Product-market fit (PMF) is one of the most recognized and important concepts for all startups. It means you’ve created a product or service that satisfies a market need by delighting its customers, which becomes evident through exponential organic growth.
Trying to figure out how to bring your startup idea to reality?
Or your startup is not getting enough traction yet?
Building a successful startup is not an easy feat. And in fact, the failure rate of startups was around 90% in 2019.
So how can you turn your idea into a successful startup?
The key to your success is “Product/Market fit”.
Product/market fit is described as your business being in a good market with a product that can satisfy that market.
Think of 3 key criteria for a “good” fit between Product and Market.
- Value proposition — Your product solves the customers’ problem
- Channels — Your product can reach the customers cost-effectively
- Monetization— Your customers are happy to pay for the product
CLICK HERE to link to our full deep-dive into Product Market Fit.
