Secrets to Achieving and Maintaining Product/Market Fit

From startups to public companies,

product/market fit is the key to any growth plan.

But even if the market is ripe for the taking,

can your product satisfy customers?

42% of start-ups fail because of a lack of product/market fit*

OUT OFBUSINESS

*SOURCE: https://www.cbinsights.com/research-reports/The-20-Reasons-Startups-Fail.pdf

Here are

3 proven strategies courtesy of the product specialists at Norwest’s 2016 Product Summit

1

1Sell the Problem You Solve, Not the Product

1Define the primary sales drivers for your target market

111

Remember, buyers want products that solve real business problems.

111

Remember, buyers want products that solve real business problems.

Ask yourself: Does your product o�er a competitive advantage?

11

Remember, buyers want products that solve real business problems.

Ask yourself: Does your product o�er a competitive advantage?Does your product reduce costs?

1

11

Remember, buyers want products that solve real business problems.

Ask yourself: Does your product o�er a competitive advantage?Does your product reduce costs? Does your product resolve a top customer pain point?

1

2

11

If you’re not sure,

survey your current and prospective customers to find out. An e�cient user feedback loop will result in higher customer satisfaction and better product/market fit.

2Don’t Ride the Middle: Solve for User Interface (UI), Function or Both

1UI

Function

UI

Function

2

22UI

Function

UI

Function

Should you sacrifice features or functionality to meet go-to-market deadlines?

2UI

Function

UI

Function

You have two choices: O�er a dazzling UI.

Should you sacrifice features or functionality to meet go-to-market deadlines?

2UI

Function

UI

Function

You have two choices: O�er a dazzling UI. O�er unrivaled functionality.

2Should you sacrifice features or functionality to meet go-to-market deadlines?

22UI

Function

UI

Function

You have two choices: O�er a dazzling UI. O�er unrivaled functionality.

But never o�er something that is mediocre in either area!

3Should you sacrifice features or functionality to meet go-to-market deadlines?

23Make a Product That Fits the MarketYou can make an unsuitable product fit the market, but you can never make the market fit an unsuitable product.

3

33Understanding the

problem while having the right features and functionality

means nothing if the market isn’t ready.

3

33Big companies

should continue

spending on R+D and market analysis.

3

33Smaller

companies should

leverage prototypes and beta testing.

3In all, there are three themes that go hand in hand with these strategies:1. Customers come first2. Execute on your product’s

functionality, UI or both3. Remember your business goals

and priorities while notfearing change

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