Your most essential milestone as an early-stage founder is to find product-market-fit. Once you have found it, you will experience exponential growth and make all of your stakeholders happy with the exception of your competitors. Let's see what product-market-fit means and how you can achieve it in your venture.
Product market fit means that you offer a product that satisfies a great market, resulting in the following:
- You have difficulties in satisfying the increasing demand.
- Your customers are your best salespeople.
- You receive daily emails and calls from investors.
While there is no straight line to product-market-fit, there is an iterative process to help you accelerate the discovery. We briefly outline it below.
- Create an attractive value hypothesis for you and your customers.
- Test the value hypothesis with potential customers.
- Iterate 1) and 2) until you can validate your product-market fit with a net promoter score above 40.
Fact-based metrics will also help you to perform this process more efficiently and make smart decisions and take corrective action quickly.
Drop us a line if you want support to reach product-market-fit quicker.