What is Product Market Fit and How to Find it Before Launching New Features?
Product market fit is the extent to which a product caters to the demand of the customer. It is essential to achieve a product market fit before launching new features for sure success. Product market fit enables you to assess the demand for the product that you are going to sell in the market.
Business executives identify the demand for a product in the market and based on that they deliver a solution. It is essential for the success of a business to assess the target audience that will be interested in buying your product.
For a business to survive it is crucial to sell the products that customers intend to buy.
Advantages of Product Market Fit
Having a product-market fit help your business to grow faster. You will get an excellent response from your customers in terms of sales. Every business thrives to fit customers’ needs, which results in high retention rates.
Optimised Marketing Process
Finding your market fit optimised your marketing process. It will also help you save money on customer retention costs because you are already giving your customers the solution they need.
Lesser Customer Acquisition Cost
Your product will probably gain more traction as a result of increased market demand if it is market-fit. Your marketing expenses and customer acquisition costs will go down eventually.
How to Find Product Market Fit?
Finding market fit during a new product launch or new features launch is an integral part of a powerful business strategy. You have to find the market fit for every feature you are adding to your product. It will help you to retain your customers and ensure unstoppable business growth. However, it is quite difficult to find the market fit for your product before launching it into the market still there are several ways to find the right market fit:
Collecting Customer Feedback
Finding the ideal market fit before launching a new product feature is made much easier with the help of customer feedback. To find out what new features your customers would like to see in your already-released product, you can use a variety of customer feedback tools. Knowing the market fit in this way is target-oriented.
Research Your Target Customer
Thorough research of customers’ buying journey is important to find out the market size. This research assists you in identifying the clients who profit from your product. A perfect research process includes creating research questions and summarising your findings.
Creating a hypothesis means assessing the result in advance in terms of customer experience after using the new features. For a significant hypothesis, you need to collect a large amount of data from different channels.
Modifications According to Findings
Modify your product or integrate new features based on your findings. By making these changes to your product, you can encourage customers to recommend it. Obtain customer feedback on any new features you've added to your products.
These are the techniques for determining the ideal market for the launch of a new product or feature. Getting customer feedback and acting on it will help you reach your business objectives.