Measure your Idea's Success with Product-Market Fit Analysis
The primary step to building a successful venture by taking feedback from early product adopters.
Identify how your product is appealing to the customers
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.
Why choose Fibonalabs to determine product-market fit?
Determine the product’s lifecycle
Getting the right product-market fit is considered one of the most important stages of a product’s lifecycle.
Stay focused
If you’re not giving your customers what they want, your business might just be out of focus.
Finding right needs
Success lies in finding what the need is and supplying a product to fit it.
Case Studies
We empower clients with unique
design & development services
We empower clients with
unique design & development services
Words from clients
"If you have a concept in mind and would like to explore it further, I would highly recommend that you touch base with Fibonalabs."
We, the Fintso founding team, did this three day design thinking workshop with Fibonalabs team right at the beginning of our journey, and at the end of those three days, we had a much better understanding of what we were trying to build and what our customers really wanted us to build. The workshop was a great collaborative thinking experience that set the path for the first six months of our brand and business journey.
Tanay Chourasia
Core Member atFintso
Product-market fit process
The process involved in product-market fit analysis focuses on the requirements that satisfy strong market demand. From identifying your target customer to understanding their needs, this process helps in determining what to offer in terms of the value proposition.
Stage 1
Pinpointing target customer
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.
Stage 2
Recognizing customer needs
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.
Stage 3
Getting ready for competition
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.
Stage 4
Setting up Minimal Viable Product (MVP)
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.
Stage 5
Creating prototype for your MVP
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.
Stage 6
Testing MVP prototype 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.
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