What is Product-Market Fit and why do some startups fail?
The term product-market fit refers to the being good in the market. When the product is good in the market and satisfies its customers, it is called product-market fit. Today with the growing technology, there are so many startups popping everywhere, but sometimes they rise, and sometimes they fail. There are so many reasons why these startups fail. Either the lack of knowledge in the business, or the weak global-social network becomes the reasons why these businesses fail to meet the requirement of the customer. If you are new in the market and wish to establish your business, you need to have a look at the product-market fit checklist mentioned below:
• Find your targeted customer: The first step to product-market fit is to find your targeted customer. Your target customers are someone to whom you are delivering the product. They will pass or fail your goods and will check whether the services are meeting their requirement or not. While building any product, make sure the services you are offering meets customer requirement. Try to build the product that is not only affordable, but is also easily available in the market.
• Find the pain points of your customer: This is the second main step while you are building the product-market fit. Go ahead and gather the information from your customers regarding their needs and figure out if the solution for these needs is satisfactory or not? Getting answers will surely help you in shaping your product to be market-fit.
• What's Your Value Proposition? : The value preposition is estimating whether you will be able to meet the customer’s requirement or not to beat your competitors. As a startup company, you will have a tight budget, so make sure you focus only on the main objective rather than investing your finance on the newbie.
I2MF is the most trusted and renowned firm that offers startup ideas to market fit. They have an experienced team of mentors having years of experience in the field. They will not only help you in preparing the business model that will grab investors’ attention, but also will help in tracking your progress as you move from ideation to product market fit. Also, the courses offered are very nominal and can be customized as per the budget. Easily one can register for the course. All you need is an internet-enabled device and an internet connection are all that is needed.