Thinkubate Product Course
Identifying a problem has launched many an entrepreneur, who find a solution to that problem that can generate revenues. The path to profits is, however, littered with products that did not appeal to the market. The product simply did not fit the need. Conduct proper product-market fit research before launching.
There are distinct steps to take to define your target market:
Once we have done the research into the product-market fit, we need to take it to market. The aim should be to get a dominant market share, especially for technology-based innovations.
Far too many entrepreneurs are focused on the product, without considering all the other factors around building a sustainable business. A clear-cut problem and your solution to that problem should drive your product development. This implies that you need some insight into the people that will be buying your product from you. The product-market fit is how we make sure we launch products that solve real problems while generating profits for the business.
The product-market fit is the degree to which a product satisfies strong market demand. It is the first step to building a successful organisation in which the company conducts the entire product lifecycle. It also means being in a strong market with a product that can satisfy that market. This implies that the company has done the research in the target market to make sure there are enough potential customers to buy the product.