How do you know if your market really wants what you’re selling? Well, if they’re already buying it, then they must want it right? How do you know you wouldn’t be selling more of it if it fit your market’s needs just a little bit better? Providing value is the name of the game. It’s critical for the market you’re trying to serve to understand the value proposition of what you’re selling instantly. The quicker your customer can understand the value, the more you have achieved product-market fit.
Here are 3 tips for determining product-market fit quickly:
- Understand your customer’s current needs and foresee future ones. If you don’t know your customer very well, it’s going to be hard to really understand what they need. So figure out where they hang out – tradeshows, networking events, figure out which publications they read and read them too, join their social community groups, and find a mentor who can show you the ropes. Developing a deep understanding of the problems your customers are facing allows you to relate to them better and builds trust and credibility.
- Focus on one significant value proposition. I see small businesses all the time who get carried away with communicating too many features and benefits, rather than focusing on one significant value proposition. What tends to happen is – their customers don’t hear them. Narrowing it down can be difficult, but it’s an absolute game changer. Look for emerging trends in the industry you’re serving, determine where competitors fail to solve problems, and focus on one major pain point to solve for your customers.
- Build credibility. The best way to do this is by telling a story – you be the guide, and let your customer be the hero! Make your customer the center of the story, recognize their problem, offer a solution, and explain how you are the most qualified to help them solve the problem (give specific examples of cases where you helped someone solve a similar problem successfully), and give them a simple process to follow to work with you.