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Product / Market
Fit means being in
a good market with
a product that can
satisfy that market.
When you have PMF…
“You can always feel product/market ﬁt when it's
happening. The customers are buying the product just
as fast as you can make it -- or usage is growing just as
fast as you can add more servers. Money from customers
is piling up in your company checking account. You're
hiring sales and customer support staﬀ as fast as you
can. Reporters are calling because they've heard about
your hot new thing and they want to talk to you about
it. You start getting entrepreneur of the year awards
from Harvard Business School. Investment bankers are
staking out your house.” – Marc Andreessen
When you don’t…
You can always feel when product/
market ﬁt isn’t happening. The
customers aren’t quite getting value out
of the product, word of mouth isn’t
spreading, usage isn’t growing that fast,
press reviews are kind of “blah”, the sales
cycle takes too long, and lots of deals
never close. – Marc Andreessen
• Not an event….but a long (and
• It is an iterative process.
Iteration leads to feedback on
MVP, which gets revised.
• When your MVP is valuable,
easy to use, etc., you have
• Who are your “customers”
/ target segment?
• Create “personas” to
identify and describe your
target customers - who
are you designing for?
• Start with hypotheses, test
it, and reﬁne based on
• What are their pain
points? their unmet /
• How are they solving
those problems today?
What workarounds or
hacks seem to work?
• What is your
• How do you plan to
address the current
pains and needs?
• How do you plan to
provide unique value?
• How do you know your
plan will work?
4. Design MVPs
• How will you test your
value proposition in
minimum time, effort
• Does you MVP solve
your problem or your
• What are your options?
5. Develop MVPs
• What is the purpose of
developing the MVPs?
• How do you know if you
proven a hypotheses?
• How do you ensure your
inherent risks at a given
• Product-Market Fit is always a discrete, big-
• It’s patently obvious when you have product-
• Once you achieve product-market ﬁt, you
can’t lose it
• Once you have product-market ﬁt, you don’t
have to sweat the competition
• Product-market ﬁt is all about creating products that
• However, startups fail over 90% of times! Developing
products without validation is too costly!
• Achieving PMF is a systematic process to understand
user needs and designing MVPs around it, and testing
them incrementally and measuring the ﬁt.
• A series of validated MVPs leads to a solution that can
eventually be marketed to the target segment.