One of the unsaid, yet understood rules of marketing is the product-market fit. This is particularly challenging for a start-up, for it actually determines the degree to which the product will satisfy the highly demanding market. This is essentially the first step up that will most importantly require the entrepreneurs to gather interest and receive feedback. Once past this, the product is all set to reach the target customers. But how do you get started?
Four quick tips for handling product-market fit like a pro
1. Credibility building: So what if there is a product you have launched? Why should the customers buy it? Two things to remember here: weave a story and tell them how it will adequately take care of their needs. One of the best ways to tell and convince your target client is to spin a tale and inject their needs into your product. Once they see how it will help them, there sure is no better way you could have thought to increase your sales. Secondly, bring it to the right market and to the right people, because there surely is no way you can convince people for a woollen in summer!
2. The pillars of strength: Remember there are three pillars that are needed to support your business. First, people definitely. Know the right people to target and know their demand degree. The more it is, the better for you. Secondly, focus on the market. A good marketplace is prerequisite to experience a good start, or at any time of your business. When you have a good space to exhibit your product and to tell them what they have in store, you have already set the sales rolling. The third important pillar that will support your business is innovation. So every nook and corner there is a shop that sells the same collection. Why would one want to enter the next one in the street to even take a look? A total time waste and it will bore you. But what if you offered something more than the ordinary? Why wouldn’t people want to take a look? People love innovation and novelty. Use this to the advantage and see the chances.
3. Narrow down: How about just focussing on feature at a time? Whatsapp initially rolled out the calling feature. People got pretty excited. Before they could actually get bored of it, they introduced the video calling feature. One at a time, but surely! One way to think about this is to focus and divert your attention to one feature at a time. So what could you focus on first? For this, get started by talking to your customers and accept feedbacks. See the popular trends and what people are looking for.
4. Follow the research model: Ph.d scholars are most often seen to spend more in the initial stages of academics. For what? Situating a hypothesis in the realm of the existing academics by finding loopholes that has effectively not been addressed. Once you have set the foot forward there is no much time to go back and rectify that your hypothesis does not the academics anymore. Much so, this model will work the same way when in business. There is really no time to go back and start thinking after you have put your feet into market. So be careful to think: what are you going to build? Whom are you intending to help? How will you do this? Because if you have to go back in time and redo, people would have lost interest or trust in your product or have already moved on!
While the initial phase can be daunting, it is only matter of speeding up and real motivation. Think through: of what use is a lavish spread when you are not hungry?