in Daily Gratitude

What is your Product Market Fit? (PMF)

If you are in the tech space, listen up for a minute. I might be saving you millions of dollars!

Just because it is easier to build technology today doesn’t mean you should build something and hope customers like it. There is no need for another UBER, another FB, another Tinder, another Linkedin or any other solutions you are trying to be the ‘better’ version of. Focus on the real problem and create a better solution .. not a new version of what’s already in the market.

When meeting a new client, I always start with the same basic question “what customer problem are you trying to solve?” It’s surprising to see how many companies can’t give a simple and focused answer. They haven’t figured out WHY they exist.

Marc Andreessen defined the term as follows: “Product/market fit means being in a good market with a product that can satisfy that market.” Understanding PMF (Product Market Fit) is so important and I feel that step is seldom taken seriously. Stop thinking about your problems .. i.e not enough customers, not enough sales, not enough traction .. and focus on what is the problem you are trying to solve. If your solution actually helps customers and fits the market need, scaling your sales strategy is much easier.

While sales is never an easy process, having a product that fits the market is a great start and should be a key focus for any CEO or product manager.

Need some help in figuring it out your PFM? Let’s talk.