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Achieving Product-Market Fit: How the Startups Did It
- Product managers are entrepreneurs who launch startups by pitching their business plans to internal stakeholders, building teams and launching products to customers using lean startup methodology.
- The lean startup approach involves evaluating the problem customers have with a prototype and iterating with measured data from the feedback loop, using minimum resources.
- To achieve the right product-market fit and create a rock-solid product strategy, you have to define, validate and iterate the problem definition by understanding the problem space, a sense of urgency, existing solutions in the market that have attempted to solve the problem, and its context.
- In the problem definition, it is essential to identify the core audience who will be using your product and being honest about sizing the market.
- The core value proposition is a single statement articulating what value you promise to the customer, and it is essential to continuously evaluate and test it before building your MVP.
- Product quality, technology, user experience, price, go-to-market model and customer-service are just a handful of factors that you can think of and choose to base your differentiation upon.
- Defining metrics to measure the product's success needs to be done as early as possible to evaluate progress objectively.
- Uber is an excellent example where there was instant product-market fit because they used GPS-enabled mobile apps to match drivers with riders, providing a reliable, real-time way to find and book a ride.
- A successful product identifies and tests the product-market fit hypothesis from the get-go and throughout the process of building the MVP, which differentiates success stories from the failures.
- As Albert Einstein said, 'If I were given one hour to save the planet, I would spend 59 minutes defining the problem and one minute resolving it'.
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