Product Market Fit

 Product Market Fit (PMF): Product which is satisfying customer needs in the market and enough good to solve those needs is nothing but a Product Market Fit.

Product Market Fit create a significant customer value because the problems are solved by the solution.

• PMF should meet customer needs

• PMF must do better than alternatives.

How to get that product market fit?

while reading a book on product management i came accross product market fit pyramid and saw it has different layers like taget group, understanding their needs, value created, features & functionalities and finally UX.

Key points to note:

• New market do emerge: Many times we see that there is already one product exists and others are going to copy it and launch it with their brand name in the same market. what is difference between existing and new launched product? nothing. whether it is going to solve other problems related to existing product? no.

By working on the innovation can lead to new market trend and ultimately new market emerge.

• Underserved needs: Just take an example of e-commerce app. many of them are delivering groceries by 2-3 days but few business tycoons understood that the grocery products are required ASAP and they worked on 10 minutes delivery or 20 minutes delivery.

• One must note that many of products are judged in relation to alternatives.

Comments to enhance knowledge sharing are welcomed.

Want to run with me the product management journey? Be in touch with me Rakesh Men 

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