Immerse > Product Market Fit Validation
Why
“The only thing that matters is getting to product-market fit” - Andreessen Horowitz If you want your business to succeed, you need to build products that your target customers want. In other words, the product you build needs to solve a real problem in the target demography. It also means that a business has found a way to serve its customers with more value additions. It also has found a set of customers that resonate with their product.
How
There are four stages to product market fit:
- Discover your customers, and get their feedback about the product/service that you are going to produce.
- Test your product with the customers to make sure it really resonates with them.
- Develop the product positioning, and decide on your brand and product positioning.
- Verify what you have done so far. Make sure that the customer feedback that you have, the positioning you have chosen, and everything in between, is right.
How to Measure?
“Asking if you’ve found product-market fit, is like asking: how do you know when you are in love — trust me, you know.” - Emmett Shear
You find the product market fit when:
- The demand for your products and services is excessively high.
- When your user base is growing.
- When you have people, who are engaged with your products.
A few practical ways to measure product-market fit:
- Net Promoter Score
- Retention Curve
- Product Usage Interval
- Growth Rate