which the market really wants to get solved; and most often the problem is not that significant or big enough. Now, this is a sign that one does not have a ‘Product-Market Fit!’. End of the day, it does not matter how excellent your idea is or how good you think your product is; it is all about whether someone needs it, and whether someone is eager to pay for it. As Marc Andreessen, the first person to define it rightly said, “Product-market fit means being in a good market with a product that can satisfy that market”. So, to avoid reaching the wrong product-market fit scenario, make sure you understand the pain points that your product intends to solve as well as the challenges your customers are seeking to solve. And, this can essentially be done by focusing on the five key ways which will help in making your product “market fit”:- ➡ Determining your target customers ➡ Identifying underserved customer needs ➡ Defining your product’s unique value ➡ Specifying your Minimum Viable Product (MVP) feature set ➡ Creating MVP Prototype of your product & getting feedback Understandably, it is not possible to find product-market fit on the first go itself, so there is absolutely no need to feel panicked. The key lies in testing it till the time your product meet the needs, demands and pain points of your targeted customers. And, believe me, once you have achieved your product-market fit, rest assured you will end up with a successful product which will be ready to capture the market and your customers! So, have you found your product-market fit or still searching? Let us know by commenting below. Tags: Business, customer, enterpreneurs, growth, kenresearch, Market, pmf, productdevelopment, productmarketfit