Product Discovery Process #3: What is market fit?
Date 04 July 2023
Your digital product needs the right operating context to generate value. It's all about market fit!
Lets think of your digital product as a car. Even the best-made and most expensive car would be useless if it didn't have a driver, fuel, passengers, a good road, or petrol stations spaced at appropriate distances along the route. In the same way, your product needs the right operating context to generate value — it's all about market fit.
There are many variables that need to be perfectly aligned, including audience, value exchange, competitive positioning, pricing, and distribution. The perfect alignment of all variables will lead to a state called "product market fit". This is the stage when your product satisfies customers so much that they can't stop selling it for you by recommending it to their friends and family.
You'll achieve this if, with the precision of a watchmaker, you manage to align all the cogs so that they work together. This is not an easy task, and don't assume that you can do it all at once. In practice, building a product involves many iterations during which, by trial and error, you test successive settings. Therefore, use your budget wisely — the success of your project depends on whether you manage to find the right fit before you spend your budget.
It seems natural to many founders to assume that the work of building an app starts with building an app. It sounds natural. However, given the high cost of programming, perhaps there's a way to challenge certain assumptions before the first line of code is written.
To ensure a higher chance of achieving market fit and optimizing the variables involved, you can consider engaging product discovery services in software or working with a product strategy agency. These experts offer product discovery solutions tailored to your specific needs. Through their expertise and methodologies such as rapid product validation sprints and service design sprints, they can help you navigate the discovery phase services for product development and increase the likelihood of finding market fit.
CEO Sparing Digital