Product Market Fit

Last month we broke down Product Led Growth (PLG) which ties into this week's discussion about Product-Market Fit (PMF)

Product Market Fit

Last month we broke down Product Led Growth (PLG) which ties into this week's discussion about Product-Market Fit (PMF). Ideal Product-Market Fit happens when companies understand their consumers, clients, or partners. If your product fits your buyer persona perfectly, then you have a product-market fit. PMF, has to check off a few primaries boxes, pricing, a product that serves the core needs of an organization and provide a good user experience. 

Good pricing and understanding the core needs of organizations can be identified through market research and dialogue with your customers, but the third variable of user experience is a more difficult problem to solve. First, you have to determine what is a good user experience. Good UI & UX in a SaaS solution is only the technical side of user experience, but it can be costly so for newer SaaS companies and start-ups that are bootstrapping and trying to scale without unlimited access to venture funding how do you close the gap? You have a good product, but you're not best in class yet. You fill the gap with communications.

 

Designing your communications around the market fit

 Your marketing must perfectly match and understand what your target audiences are looking for. Oracle was able to do this perfectly with databases.They built one largest tech behemoths entirely on pre-sales without ever providing so much as a demo of the product. Their sales materials demonstrate an understanding of the market need and addressed those needs accordingly.They understood the latent pain points that existed and portrayed themselves as the ideal marketing fit for the need. One of the most important components in sales and marketing is displaying an empathy towards the problems prospects are facing. Organizations want to feel listened to, the need to feel understood is just as important as finding a solutions provider that can execute and solve the problems at hand. In markets where there are comparable alternatives it is crucial that this is a priority in a marketing approach.

 

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