How do you check product market fit?

Question

There are many startups with great ideas but failed due to bad product market fit. 
I have created a discussion on this : https://www.producthunt.com/discussions/this-is-unbelievable-check-this-list

Share your best strategy to test product market fit. 
And if a founder feels that it's not a good fit then should he/she drop the idea or try?

Also kindly validate my platform and share your feedback, I am open to chat on LinkedIn/twitter as well. 
Platform URL: https://www.safeselection.in
Your feedback is highly appreciated and it's very important for me.

John Vick · Accepted Answer

Checking product market fit is an essential step in the product development process, as it helps determine whether or not there is demand for a particular product in the market. Here are some ways to check product market fit:

Conduct market research: Conduct market research to gather data on customer needs, preferences, and behaviors. This can include surveys, focus groups, and interviews with potential customers.

Analyze competitor offerings: Analyze the offerings of competitors in the market to identify any gaps or opportunities that your product can fill.

Build a minimum viable product (MVP): Create a minimum viable product (MVP) that showcases the core features of your product, and gather feedback from potential customers to gauge their interest and identify any areas for improvement.

Test pricing: Test different pricing strategies to see what customers are willing to pay for your product.

Measure engagement metrics: Measure engagement metrics such as user acquisition, retention, and usage to determine whether or not customers are engaging with your product.

By following these steps, you can gather valuable insights into whether or not your product is likely to succeed in the market.

Shubham Pratap Singh · Answer

Thanks for sharing this @critic_rwps , Looking forward for your feedback on safeselection.in :)

Shubham Pratap Singh · Answer

Thank you @eonpilot :)

Shubham Pratap Singh · Answer

Thanks for sharing this @eonpilot 🙂
Looking forward for your feedback on safeselection.in

André J · Answer

@shubham_pratap What specifically do you want feedback on?

André J · Answer

@shubham_pratap Market need: Go way more narrow. Partner with 1 or 2 cab-hailing services. They them self should be super small and and in startup stage. just cold DM everyone that fits this scope, and if you get a NO, ask what you need to change to get a YES. When you bag your first customers put this as testimonial on your site.  and reduce the marketing fluff on the website. Then use that leverage to expand.  and get more customers.

Anton von Hunerbein · Answer

@birthday_boy1 Are you an LLM mate?

Anton von Hunerbein · Answer

I launch a landing page like https://autory.ai/ and then i see how many sign ups i can get

Richard Gao · Answer

For me, it was doing a lot of customer interviews but also research as well with google trends

Ivan Gorshkov · Answer

I find this YC video very useful: https://www.youtube.com/watch?v=0LNQxT9LvM0 According to the founder of Weebly, the key metric that you need to use is customer retention.

André J · Answer

Nothing better than actual real numbers. So rate of first visits vs rate of usage numbers in google analytics. Page-views. Session length. Recurring visits etc.

KB {🪁} · Answer

Might be an obvious one, but competitors to an extent? :D

Some might think having competitors is a bad thing. But, it's great since it validates your product and the market you're targeting.

Shubham Pratap Singh · Answer

Platform and market need @eonpilot

André J · Answer

@shubham_pratap What do you think of my suggestion?

André J · Answer

@shubham_pratap I made a suggestion on how to do that. And it's not about finding 1. What do you think about the strategy I suggested?

How do you check product market fit?

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