There are many different definitions of Product Market Fit, but at their core, they all revolve around understanding who uses your product or service; and that your product is valuable to these people, in a market large enough to justify the business.
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How to create Product Market Fit
Dan Olsen , an expert in product list of phone numbers philippines management, proposed a six-step methodology or scheme called Lean Product Process , to create Product Market Fit:
Determine your target customer
Identify the needs of underserved customers
Define your value proposition
Specify the feature set of your Minimum Viable Product (MVP)
Create your MVP prototype
Test your MVP with customers
WARNING! Important! The entire Product Market Fit process is a living and iterative process. You may have to rethink things and pivot at any of the steps as you gather information. You must be flexible (and brave) enough to pivot; but it must be a decision justified by the results you are obtaining.
Stages of Lean Product Market Fit
Step 1: Define your target customer / buyer persona
The buyer persona is the individual who ultimately decides whether to use your product or not. Therefore, it makes sense to do market research and, more specifically, market segmentation to define your customer.
Segmentation involves dividing the market into segments that are similar in needs and behavior.
At this stage, it is crucial to define our buyer persona or target customer, and conduct market research consisting of a questionnaire to gather information about your buyer persona. Then, summarize the findings in assimilable conclusions.
You may not have a precise definition of your target customer at first—that’s okay. You just need to start with an open hypothesis and then revise it as you learn and iterate.