Product Market Fit is a term that gets thrown around the startup world often. It’s an easy concept to understand on paper, but difficult to truly define and validate in practice. It isn’t enough to just have potential customers telling you that they’d be interested in your product because at some point, you need to know whether or not it’s something that is actually worth pursuing.
As a result, there are many ways to validate Product Market Fit. Here are five key ones you should consider employing when trying to determine whether your product will be viable in the marketplace.
1. Look at trends in Similar Markets
If the market you are testing is vaguely similar to another already existing market, study trends in the more established market. Find out what is working and what isn’t, then replicate that format into your own product. For example, if you are a yoga app startup – look at successful fitness apps instead of trying to find something completely different like an app for sports cars or something.
2. Listen to feedback
Listening to feedback is the best way to really understand what your users want. If you are confident in your product’s ability to solve a problem, then you should have little fear of allowing others to provide feedback on it. Hearing how others feel about your product will allow you to identify strong and weak points with ease.
3. Conduct Surveys
Conducting surveys is a great way to get lots of feedback quickly. An option that will allow you to keep costs low, while maintaining accuracy is by using Google Consumer Surveys. You can find out what your users/customers think about your product and why they are or are not happy with it.
4. Focus on Customer Engagement
Customer engagement is the best way to test product market fit! Studies have shown that those products that can successfully engage their users/customers will always succeed. If you are truly passionate about your product it should be easy for you to get raving fans committed to it and willing to talk about it with everyone they know.
5. Focus on Retention
Retention is the best way to test product market fit. If you can retain your users then it is safe to say that they enjoy using your product and will continue to use it for extended periods of time. A strong retention rate means a steady cash flow and success down the road.
Always validate your product market fit before moving forward. Follow these 5 Key Ways to Validate Your Product Market Fit and you will be on your way to success! Learn more about how we can help you by getting in touch at firstname.lastname@example.org and visit our site at www.fidelmanco.com.