How Do You Determine Product Market Fit in Your Industry?
Emmad H.
16 replies
If you could narrow down a go-to strategy to determine PMF, what would it be?
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Phillip Stemann 🚀 Planzer.io@phillipstemann
Planzer
The second someone has paid for a product, that's a product market fit for me.
Be aware that this payment needs to happen before you spend a second building the actual product. It's not enough people to say: I would pay for it. They need to do it.
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@phillipstemann This is a great point!
@phillipstemann Point to be noted, thank you!
Ceeya AI - Personal Brand Builder
My industry - B2C SaaS. It's PMF for us, if we can own 20% of market share of the smallest niche group we could find.
@djteknokid Ah, I get you!! Thanks for sharing your advice.
Would my customers be bothered if my product disappeared? Can I scale acquiring customers - do I know how to reach them and what specific set of problems do I solve?
@mjackowski points to be noted - thanks so much for your advice!
You know what they say: "Bank account never lies" You get what I mean ;) 3 things:
1. who pays your product to solve their current problem?
2. do they come back to you to use it even more?
3. is there a market bigger than the initial niche that wants to do the same?
If these conditions are met, then maybe, but maybe, you have PMF.
Crossing the Chasm was the best book I read in this topic in my personal opinion.
@justin_govy I feel you! Like I said, there is no 1-size-fits-all solution which makes life more fun actually.
We've been involving users in Scrintal's product development from the day 1 so I can only align with that. Here is a recent article I wrote that sums our work until today actually: https://blog.scrintal.com/how-we...
@arda_ertem Crossing the chasm is def a helpful book but I think it has it's drawbacks when in B2C products. Explored a couple b2b businesses as well as my current b2c startup, some lessons dont translate too well.
@justin_govy You are 99.9% right Justin because there is probably no advice/book that applies to every case.
Where did you feel the most drawbacks by the way?
@arda_ertem Very true and Geoffry Moore does a good job of acknowledging that the model works best in B2B. For me, the biggest drawback is that it felt a bit dated with a marketing-led product dev process. Don't get me wrong, I used to work in advertising and understand the need for it. But I'm more in the mindset of getting customers involved in the product process as early as possible. Either way, easy for me to say because I've never written a book!
@arda_ertem Thanks for recommending this book and I appreciate your advice - especially #3. 🚀
For me if people will pay for the product, and we have a scalable acquisition channel to speak to those customers.
@alex_vidon_ai I agree. Thank you for sharing your advice with me!!