A familiar concept in the startup world, product-market fit is when your customers are happy using your product, paying for it, and then as an added reward; recommending it to others. In simple words, the product-market fit analysis describes how well your product meets your customers’ needs.
Getting the right product-market fit is considered one of the most important stages of a product’s lifecycle.
If you’re not giving your customers what they want, your business might just be out of focus.
Success lies in finding what the need is and supplying a product to fit it.
The proper way to identify your customer is to first perform segmentation and determine who will be the exact set of people that are going to use your product. Hence, it’s necessary to perform market research and define your customer.
This stage comprises identifying the specific needs of the target audience that can result in setting up a huge market for your product. This is extremely vital for the customers.
Here you have to find out innovative ways to make your product stand out in the crowd. This means staying neck-to-neck with your competitors and coming up with innovations to become exclusive in the market.
Ensure that your product has all the minimum viable features that are expected in general. This includes having obvious options like creation & deletion of an account, edit option for user's personal information, etc.
Obtaining a good amount of fidelity and interactivity for your product by creating a working prototype is very essential. Use the best of the prototyping tools and start testing your product with real users.
Get feedback from the actual users by observing every comment they make while using your product. Ask questions that help them and you dive deep into the customer’s experience of the product and involve their participation.