Product

Market
Fit
SUPER GUIDE:
Product
Market
Fit

BY DANIEL PEREIRA
© THE BUSINESS MODEL ANALYST

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Daniel Pereira
The Business Model
Analyst Ottawa, ON,
Canada
businessmodelanalyst.com
Copyright © 2022 Daniel Pereira
All rights reserved.
ISBN: 978-1-998892-22-8
TABLE OF CONTENTS
Introduction 8
What Is Product-Market Fit? 9
The Origins Of Product-Market Fit 10
Five Core Areas 11
Identifying A Value Proposition 11
Building Something You Need 12
Having A Problem Worth Solving 12
Winning Word-Of-Mouth Growth 13
A Pull From The Market 13
Finding Product Market Fit = Focusing On The Market
First 14
Product Market Vs. Go To Market Fit 15
Examples Of Product-Market Fit 17
Spotify: Music For Everyone 17
Uber: The Free Ride 18
Netflix 18
Google 19
Slack 20
Why Is It Important? 21
The Importance Of A Good Market Vs. A Good Product 21
What Makes Product-Market Fit So Elusive? 23
Who Is Responsible For Product-Market Fit? 24
Steps To Define Your Product/Market Fit 25
How Can You Determine Product-Market Fit? 26
Talk To Your Customers. 26
Make It Every Team’s Job. 27
Open Your Roadmap To Feedback. 28
 Test Messaging And Features With Budget. 29
How To Measure Product-Market Fit? 30
Step One: Research Your Target Customers 30
Step Two: Utilizing Metrics And Tracking, Determine
What Percentage Of The Market You Will Be Able To
Capture. 32
Step Three: Metrics To Measure Product-Market Fit. 34
Quantitative 34
Net Promoter Score (Nps) 34
Ltv/Cac 34
Churn Rate 35
Retention Rate 35
Virality 36
Aarrr A.K.A. Pirate Metrics 36
Growth Rate 37
Market Share 37
Collecting Qualitative Feedback 37
Product-Market Fit Canvas 39
When To Use The Product/Market Fit Canvas 39
How To Use A Product Market Fit Canvas 40
Identify Your Customers. 40
Outline Your Product Information. 41
Product-Market Fit Goals For Startups 42
Determine Your Target Customer. 42
Gather Intelligence 43
Focus On A Single Vertical 43
Specify Your Value Proposition. 44
Measure Your Product-Market Fit. 44
Avoid Complacency 45
Product-Market-Fit Is A Two-Way Street 47
Common Misconceptions About Product-Market Fit 49
How To Establish A Good Product-Market Fit 52
Determine Your Icp. 53
Research Underserved Customer Needs. 53
Define Your Value Proposition. 53
Lockdown Your Minimum Viable Product (Mvp) 54
Build Prototypes. 54
Test Your Mvp With Customers. 55
How Can You Tell When You've Achieved Product-Market
Fit? 56
Conclusion 58
References 59
About The Author 61
INTRODUCTION
When your product and market are perfectly matched, you
have achieved product-market fit. This should be the aim of
every business, since it has several perks, including the
recognition of the value of your product by your current
customers; new customers experiencing the same level of
value; a reduction in churn; and customers becoming your
promoters (word-of-mouth).

While there might be a certain misconception that

product-market fit results in selling out your stock as soon as
you get new inventory, it essentially means that most of your
customers come from referrals, you have a steady inflow of
customers, and that your product efficiently solves an
important problem in a profitable market. This can eventually
lead to your product selling out fast after restocking.

Because of the perks that achieving product-market fit has, it

is important that you understand what product-market fit is,
the basics for making your product the right fit for your target
market, as well as how to measure the success of your
product with regard to its product-market fit goals.
WHAT IS
PRODUCT-MARKET FIT?

Product market fit means your product addresses the

problems of your target market. A product-market fit scenario
means your product solves the problems of a large group of
customers, and they are buying it, using it, and also
recommending it to others.

While product-market fit can be achieved in a small market,

its size doesn’t leave room for growth and profitability, so an
optimum setting for product-market fit is one that has a large
market that has a problem your product solves, and the size
of the market makes the niche lucrative and also makes room
for your product’s future profitability and scaling.

Even though a product that doesn't fit its market perfectly can
still be profitable, a product that does can be much more
profitable and can succeed much more quickly than the
former.
The origins of product-market
fit
The term "product-market fit" was first articulated by Andy
Rachleff of Betterment. Nevertheless, in recent years, it has
come to be almost universally associated with Marc
Andreessen of Netscape, Opsware, and Andreessen
Horowitz. Andreessen explains why he believes the quality of
the market that a company is targeting is the single most
critical element in deciding how successful that business will
be in his article titled "The Only Thing that Matters."

According to him, achieving the ideal product-market fit

means participating in the appropriate market while using the
appropriate offering. He proceeds to explain that a successful
market is one that contains a sizable number of genuine
people who are considering making a purchase; in other
words, a market that is successful at pulling products from the
business/startup.

According to him, you will be able to identify whether the

product's market fit is amiss. Customers are not gaining value
from the product, word-of-mouth is not spreading, usage is
not fast-growing, press reviews are mediocre, the sales cycle
is too lengthy, and many transactions do not come to a
successful conclusion. The right product for the right market
is typically quite evident. Customers will buy the products or
subscribe to the service as soon as you can produce them or
add more servers. Your business's bank account is brimming
over with payments made by customers. You are moving
aggressively to hire people for support and sales positions.
Reporters are interested in speaking with you about your
most recent creation...

This occurs when the company in question has a product that

fulfills the requirements of a significant market and is able to
offer that product in a fairly straightforward manner: the item
will almost certainly sell itself, but the company will
experience failure after failure as it grows and tries to take
advantage of this opportunity.

Five Core Areas

A few significant changes have occurred in the
understanding of product-market fit over time. The definition
and concept of product-market fit can be broken down into
five different core areas that come together to make up the
concept. These include:

Identifying a value proposition

While growth is good for businesses, you first need to offer
your customers value before thinking about growth.
Otherwise, your business will come tumbling down since it
doesn’t have anything to offer.

"Identifying a value proposition" means essentially that you

should first determine your value hypothesis (an assumption
about what value your product gives customers) before
figuring out your growth hypothesis (how potential customers
will learn about your product or service).

The growth hypothesis includes coming up with marketing

strategies, choosing how much money to spend on
advertisements, and determining which keywords to use. It
does not make a difference whether you analyze growth
based on traffic or sign-ups if you have a good growth
hypothesis. If you don't deliver value to your customers, on
the other hand, you'll see your churn rates soar, and your
conversions fall through completely.

The most challenging part of achieving product-market fit is

determining what the value proposition of your firm is, which
is also the place where you should begin. By doing so, you
will be able to determine whether your product is an
appropriate fit for the market or not.

Building something you need

Create something that other people want, and begin by
figuring out your problems and solving them.

When people design goods that meet their own needs, this is
the beginning of a successful product-market fit. Any product
that is developed outside of personal necessities is
considered to be a sitcom start-up idea. Sitcom start-up
problems are fictitious issues for which people think others
might be interested in solutions, but in fact, they do not
require them or are capable of living without them.

If a solution is tailored to exactly what it is that you need, then

it may be possible to find a product-market fit for it.

Having a problem worth solving

From the previous core areas, you should now have the
correct solution to a problem that needs to be solved, and the
work at hand right now is to figure out who else is having the
same trouble that you are experiencing. Finding out that
others have the same problems and need solutions is crucial
for achieving product-market fit.

The process of establishing whether a product is fit for the

audience for whom it was designed does not have to entail
mindless roaming; rather, it can be streamlined and structured
to require far less time and resources than many product
teams expect it to demand.

It can be divided into a series of less demanding substages,

each with a specified business model result and deliverable
in a period of ninety days. The Leanstack Continuous
Innovation Framework was developed bearing these
characteristics in mind, and the following is a breakdown of
how the framework works.

Winning word-of-mouth growth

Before focusing on high growth goals, you should ask
yourself a specific question to know if your product is on its
way to achieving product-market fit. That question goes
something like this: Do you have customers who are so
enthusiastic about your product that they advise their friends
and family members to give it a try?

Without answering this question, and without your answer

being positive, any high growth goal might in fact be
unattainable, and even if growth happens, it will be
unsustainable. Getting the right answer is necessary, since
doing so enables you to build a strategy for long-term growth
and a goal for that strategy.

A pull from the market

Even though we may have discussed it before, attaining
product-market fit does not always mean that your stock will
sell out after restocking. Instead, it should mean that you will
have a high demand that you will be nearly unable to meet.
FINDING PRODUCT
MARKET FIT = FOCUSING
ON THE MARKET FIRST

Founders often have a tendency to focus excessively on

potential remedies while ignoring the issues at hand. The
opportunity lies in solving the issue, which is the market itself.
Launching a product, speaking with consumers, and iterating
are the only ways to identify a product that is a good match
for the market. Your first and most original idea about how to
address the issue is probably incorrect. The most common
manifestation of founding brilliance is making the proper
decision on the problem to be solved. Andreessen said it
best when he remarked that "the market pulls the product out
of the company".

If your buddy was standing next to you and their hair caught
fire, the only thing on their mind would be how to save their
hair. Putting out the fire would always take priority for them,
regardless of whether they were starving, going through a
breakup, or running late for a meeting. If you gave them a
hose, which is the optimal product or solution, they would put
out the fire in a matter of seconds. If you offered them a
stone, they would use it and try to put out the fire by hitting
their head with it. A user's willingness to try out the
first-generation remedy is based on the severity of the issue.
PRODUCT MARKET VS. GO
TO MARKET FIT

Before a company can bring a product to market, they need

to ensure that there is a demand for the product. This process
is known as "product-market fit". Once a company has
identified a market that is willing to buy its product, they need
to determine the best way to reach these customers, which is
known as go-to-market fit.

The methods used to reach customers can vary depending

on the products being sold and the target market. For
example, companies selling consumer products may use
mass marketing techniques such as advertising, while
companies selling business-to-business products may use
direct sales or partner with other businesses in their industry.
Ultimately, the goal is to find the combination of products and
go-to-market strategies that will result in the greatest sales
and profit.

The challenge for many startups is achieving product market

fit. This is the stage where your product gains traction in the
market and becomes a "must have" for your target customer
base. However, even if you have achieved product market fit,
you still need to make sure that your go-to-market strategy is
aligned with your overall business strategy.

Your go-to-market strategy should be designed to reach your

target market, generate demand for your product, and close
sales. Without a well-aligned go-to-market strategy, you will
struggle to achieve long-term success, even if you have hit
product market fit. Therefore, it's important to make sure that
you have both a great product and a great go-to-market
strategy before you start scaling your business. In order to
achieve a go-to-market fit, you must first achieve
product-market fit and then develop an effective go-to-market
strategy.
EXAMPLES OF
PRODUCT-MARKET FIT

Spotify: Music for Everyone

When the music-sharing network Napster was shut down in
2001 owing to charges of copyright infringement, Daniel Ek,
Spotify's CEO, noticed that many of the essential pieces for
product-market fit were already in place. This insight
ultimately led to the development of Spotify.

Napster already had a considerable number of users, mobile

devices were ready to distribute the music, and the content
was already available. Ek had trust in the possibility that this
group of customers would be prepared to pay a small amount
in return for a platform that gave lawful access to music.
Specifically, he believed that they would be willing to pay for
a genuine streaming service.

Although it took some time, technology eventually advanced

to the point where Spotify was able to use more advanced
online content crawlers and technology that processes
natural language. Because of this, Spotify's popularity among
the target audience of young people has skyrocketed in
recent years. In addition, as of the year 2022, Spotify already
has 182 million paying subscribers, which is evidence of the
success that can be achieved by identifying a market need
and producing a product that is valuable enough to warrant
financial investment.
Uber: The Free Ride
Uber's original approach to establishing product-market fit
consisted of offering free rides between a number of regional
tech events that were hosted in San Francisco. These events
were held simultaneously. The co-founders of Uber were
aware of the fact that the taxi system was not only archaic but
also prohibitively expensive, and as a consequence, relatively
few people used it. When people started using the Uber app
more often, the company made the decision to offer first-time
users discounts of up to fifty percent off.

The ability of Uber to solve an issue while simultaneously

generating demand for its services is praised by
professionals in the relevant sector. Even though customers
did not indicate a need for enhanced taxi service, consumers
progressively began to rely on the idea as a more practical
and clear alternative became accessible. The network effect
began to take effect, and customers started chatting about
their experiences on social networks, which supplied the
company with social proof.

Netflix
The early years of the 2000s marked the beginning of the
company's meteoric rise to prominence in the entertainment
media industry. Moviegoers started to become aware that the
late fees that were being levied by brick-and-mortar DVD
rental businesses were becoming a greater nuisance as time
passed. Netflix offered its customers DVDs as part of a
membership service, and customers may keep a disc for an
indefinite length of time before handing it back to Netflix.

However, if Netflix had persisted in operating as a

DVD-by-mail service, the firm would have been wiped out
when DVD players were phased out. Netflix, on the other
hand, has positioned itself as the easier and more
cost-effective alternative to whichever product or service is
now dominating the market for entertainment. This may be
DVDs, traditional television, or brick-and-mortar rental
businesses. Netflix ensures that it will continue to be
successful in the industry by continuously enhancing its
product in response to the changing preferences of
consumers.

The accomplishments of Netflix serve as a useful illustration

of the need to maintain adaptability in dynamic marketplaces
and keep a focus on the long term.

Google
In its earliest years, Google was up against competition from
a broad array of other search engines, each of which was
vying for a share of the market. They made money the same
way that their other rivals in the sector did, which was by
selling advertising space next to the search results. This was
the standard practice in their field. But in 2003, when they
first introduced a groundbreaking concept that would
become known as AdSense, they surpassed the competition
and claimed the lead.

When Google executives saw that businesses were willing to

pay to have their advertisements shown on pages other than
the search results page, they came up with the idea of
AdSense. AdSense would analyze the content of web pages
using newly developed technology in order to automatically
display advertisements that were pertinent to the subject
matter of the analyzed web page. If you had a business that
sold luggage, for example, you could sign up for AdSense
and pay a fee to have your advertisements shown on
websites that are geared toward travelers.
At the close of 2021, Google's AdSense business had more
than 12 million users, responsible for generating $209 billion
in yearly revenue for the corporation. This is due to the fact
that Google was able to satisfy a need that was previously
unsatisfied by any other search engine that was available at
the time.

You can decide to use Google's AdSense model for the sake
of your own company's advertising. If you want to set yourself
apart from your competitors, you should look for things that
they aren't doing and modify your business model to suit
customer needs that aren't currently being met.

Slack
Slack, a platform for instant messaging that is often used for
collaboration in the office, was originally conceived as an
entirely different kind of product. Slack was first conceived by
its creators as a means of facilitating the team's internal
communication while they were engaged in the process of
creating a role-playing video game.

The group rapidly realized that, despite the fact that there
were a number of other role-playing games that could be
purchased, nothing on the market was like Slack. As a
consequence of this, they changed their priorities and
stopped focusing on the development of video games.

The speed with which Slack was able to turn its situation
around illustrates that putting more of your focus on
developing a better product-market fit might be beneficial.
WHY IS IT IMPORTANT?

If you're starting a company, one of the most important things

to think about is product-market fit. While product-market fit
sounds simple enough, it's actually quite difficult to achieve.
There are a lot of factors to consider, such as the size of the
market, the competition, and what needs your product is
filling. Getting product-market fit right is essential for any
business because without it, you're likely to struggle to find
customers and generate revenue. Even if you have a great
product, if there's no demand for it, then you're not going to
be successful. So if you're thinking about starting a company,
make sure you spend time considering product-market fit
before you launch.

The importance of a good

market vs. a good product
There are several examples of successful businesses that
have been built on the foundation of an innovative product
and an enthusiastic market, such as Parade, which
manufactures environmentally friendly underwear.

The market for underwear is one that will never go away.

Plus, it has a wide range of basic problems, such as the fact
that many firms do not manufacture underwear in plus sizes,
as well as the fact that their packaging and materials are
harmful to the environment. Parade has recognized these
problems, and it employs its goods to provide solutions to the
problems that its clients face. Its underwear is available in
sizes ranging from XS to 3XL, is constructed from
environmentally friendly materials, and is delivered in
environmentally friendly packaging.

Finding a market that is appropriate for your product often

involves first identifying a market that is sizable and has
demand, and then modifying your product in such a way that
it satisfies the needs of the targeted market. It makes no
difference if you build the best product in the world that
solves several issues that customers have; if there isn't a
market to support it or if that market is undeveloped, your
product will fail.

Because of this, it is very necessary to make use of the

market as a means of molding and developing your product.
When you listen to the market, you may shape your product
to better meet that market. Attend to the feedback of your
clients. Deliver your wares to the end user and make an effort
to close the deal with them. Gain an understanding of the
things that are essential to them and the things that are not
important to them. By doing market research to determine
what they care about, you can get rid of any aspects of your
product that the consumer isn't interested in using.

The founder of Parade saw a significant window of

opportunity inside the sector and set out to create a product
or service that would satisfy a variety of basic needs.
Because of this, Parade has been able to establish lasting
relationships with its customers, which has helped the growth
of the firm.
What makes product-market
fit so elusive?
There have been numerous efforts made by new businesses
that have not been successful in establishing a
product-market fit for their products and services. What was
the root of the problem? They did not have adequate
knowledge of the people that made up their customer base.
They were unable to get close enough to their customers to
properly address the needs that they had. They may have
had a potentially profitable market in front of them the whole
time, but they were unable to see its potential.

We are really lucky to live in an era in which companies have

access to a wide variety of tools that enable them to get
closer to the consumers that make up the target markets they
are aiming for. However, a sizable majority of them do not
gather sufficient feedback on how their existing and potential
consumers feel, what their demands are at the moment, and
what those demands could be in the long term.

There is a disconnect between what companies assume their

consumers want and need, and what customers really want.
As a result, the demands of such customers are not being
satisfied. Most firms struggle to discover a product-market fit
because of this.
WHO IS RESPONSIBLE
FOR PRODUCT-MARKET
FIT?

In most instances, we think of marketing and product

management as being concerned with the concept. The
responsibility for achieving this objective falls on the
shoulders of each and every person working for the business.
All of the organization's departments, such as sales and
business development, support, and finance, contribute to
the company's success in achieving this goal.
STEPS TO DEFINE YOUR
PRODUCT/MARKET FIT

● What are the objectives of your business? Do you want

to see rapid increases in your profits? Do you have
aspirations of becoming a quality leader in this
industry?

● Which problems and needs do customers in the

market segment that you want to serve have?

● Create a product hypothesis by thinking about what

kinds of goods might meet those needs and help
achieve those objectives.

● Find out what the initial consumers think by inquiring

about their reactions to the product. What suggestions
for improvements do they have?

● Conduct an analysis of the behavior of the market as

well as your customers. Is your product being
suggested to others? In what ways does it differentiate
itself from your other competitors?
HOW CAN YOU DETERMINE
PRODUCT-MARKET FIT?

It is not a simple task, but it is possible to determine whether

your product is a good match for the market. Your first order
of business should be to identify a market segment that your
product can serve. The next step is to identify a challenge
faced by that audience that may be addressed by your
solution. After that, you will need to determine what specific
value your product offers, and only after that will you be
ready to design a minimum viable product (MVP).

The leap of faith that many teams need to take is to release a

product before being 100% certain that they've achieved
product-market fit. However, there are a few approaches that
might speed up the process of finding the right one for you.

Talk to your customers.

Your present user base is your most valuable asset,
regardless of how many people are a part of it. These
individuals will serve as representatives of your company and
its products, as well as the foundation of the community you
want to build in the future.

In addition, if you carry out an NPS survey, you will be able to

single out the individuals within your current user base who
are most likely to recommend your product or service to
others. These folks are more likely to provide feedback about
your product that may be taken into consideration and acted
upon. Having said that, you shouldn't limit your discussions to
only your promoters. Your detractors and passive users are
also highly significant to the feedback that they supply, since
it highlights improvement possibilities or user patterns.
Consider using novel channels of communication with your
customers, including phone calls, face-to-face interviews,
online polls and surveys, and focus groups.

Each of these techniques has the potential to provide you

with access to a unique set of information on which to base
your work.

Make it every team’s job.

Every team in your company, not just the one that works on
the product itself, is accountable for the success of the
product, and each team must take ownership of this
obligation in order for the product to be successful. Compute
the strategies that other teams may use to determine
product-market fit using the data and resources they have
available to them.

● Human Resources: Your target demographic may be

narrowed down with the use of employer branding
personas and strategies, internal brand advocates, and
applicant personas;

● Finance: Tracking trends in various payment methods

may provide you with valuable information about the
ways in which your customers like to make payments
and the kinds of plans that are most convenient for
them. This may lead to the development of price plans
and payment methods that are more oriented toward
the user;

● Marketing & Sales: These teams have access to

enormous volumes of data on consumer behavior as
 well as demographic data, which can be utilized to
help enhance your strategy and assist you in achieving
market fit in a shorter amount of time.

Open your roadmap to

feedback.
Excellent product roadmaps don't center on the product itself;
rather, they put the customer front and center. You may do
this by regularly soliciting input from customers about the
present product, obtaining requests for new features, and
making enhancements that customers identify as being vital
to them.

Because product-market fit refers to the degree to which a

product meets the needs of its target audience and the
success that consumers may expect to achieve as a direct
consequence of using the product, the number of sales
doesn't matter if the users aren't getting anything useful out
of it.

There are, of course, a few steps that need to be taken

before you can achieve product-market fit. The first step is to
create a map of your customer's journey from the beginning,
all the way from product onboarding and referrals. This map
should include the whole customer journey, beginning with
the issue that prompted the search and ending with the
brand discovery.

When you add in-product feedback opportunities throughout

the journey, your customers will become responsible for
developing the product for you, which guarantees that your
product is a good match for the market that it is supposed to
be marketed to.
Test messaging and features
with budget.
Because your product and brand are beginning to find their
voice online, this strategy is an excellent way to identify
whether they are a good match or not. Try varying the tone of
your sponsored advertising as well as the text and the
features that are promoted. Through the use of
advertisements, you may effectively collect data on the level
of client interaction across a variety of audience groups.

Obtaining enough data to the point where one might develop

a hypothesis would, of course, require a certain amount of
financial resources on the part of the researcher.
Nevertheless, if you think it would be useful, you should
determine your market as well as what people in that market
value. It's possible that it will wind up being money wisely
spent in the long run.
HOW TO MEASURE
PRODUCT-MARKET FIT?

If you want to assess product/market fit, you need to do

research, understand the market via metrics, and utilize tools
to measure product/market fit and net promoter score so that
you can analyze and improve your product.

Step one: Research your target

customers
First, you should conduct some research before delving into
the specifics of the metrics that will define the success of
your product. It is essential to have a crystal clear idea of
what it is that your target clients desire by monitoring how
they respond to rival alternatives already on the market.

By reading articles, user behavior studies, the publications of

industry groups, and browsing social media platforms like
Facebook and Twitter, it is possible to get a significant
amount of information about the market and the preferences
of customers. If you want to identify prospective clients on
Twitter who could be interested in purchasing your goods,
you can try searching for relevant hashtags on Twitter.

The market information that you gather may indicate that

there are gaps in the various layers of your product-market fit
hierarchy. These gaps might be detrimental to your business.
It's conceivable that you've found out that the individuals who
are most likely to purchase your product don't really have the
issues that it's meant to solve. If this is the case, the
marketing text that you've written might probably benefit from
some adjustments to reflect this information. The findings of
this research will, in a short amount of time, reveal the areas
of your pyramid that need improvement.

The next thing that you need to do is think about having

direct encounters with consumers who are already using your
product or with customers who would be the ideal users for
the product that you want to build. Involving customers who
are in desperate need of your goods in the discussion is
probably a smart idea.

Here are a few things to keep in mind as you prepare for the
discussion:

● Guide the conversation in a way that, if there are any

misalignment in the layers of your pyramid, they will be
brought to light;

● Ask your customers if they have a clear understanding

of your value proposition, making sure to first ensure
that it has been properly outlined;

● You should inquire as to whether they believe the

product lives up to its value proposition or not, and if
they don't, you should inquire as to what kinds of
improvements they would recommend making the
product more valuable.

● Inquire about the product's ease of use.

It is necessary to consolidate the feedback received from a

considerable number of talks in order to either direct the
creation of a new product or influence the product roadmaps
for future iterations.
Step two: Utilizing metrics and
tracking, determine what
percentage of the market you
will be able to capture.
Before you can evaluate the product's suitability for the
market, you need to have a solid understanding of the market
it is intended to serve, together with the specific metrics
directly related to its potential income. Even if there is a
market for your product, you still need to demonstrate that
the demand is substantial enough to justify financial
investment.

● Calculating your Total Addressable Market (TAM) and

determining how much of the market you can actually
penetrate is the first thing you need to do in order to
determine whether your product is a good match for
the market or not.

Your TAM should be comprised of users who have

needs that are not presently being addressed; these
are the clients you wish to attract. However, your
capacity to attract those consumers is dependent on
the geographical region that you service, which is
known as your Service Addressable Market (SAM);

● Your Service Obtainable Market (SOM) is a component

of your Service Addressable Market (SAM) and refers
to the number of people that you are likely to obtain.
There is no one method to reach this amount other
than to do your own calculations and research; thus,
 you might consider doing some product math;

● After that, multiply the number of SOM by the average

revenue per user (ARPU), and this will give you an
estimate of the total projected revenue for your
company. After taking into account all of your
expenses, you should arrive at an estimate of your
potential profit and use that as a guide moving
forward.

Having determined your potential revenue, the next step is to

examine, with the help of the SaaS rule of 40, whether you
are on pace to achieve your revenue objective or not. Once
you have done this, you will have your figure for potential
revenue. The SaaS rule of 40 is a business tenet that asserts
your company's growth rate and profit are inversely
connected, and the sum of these two numbers will typically
equal 40.

As an example, if your company is growing at a pace of 30%

either year over year or month over month, your profit could
only be 10% of your total sales. When you increase the price
that the consumer is required to pay, your profit will go up,
but your growth rate will go down since existing customers
and future customers will be put off by the new price point.

But what will happen if the sum of your growth rate and
profits is less than forty percent? It is likely that it is time to
review your message or to establish whether your target
customer or their unmet needs are as broad as you had
originally anticipated they would be. If your product has a
profit margin that is greater than forty percent, you should be
proud of yourself, since it is still managing to expand its
market share. Of course, 40 is not the only possible number
to employ, and it will vary depending on the product that you
are selling as well as the market that it serves.
Step three: Metrics to measure
product-market fit.
If the sum of growth and earnings for your company is less
than forty percent, it's likely that the product you're selling
hasn't yet identified its place in the market. In this situation,
the Net Promoter Score, more commonly referred to as the
NPS, can be useful in verifying. One method for calculating a
business's Net Promoter Score is through a survey of a
company's existing clientele, in which the respondent is
asked the following question: "How likely are you to refer our
product to a friend or colleague?".

Quantitative
Net promoter score (NPS)
With the use of this metric, businesses are able to determine
whether their customers are likely or not to suggest their
brand to family, friends, and coworkers. To determine it, take
the proportion of promoters, and deduct it from the
percentage of detractors. Customers that are dissatisfied with
your service are known as detractors, whereas those who
appreciate your brand are known as promoters.

For instance, when organizing a scale of 1-to-10 survey,

customers who choose 9 to 10 are considered promoters,
while those that choose 1 to 6 are detractors.

LTV/CAC
If you plan to invest a large amount of money in paid
acquisitions in the early years of your quest for growth, this
metric is one that you should keep an eye on so that you can
monitor your progress.

Calculating the ratio between the lifetime value of your

customers and the cost of acquiring new customers is
necessary if you want to ensure that getting new customers
will be lucrative for your company.

If you want your product to be successful, and you operate in

the software as a service (SaaS) industry, you should aim to
attain a sweet spot ratio of 3:1. If, on the other hand, the total
amount of money you make from each client is less than the
cost of obtaining that customer, you will need to prioritize the
retention of customers, change your strategy for customer
acquisition, or rethink your pricing strategies in order to
maximize profitability. It's possible that you'll need to carry out
each of these simultaneously.

Churn Rate
It shows the rate at which a firm's clients quit doing business
with it. Customers that do not renew or cancel their
subscriptions are referred to as "churn" in this context. The
lower your customer churn rate, the greater the number of
clients you will keep. In order to assess these metrics, you
can send out questionnaires to your previous customers and
calculate the average amount of time spent working with
each of your customers.

Retention rate
It is used as a measurement tool for determining what
percentage of its clientele a company is able to retain after a
certain period of time. Because it is far easier to keep an
existing client than it is to attract a new one, businesses
invest a large amount of money in customer retention efforts.
Consumers that buy from a certain brand, again and again,
are a good indicator that the brand is successful in fulfilling
the needs of those customers.

Make an effort to understand why your clients stick with you

and if they have an emotional connection to your goods. If
the only reason they remain with you is that you have the
best pricing, then they will leave the moment one of your
competitors launches a new promotion. If your clients are
emotionally invested in the product because they like using it,
and it has become an integral part of their routine, then you
are most likely headed in the correct direction.

Virality
Are your customers committed enough to your brand that
they recommend it to their family, friends, and coworkers?
The virality of word-of-mouth advertising for your product is a
significant component that determines how well it will do in
the target market.

Conducting surveys about user referrals, similar to NPS

surveys, is a sure way of determining virality.

AARRR a.k.a. Pirate Metrics

The five-step model known as "pirate metrics", which includes
acquisition, activation, retention, referral, and revenue, is still
highly significant for the growth of a firm.

The number of new clients acquired is, without a doubt, the

most accurate indicator of success. At the same time, you
need to investigate your in-app stats and check to see
whether those who have paid for the app really make use of
it or not. The rate of adoption, to put it another way, is the
obvious indicator that you have established a solid
product-market fit in the market.

Caution is necessary here, since company executives often

strive for vanity metrics in the hopes of impressing
stakeholders. Even if your client acquisition rates are
skyrocketing, this does not always indicate that your product
is a suitable fit for the demographic you are trying to reach.
To a similar extent, this is also true of activation rates.

Find common ground on which metrics are important for

determining whether your product is a good match for the
market or not. For instance, take the proportion of newly
acquired users who subsequently activate their accounts, etc.

Growth rate
Growth rates can be hard to pin down. They vary from
company to company, industry, and time period that you look
at them in regard to how fast a firm's revenues or earnings
are growing over the course of one year compared with
another point within its own business cycle. To measure
growth rates, you can use a company’s earnings, dividends,
gross domestic product, and retail sales.

A strong growth rate may help a company in many different

ways, including financing investments, acquiring assets, and
recruiting new people. In addition to this, it improves a firm's
financial performance and earnings, and it also demonstrates
that the company has achieved "product-market fit" and has
maintained its position for a lengthy period of time.

Market share
A company's market share in an industry may be defined as
the percentage of total sales revenue that the company
generates for itself alone within that industry. This metric
offers a rough indication of how large a company is in
comparison to its competitors operating in the same sector as
it does. Obtaining an accurate number for the proportion of
the market that a certain firm has is not a simple undertaking.
As a result of this, you need to review your overall
performance over the last few months in contrast to that of
your competitors by making use of both your quarterly
reports and market research.

Collecting Qualitative Feedback

Early adopters are usually the most enthusiastic advocates of
your product, and they are also the most willing to provide
feedback and criticism on the many ways in which you may
better satisfy their needs.
You may contact each of your consumers one by one if you
are still in the process of confirming your original concept and
just have a small number of clients. Just a few phone calls
made in the beginning may offer you invaluable information
about the needs of your clients and the ways in which your
product can be enhanced to deliver a more satisfactory
solution.

You may begin sending out customer surveys as soon as you

have a larger client base, which will allow you to determine
whether you have achieved product-market fit or not.
PRODUCT-MARKET FIT
CANVAS

Product-market fit refers to the degree to which the features

of a product (the product) and the needs of its users (the
market) are completely matched. This all-encompassing
metric takes into account not only the demand that exists in
the market for a certain product, but also the requirements
and preferences of the target audience. When creating a
brand-new product, it is essential to have in mind all of the
many characteristics of the customer as well as the market
that you are aiming for when using the product market fit
canvas.

When to use the

Product/Market Fit Canvas
The product market fit canvas is a tool that can be used at
any given moment throughout the course of the growth of
your company.

You may, for instance, use it before the launch of your first
product or service to aid you in identifying your target
audience and your minimum viable product. If you launch a
product while it is still in the beta phase, you may use the
product market fit canvas at that point to hone your offering
and get a deeper understanding of the existing market
environment. The product market fit canvas is a great tool
that can help you determine what steps need to be taken
when your company has only just begun, or if they're more
established and considering launching new products/services

How to use a product market

fit canvas
In its most basic form, the product market fit canvas takes the
form of a table with two columns. The consumer or target
market is represented in the columns to the left of the table,
while your product or service is shown in the columns to the
right.

Identify your customers.

To get started, provide the information about your client that
is required in the columns located to the left. Take into
consideration that you may wish to complete this step before
introducing a new product or service. During this stage of the
process, you will be expected to provide answers to these
questions:

● Who is the typical buyer of your product or service,

and what are some of the goals that they have in mind
when they do so?

● Why are your customers going to need your product

or service in order for them to be successful in
reaching their objectives?

● How do customers get their hands on your goods or

make use of your services?

● In order to get the most out of your product or service,

what does your customer need to do with it?

You can also describe this as identifying the attributes of your

clients as well as the work to be done, the challenges and
wants they have, the channel they utilize, and the user
experience they have or should have.

Outline your product information.

Fill out the fields on the right with product or service
information. This action will be much more reasonable to take
once your product or service has already been introduced to
the market. You should respond to the following questions:

● How are customers currently accomplishing their

tasks, and what kinds of methods and tools are they
utilizing?

● Which components does your product or service

require in order to fulfill the requirements of your
customers and provide answers to the challenges they
face?

● How will this distribution channel benefit from the fact

that your product is being offered and sold through it?

● What will you measure to determine whether your

customers are receiving actual value from your
product or service or not?

You may also describe this as outlining the options available

to you, the significant aspects of your product or service, the
value that the channel receives, and the key performance
indicators/metrics for your business.
PRODUCT-MARKET FIT
GOALS FOR STARTUPS

The primary reason for the failure of many new businesses is

that their founders squander money developing things that
no one wants to purchase. Because finding the right balance
between their product and the needs of their target market is
the single most important aim for a startup, it should take
precedence over all other objectives.

Make sure you have a good understanding of the problems

that are alleviated by your product, as well as the problems
that your clients are trying to address. This may be
accomplished by concentrating on the six key areas below.

Determine your target

customer.
Put in the effort to identify your ideal customer, who is a
representation of the sort of individual who would benefit the
most from utilizing your product, and who best represents
your target market. If you use market segments to determine
your ideal consumer, you can then develop buyer personas
for those consumers so that your team may have a better
understanding of who they are working for.

Sean Higgins, an entrepreneur in residence at TechStars,

outlines the four steps that make up this process:
 1. Assessing your company's product or service;

2. Getting to know your rivals and what they have to

offer;

3. Choosing the appropriate criteria for each customer

segment;

4. Carrying out research and analysis.

During the research phase, you will conduct market research

utilizing research questions that have been pre-written and
then condense your data into understandable insights for the
members of your team, management, and board of directors.
After that, you will present them with your findings.

Gather intelligence
Have a conversation with your clients to find out what their
biggest problems are and what they would be willing to
spend to find a solution to those problems. In order to
uncover problems that are being voiced repeatedly by
customers, you should consult with your sales and marketing
staff.

Gather a sizable sample of data that is sufficiently big to offer

insightful feedback. Consider the fact that the feedback you
get from talking to someone face-to-face will most likely be
different from the feedback you get from an online
questionnaire.

Focus on a single vertical

Due to the fact that startups are infamous for having
extremely few resources, it is quite improbable that you
would be successful in selling your products to all of the
prospective clients that are interested in purchasing them.
Begin with a niche that is very precise, and continue to
immerse yourself in that industry until you have mastered it.
Establishing oneself as the top expert in your industry within
a certain area is one technique to support quick spread and
development.

Specify your value

proposition.
Find out which of your customer's demands, your product or
service can meet the most effectively. Find a way to surpass
your competition and wow your consumers by figuring out
how you can do both. When deciding which difficulties you
will solve, it is important to keep your product roadmap in
mind at all times; not every issue will be able to be
accommodated by it.

For instance, the money management app Digit offers a

straightforward value proposition that reads, "Stress less
about your money". This phrase helps clients understand that
the app will assist them in achieving financial stability and
independence without requiring them to worry about it.

Measure your product-market

fit.
You have to take the time to measure your performance if you
want to be able to successfully manage your success. Identify
the most crucial datasets that will be of assistance to you in
the process of performance monitoring. To get started, you
have to figure out your total addressable market, which is
sometimes referred to as TAM. This refers to the entire
number of individuals that could potentially be helped by
your product or service, i.e., if everyone who could benefit
from your product or service began using it.

The total addressable market (TAM) is determined by

multiplying the average revenue per user (also known as
ARPU) by the total number of possible customers available in
the market. Once you know your TAM, the next step is to
calculate what proportion of that TAM is your customer base.

Following the conclusion of the TAM analysis, the next step in

the product fit process is product validation. You need to
guarantee that the product is functional, that it can be used
by your target consumer, and that they want to buy it. The
product validation process includes activities such as sending
out surveys and conducting interviews, as well as sending out
questionnaires to consumers and asking them whether they
want or need this product.

Avoid complacency
Be wary of making the assumption that you will always have
product-market fit, even if you are successful in achieving it.
Because the requirements of your clients are going to evolve
over time, you have to routinely reassess the market
circumstances in order to continue satisfying those needs.

The market for internet communication services such as

Skype is an excellent example of complacency, since users
have become used to their present alternatives. In 2020,
when people were trying to utilize and share easy-to-use
technology because of the unprecedented change that was
taking place all over the globe, remote business and learning
were at an all-time high.

Zoom was able to swiftly fulfill product-market demand, and

as a result, they have a far larger share of the market than
Skype, Microsoft Teams, and many other services operating
in the same space as they do.
PRODUCT-MARKET-FIT IS
A TWO-WAY STREET

If you are in the process of growing a fledgling business and

are in dire need of financial support, you may feel the urge to
respond with "yes" and develop new features in the hopes of
drawing in additional paying customers. It's important to
remember that this isn't always the ideal approach to adopt. If
you want to build a company that will be there for the long
haul, short-term revenue is not the business statistic that you
should be striving for and using to assess yourself. Accept the
fact that you will never be able to please everyone, and don't
spend your time trying.

Do not begin the development of a feature just because

someone has requested that you do so. Do not automatically
agree to serve consumers that are not a good match for your
company.

You want customers who pay you because they value what
you do. Anything else will steer you away from where you
ultimately want to go with your business. You want to have
clients that pay you because they like what you are doing,
and that is why they are paying you. Product market fit works
both ways; don't just welcome everyone who comes through
your door; instead, learn to respectfully refuse business from
prospective customers if they don't share your values and
vision for the future.

As your company grows, you could find that an increasing

number of customers approach you with ideas for new
features or services. Before you get too far ahead of yourself
and begin the process of building a go-to-market strategy,
you should first determine whether this can really be
supported by your roadmap or not. After that, arrange them in
descending order of significance according to the impact (the
number of people it will influence) and the amount of work
that will be required to make them ready for your customers.
COMMON
MISCONCEPTIONS ABOUT
PRODUCT-MARKET FIT

1. Finding the right balance between your product and

the market is invariably a single, decisive step.
Some firms are so lucky that on their very first attempt,
they are able to find the perfect balance between their
product and the needs of their target market. Most
don't. They instead engage in a lot of trial and error,
which entails experimenting with a number of different
concepts, determining whether those ideas are
practical or not, learning from both their successes and
failures and ultimately moving their attention to an idea
that is more robust.

In order to identify a version of a product that is suited

for a certain market, it could be necessary to go
through a lot of product iterations that are spaced out
across a considerable amount of time. For instance,
both kaChing and Wealthfront seem to be entirely
different kinds of goods. However, the founders of the
company never strayed from their original mission,
which was to reduce barriers to entry into the world of
investment. The firm adjusted its emphasis after they
recognized a chance to achieve that objective much
more rapidly by becoming the product that their
customers needed;
2. When you have successfully achieved
product-market fit, it will be immediately apparent.
It is not an "either/or" proposition to meet the
requirement of having a strong product-market fit. As a
result of this, it is difficult for many of the company's
founders to have self-assured confidence that they
have reached their objective. For example, there may
be several submarkets within the market that you have
picked, and each of these submarkets may have a
unique set of problems that need to be addressed and
wants that need to be satisfied. If this is the case, then
you will need to tailor your approach to each of these
submarkets.

Also, certain key performance indicators (KPIs) of a

firm demonstrate that the product is a good fit for the
market, while other metrics might indicate that the
company isn't practical;

3. It is impossible to lose product-market fit once it has

been attained.
The achievement of product-market fit is in no way the
completion of the journey. It is not a question that you
can answer "yes" to and then put out of your mind
forever. Both the requirements of the market and the
approaches taken by rivals are always shifting and
developing. Your product must constantly adapt to the
shifting demands of the market in order for you to see
any level of success;

4. You don't need to worry about the competition once

you've established that your product is suitable for
the market.
Because they have the greatest possibilities for
expansion, robust markets will perpetually draw the
attention of robust rivals. When you've identified a
value proposition that strikes a chord with your target
audience, you can be certain that your rivals are
already hard at work developing their own, more
compelling value hypothesis—or, in some
circumstances, openly replicating your product.

For instance, Wealthfront is not even close to being

the only automated investing platform now available
on the market. Over the course of the last several
years, a number of formidable new rivals have
emerged. Wealthfront has done a shrewd job of
dealing with the competition by concentrating their
product on the requirements of their core market,
which consists of passive investors who have relatively
small accounts and less complex financial lives, as
opposed to making an attempt to cater to the
requirements of all potential users.
HOW TO ESTABLISH A
GOOD PRODUCT-MARKET
FIT

In order to establish a good product-market fit, you need to

make sure that your product is appealing to your target
market. This can be accomplished by conducting market
research and developing a product that meets the needs and
wants of your target consumers. Once you have a product
that you think will be successful, you need to test it out in the
marketplace and gather feedback from customers. This
feedback can help you fine-tune your product and make sure
that it is meeting the needs of your target market. If you are
able to establish a good product-market fit, you will be well
on your way to success in the marketplace.

Outlined below are steps to take towards product-market fit.

Determine your ICP.
Identify the traits of the perfect client for your business. Who
do you want to target, and what other kinds of personas are
you anticipating running into when working with this ICP
(Ideal Customer Profile)?

This is an excellent phase that should be completed with the

whole company as well as by teams in order to integrate their
data sources and insights.

Research underserved
customer needs.
In this phase, the primary emphasis is on the landscape of
your competitors. What are the products that your clients are
now using? When did they make their decision?

Find out if your ICPs are transitioning from using outdated

processes to your SaaS solution, or whether they are perhaps
moving from a competitor model that isn't totally pleasing
them. If the latter is the case, you need to investigate the
reasons behind their decision to switch. Discover which of
their needs are presently being underserved, and you'll have
a significant advantage over the other businesses in the
same industry.

Define your value proposition.

This is your compelling value proposition, your 30-second
commercial. You are aware of the needs that must be fulfilled,
and you must now take steps to fulfill them.
Determine how the physical build of your product may best
serve the needs of your customers, and then work out how
you will convey this information to those customers.

Lockdown your Minimum Viable

Product (MVP)
Because of its importance, this fundamental idea is a part of
every product planning process. It is quite usual for product
teams to spend years prior to the launch of a product striving
to zero in on a product feature that, in the end, customers
brush off as not being worthwhile. It is necessary for you to
go to the market as fast as you possibly can. Furthermore, it is
not the time to make sure that your product is faultless in
every way.

People will be ready to use a lesser quality version of your

product if it is the proper fit for them and solves a problem
that they are currently dealing with. You should first
determine which features of your minimum viable product are
the most critical, and then you can start working on them.

Build prototypes.
It is vital that you test the prototypes that you build; it does
not make a difference whether you are creating low-fidelity or
high-fidelity prototypes at this point.

● How should the finished product look and feel to the

customer?

● In order to ensure that all of the work you've done up

to this point is successful, which principles of user
interface and user experience should you incorporate?
Make sure that your high-fidelity prototypes can be
integrated with the other tools that are in your arsenal, and
send your prototypes to other teams to gather the feedback
that they have to offer.

Test your MVP with customers.

You have finished all that has to be done in order to enter the
market. The time has come to launch your minimal viable
product and collect suggestions and feedback from
customers. You should learn from the experiences of your
consumers by running the tests that are mentioned in this
super guide, using feedback polls and NPS surveys, as well
as anything else that comes to mind, and you should continue
to improve your product so that it better fulfills their needs.

It's probable that some elements of your product-market fit

pyramid need to be tweaked, and the higher points could be
in need of some improvement as well. You need to be ready
to start completely over and go back to the basics of
whatever it is that you are doing. If you are able to quickly
and effectively enhance and reproduce your product, as well
as get it back into the hands of clients who need it, then
everything will be OK.
HOW CAN YOU TELL WHEN
YOU'VE ACHIEVED
PRODUCT-MARKET FIT?

It may seem unbelievable when the product in question is

successfully matched with the appropriate market. There are
other scenarios in which the bond is not as obvious. It may be
very evident when you have found product-market fit in a
consumer application that is dependent on viral marketing;
growth rates may skyrocket, and you may have a smash hit in
a relatively short period of time. It's, however, likely that
certain parts of the process will take much longer than others.

If you run an enterprise SaaS company with a sales cycle that

is longer than six months, it will take you more time to see the
results of your efforts materialize into tangible benefits. This
process has been referred to as "the long, slow, SaaS grind"
by General Partner at Earnest Capital, Tyler Tringas. How do
we determine whether we are moving in the right direction or
not, if there isn't always an obvious match between the
product and the market?

In the case of the software as a service application, it may be

the realization that you are receiving new customers by word
of mouth, or that churn rates are exceptionally low.
Alternatively, it may be both of these things. A minimum
viable product that has been received with an astonishingly
positive welcome might be a sign of potential product market
fit in other instances. There are a number of facets that you
need to keep an eye out for, despite the fact that it's probable
that matching the correct product with the ideal market is
more of an art than a science.
CONCLUSION
In conclusion, product-market fit is essential for any business
looking to be successful. It is the process of ensuring that
your product meets the needs of your target market, and that
your target market actually has a need for your product.
There are a few key things to keep in mind when trying to
achieve product-market fit:

First, you need to have a clear understanding of your target

market and what they want/need. Second, you need to make
sure that your product is able to meet those needs. And third,
you need to ensure that you have the necessary marketing
and sales channels in place to reach your target market. By
keeping all of these factors in mind, you can give your
business the best possible chance of achieving
product-market fit and becoming successful.
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The following references were consulted to create this Super

Guide:

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➔ https://www.qualtrics.com/experience-managemen
t/product/product-market-fit/
➔ https://blog.saleslayer.com/how-to-define-product-
 market-fit
➔ https://sendpulse.com/support/glossary/product-m
arket-fit
➔ https://gopractice.io/product/metrics-to-focus-on-b
efore-and-after-product-market-fit-how-to-better-un
derstand-your-product-at-different-stages/
➔ https://www.appcues.com/blog/saas-product-mark
et-fit
➔ https://theinvestorsbook.com/product-market-fit.ht
ml#Howtofind
➔ https://miro.com/templates/product-market-fit-canv
as/
➔ https://www.hotjar.com/grow-your-saas-startup/pro
duct-market-fit/
➔ https://future.com/about-product-market-fit/
➔ https://www.ejorgenson.com/blog/product-market-f
it
➔ https://visible.vc/blog/product-market-fit/
ABOUT THE AUTHOR

Daniel Pereira is a Brazilian-Canadian entrepreneur that has

been designing and analyzing business models for over 15
years. You can read more about his journey as a Business
Model Analyst here.

E-mail Daniel if you have any questions

at: [email protected]
You can connect with Daniel at Linkedin:
https://www.linkedin.com/in/dpereirabr/