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How to make Product-Market Fit?

For any startup business, it is imperative that they prioritize on their product-market fit above everything else. It is due to the reason that these goals can drastically boost their chances of success. However, there are also plenty of startups that fail since they have invested time and money on something that no one is interested to buy.

So as a way of avoiding the latter, make it a point that you are aware of the pain point of what your product solves and also, the challenges that your customers are trying to solve. By being able to focus on the points that are discussed in the later parts of this article, you’ll be able to know how it should be done.

Number 1. Determining your target market – it’s vital that you work hard in identifying your target customers, especially the ones who will benefit the most from your product. Using market segments as a way of defining your customers would be a good idea. According to experts in marketing, it is wise to develop archetypes so it becomes easier for the team to understand who they’re working on.

In order to do this, there are four things that must be satisfied and it’s to analyze your service or product, familiarize yourself with the rest of the market competition, choose segment criteria and perform research.

Among the steps mentioned, the last step should be crafted carefully around your buyer persona to be able to identify which part you will be targeting on.

Number 2. Gather information – the only way that you can know the real score in your customer’s problems and how much they’re willing to pay for a solution to these challenges is by talking to them. You have to get insights too from the marketing and sales team to know what are the recurring problems. You must have enough data to have meaningful feedback from research.

Number 3. Concentrate on single vertical – it is very normal among startup businesses to just sell anything they have on anyone to recoup their limited budget. If such thing happens, it may just result to a disaster. Instead, it is best if you are going to narrow focus and then, dive deep to that industry. You need to make yourself known as an expert in the industry with the one goal of stimulating viral spread.

Number 4. Specify value proposition – determining the needs of your customers can help in figuring out the best service or product to offer. It is necessary to outperform all competitions and give a surprise to your market at the same time.
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