Market Fit Analysis
The Perfect Fit
Achieving full-fledged product-market fit is key to any successful business. Why? Well, simply put: product-market fit happens when you have successfully identified your target customer and are providing them with the products and/or services they need and want.
It means that there’s market demand for what you’re selling or creating, and people are willing to use and/or pay for it because it’s better than all the other alternatives out there.
That’s kind of the ultimate goal for any business, right?
But how do you figure out if your product or idea has achieved market fit?
Don’t worry. That’s what we’re here for.
How to Achieve Product-Market Fit
The good news: you can create product-market fit in lots of different ways. You can adapt your core product to new markets, identify untapped market demand, repurpose or reorganize old ideas, or even create an entirely new service. The world is your oyster, so to speak.
The better news: our team of experts at Inventive has established a proven process to help you find your product-market fit. We will:
Determine your target customer.
Who do you think will use your product or service? How will it meet their needs? You might not know exactly who your target customer is at first, but we will help you find out through market research. We will then take that research and build customer personas, allowing you to fully envision your target customer in order to develop products and services that will meet their needs.
Identify underserved customer needs.
It's hard to sell a product or service in a market full of existing solutions that people are already happy with. A better option is to find what they’re unhappy with. What pain points do your target customers have? How can you help them solve it? We’ll walk you through these questions and help you find the answers.
Define your value proposition.
How will your product meet your customers’ needs better than any of the alternatives currently available? Will it offer better quality? A more affordable price? More exciting packaging? New services? We’ll work with you to define your value proposition.
Specify your minimum viable product (MVP) feature set.
We’ll help you identify the minimum features you want to include on your first product rollout. Keeping it simple, clean, and effective is key.
Create your MVP prototype.
Don’t worry about making your full product concept just yet — instead, let us develop an MVP prototype for you. We will then iterate on that after you get customer feedback.
Test your MVP with customers.
It’s showtime! We’ll get you to the point where you can show your product off to a select group of your potential customers in order to get valuable feedback.
How we measure product-market fit
Measuring product-market fit isn’t an exact science, but there are ways we will assess whether or not you’re on the right track:
- How quickly do customers make up their minds about a purchase?
- Are reviewers mentioning your product to family, friends, or social media connections?
- What is your customer retention rate?
- Are customers interacting with your marketing efforts?
- How many customers have unsubscribed or stopped using your product?
All of these are useful, data-based indicators of how well your product is finding its way into the marketplace. You can use this information to improve, adapt, and market your products.
Understanding what your audience wants is more effective than trying to change what your audience wants.
Market-fit Analysis: Success Stories
Our team will conduct a thorough market-fit analysis of part of our product development process, identifying a need in the market and helping you build solutions that customers want to buy. We’ve helped clients from all business types and industries do just that.