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Product Market Fit - Define and measure it

Steve

Entrepreneur and CTO
February 20th 2024

When you are launching a new product, you are often struggling to gain new customers, let people know about your product, and often changing or adjusting your strategy to increase your market share. All these activities are normal during a product launch, but there is a moment in which everything changes… this moment is when you reach your Product Market Fit. The launch of a new product usually follows a curve with different stages:

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In the first stage of introduction, you are trying to enter the market, increase sales, and investing lots of energy. Instead, when you reach the Product Market Fit, you are in the stable and rapid growth phase.

You are in the right market with the right product. So the first decision in the product launch is to select the right market, one that is wide and with a very high growth rate. When you can achieve this result, the product is exactly what the customers want, and they are buying it very quickly.

Another important parameter is the number of customers that stay with your product. Until you reach your target, you are continuously gaining new customers and losing old ones; the situation is not stable. Then something changes, and the customers move with a significant increase rate, and everything happens very fast.

The reason is the Network effect: people know about your product from others, customers are searching for you. So now you can achieve rapid growth and customer retention… but you still need to monitor the market status because the next phases are maturity and decline, so you need to stay focused.

One good method to check the Product Market Fit health is to stay connected with your customers, to ask them about their feelings regarding the product. For example, it could be very useful to conduct surveys often, asking about the importance of the product and if they can live or work without it.

If a percentage between 35-40% still thinks that the product is really necessary in their lives, you are still in the Product Market Fit. So stay on track and monitor the market!

Have you reached your Product Market Fit? Let’s share your experience!



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