In today’s episode of The Startup Chat, Steli and Hiten talk about Product-Market Fit. They guide you on the path to identifying if your product is well placed to succeed in its target market and how to define what it means for you and your business.
Perfect Product-Market Fit is the dream of every startup, imagine your product flying off the shelves and into the arms of a crowd of satisfied customers. To define and achieve Product-Market Fit you have to have a deep understanding of your audience. Integrating the compelling value triggers to solve a key pain point for your target market.
Tune into this week’s episode of The Startup Chat to learn how to develop your own perfect Product-Market Fit for your startup and how to do it the right way so that your customers cannot get enough of your products. Steli and Hiten also share their top tips to getting you started on the path to successful product placement.
Time Stamped Show Notes:
01:12 Product-Market Fit defined.
01:34 How can you achieve Product-Market Fit?
02:04 Three ways to find Product-Market Fit.
03:41 Important things you must be aware of.
04:54 Being honest about product performance.
06:00 The difference between growth and Product-Market Fit.
07:18 The difference between marketing and Product-Market Fit.
07:33 Product-Market Fit equation.
09:10 Top tips for finding Product-Market Fit.
10:16 Top strategy to get genuine confirmation from your market.
3 Key Points:
If a customer gives lots of their time, money and if they can not stop talking about the product. Chances are you have found Product-Market Fit.
When you think about your product, what will cause them to keep coming back?
Go out and try to prove yourself wrong.
Steli Efti: Hey everybody. This is Steli Efti.
Hiten Shah: And this is Hiten Shah. Today I think we're going to talk about one of my favorite topics, which is How to Get to Product Market Fit. I think there's lots of different ways. Steli, what's your deal with this topic? Do you like this topic?
Steli Efti: I love this topic. You know why?
Hiten Shah: All right. Yeah.
Steli Efti: You know why? I was talking to somebody, I think it was even an email exchange of a listener sending us an email asking us about how to prioritize certain things, and product market fit, and then not being sure they have it and all that and that clicked. That made me realize, "Is it possible that we've never, in 300 episodes we've never talked about product market fit as the topic of the episode?" I did a bit of a search and boom. I was like, "Oh shit." I mean we've talked about it many, many times within another episode but we've never gotten a full episode dedicated to it. So it was like, "Fuck. We need to talk about this."
Hiten Shah: All right. Product market fit, let me start by defining it. It's when your product fits in a market. What that means is that people love your product and they want to use it and they're telling everybody they know about it. I know that might set a really high bar, but that's product market fit.
Steli Efti: I love it. I wish I could disagree, but I won't. All right?
Hiten Shah: Oh shit. How do you get to product market fit? Well you build something people absolutely love and love so much that they want to share it with other people. Love so much that when you're on a sales call with them ... Again I'm preempting your answer probably, they're just like, "Where can I sign," like, "Let me just pay you." That means that you could have a verbal product market fit where you're on a sales call and people are just ready to buy it based on how you're describing it ...
Key points in this episode
In this episode
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