BLOG POST ·
3
min read ·
20.1.2021

Chasing the Elusive Product-Market Fit - Determining Your Place in the Industry

Creating cutting-edge products is something all business leaders should be striving to achieve. It’s more than just making something that fits a niche or fills a gap in society because it entails plenty of design thinking processes to ensure a good product-market fit. Whether it is a physical product or software, a user-centred design will allow companies to stay dominant in what they offer. 

The market is undoubtedly oversaturated, making newer businesses face difficulties in successfully kicking off the ground. However, there are tricks that proprietors can use to stand their ground and work towards becoming successful. One of these is to know how to turn your customers into your salespeople because of how well word-of-mouth marketing pushes businesses into better positions. Here are ways to shift your design thinking to strengthen your product-market fit:


Product-Market Fit Metrics

A quick way to look at your product’s success in the market is to see its impact on daily life. Think about what would happen if your product suddenly pulled out of the market one day. Will life go on, or will there be a noticeable change in people’s lives? Answering this question can help you tailor your product to user-centred design aspects. One subtle product that a software development firm can look at for reference is if Spotify went down one day and never returned. This software product has so many users that use the app for very few hours a day, yet losing it would be an adjustment in society that will leave a noticeable impact. 

Another useful metric is if the supply and demand chains are off the charts and you’re selling faster than manufacturing new stocks. Additionally, having press coverage or requiring more employees due to increasing demands are good indicators that you’ve achieved product-market fit. 

All of these are done with user-centred design in mind, as keeping the consumer’s daily habits and needs at the forefront is a way to keep them hooked on your products. You have to be irresistible, with people saying that they cannot pass on the offer on your products. Whether you are a niche company or one that provides various items to the general public, product-market fit metrics can help push you in the right direction. 


How Startups Can Shift Their Design Thinking to Increase Product-Market Fit

Product-market fit always starts with determining a target market or a buyer persona. By knowing who will benefit most from your product, you can tailor-fit whatever you offer to what these people want rather than a generic product for everyone. The chances are that these people, albeit few, will spread the information about your offerings to their like-minded friends and family, which will lead to increased sales and free marketing. 

If you’re running a software development firm, most steps are the same, as you’ll need to send out beta versions or tester kits to ensure that pain points are addressed. Reviews and feedback from niche communities are often the most valuable ones you can receive, as these people dedicate time and energy to master their craft. 

One of the most crucial things in product development is always keeping and having a unique value proposition in mind. Without this unique selling point, your item becomes just like any other one in the market, which will make your business fall short abruptly. In entrepreneurship, it pays to be unique, even if it means one or two different features. 

Lastly, your enemy is complacency. Without constant innovation and the drive to create new things, the time has shown that this becomes the downfall of numerous companies. Nokia was once a tech giant that couldn’t be moved, yet their complacency saw them fall to Apple and other smartphone creators. In business, it’s innovate-or-die, so always consider your design thinking to improve your product-market fit. 


Conclusion

Product-market fit is a difficult challenge for businesses to undertake, especially considering today’s market status. There is less room for growth because of how competitive the scene is, stunting companies before they even kick off fully. However, innovation remains a critical factor in creating top-quality items to sell things with a unique value proposition. 

Fabric Group is a group of passionate individuals who aim to solve the plights of businesses competing in the marketplace through user-centered design. Our work with various clients has prepared us to engineer multiple strategies to grow companies with a unique approach. Contact us to learn more about our top-tier design engineering expertise.

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