#6 – MVN – From MVP to PMF

Hello, there 🎄

It's almost Christmas and #MVN is at issue #6. In today's letter, we'll make a short introduction into Product-Market Fit.

If you've recently started to develop a minimum viable product (MVP), congratulations!

You've taken the first step towards bringing your product to market. However, the work isn't over when you'll finish developing your MVP. It's now time to determine whether your MVP has product-market fit.

Product-market fit is the degree to which your product satisfies a specific market's needs and desires. In other words, it's the extent to which your product is the right fit for your target market.

Having product-market fit is important because it means that there is demand for your product and that it meets the needs of your target customers.

Without product-market fit, it can be difficult to generate sales and grow your business.

So, how do you determine it?

To determine whether your product has product-market fit, you should gather feedback from potential customers and analyze it to see if there are any common themes or pain points.

Based on this feedback, you can make adjustments to your product to better meet the needs of your target market.

So how do you uncover the product-market fit for your MVP? Here are my go-to process to follow:

Define your target market: Who is your MVP intended for? Be as specific as possible.

Validate your assumptions: Before you launch your MVP, you likely made some assumptions about what your target market wants and needs. Now is the time to validate those assumptions by gathering feedback from potential customers. This can be done through surveys, focus groups, or one-on-one interviews.

Analyze customer feedback: Once you've gathered feedback, analyze it to see if there are any common themes or pain points that emerge. Are there features that are particularly important to your target market? Are there any issues with your MVP that need to be addressed?

Make adjustments: Based on the feedback you receive, make any necessary adjustments to your MVP. This could involve adding or removing features, adjusting the user experience, or making other changes to better meet the needs of your target market.

Repeat the process: Gathering feedback is an ongoing process. You should regularly revisit your product-market fit to ensure that you're meeting the needs of your target market and making any necessary adjustments.

By following these steps, you can uncover the product-market fit for your MVP and ensure that you're on the right track to success.

When you do this, there's a secret I want to share with you. The best results and experience I got with this process is when I interacted with my customers directly.

It's important to note that product-market fit can change over time as market conditions and customer needs evolve. As a result, it's important to regularly reassess your product-market fit to ensure that you're meeting the needs of your target market.