The podcast discusses the journey towards finding product market fit. They define product market fit and share tips on how to achieve it. They emphasize the importance of focusing on customers who love the product and adopting a customer-centric mindset. They also discuss how to realize when product market fit has been achieved and the importance of transparency with the team.
Start by creating something that a small group of people truly wants instead of trying to cater to a larger audience.
Founders need to adopt a particular mindset to discover product-market fit successfully.
Deep dives
Building something for a small group of people
When seeking product-market fit, it is recommended to start by creating something that a small group of people truly wants instead of trying to cater to a larger audience. The default startup commonly does not achieve product-market fit initially, and it is crucial to recognize that this is not an unusual situation. Having a focused approach allows for a better understanding of what the target audience desires.
The importance of understanding product-market fit
Product-market fit is a critical factor in the success of a company. Only a small percentage of companies truly achieve it, and this is often the key difference between success and failure. Product-market fit means creating a product that meets a high demand in the specific market, to the point where customers are willing to pay for it and spend significant time using it. Understanding the indicators of product-market fit, such as high engagement or paying customers, is essential to evaluate the viability of the product.
The mindset for finding product-market fit
Founders need to adopt a particular mindset to discover product-market fit successfully. This mindset involves being committed to a long-term vision while also being open and detached enough to question the current product's suitability for the market. Founders should prioritize the problem they are solving rather than becoming overly attached to their initial solution. It is necessary to be receptive to feedback and willing to explore different possibilities to meet the demands of the target audience. Additionally, fostering transparency within the team about the journey to find product-market fit allows for collective brainstorming and problem-solving.
In this week’s Quick Coffee we are talking about the journey towards finding product market fit. How is product market fit defined and how can you realize that your product or service has achieved it? How can you maximise your chances of getting there and how to deal with not having gotten there yet? We are looking at these questions and many more from the perspectives of our founding journeys. If you want to learn more about our experiences with finding product market fit, grab a coffee and listen in!
Our episode overview
(00:00:00) The new Sonic & Blossom partnership with deeploi
(00:04:39) How we define product market fit
(00:07:40) Initially focus on those few customers who truly love your products
(00:12:10) Adopt a customer-centric mindset to find product market fit
(00:17:12) Two ways to realize product-market fit has been achieved
(00:19:22) How to be transparent with your team around product market fit
Want to connect with us? We look forward to hearing from you on Twitter at @QuickCoffeeVC or at https://quickcoffee.vc.