The world is crowded and much of what we are looking for as consumers and business buyers tends to exist. We live in a world of too much, not too little.
As a seller, the challenge of figuring out what to build, who it serves and what a business model looks like can be elusive.
I shared a few thoughts on one product market fit approach based on some recent conversations.
I want to add some further best practices I use in pursuit of product market fit that can be helpful to those other brave souls venturing out looking for gold in mine fields:
- Think Who Not How. I love finding out what people know. Being older in business has immense benefits of a wide network of highly talented and expert people. When I’m looking at a problem, both specifically and conceptually, I start reaching out to people that can help me get to a next insight or have answers themselves.
- Conduct small experiments. With insights, I look for small bets that I can make. I like Paul Graham’s approach in early stage startups to do things that don’t scale. With a designed approach, I look for manual, cheap, simulated execution around ideas that can prove or disprove a concept.
- Get buying signals and calculate scale. For me, I’m looking to see if there are eager buyers that can perceive the value proposition clearly I might present. Then I’m looking for price sensitivity. Corporate buying tends to have much higher pricing than small businesses. So, markets are important. The size and opportunity can be calculated out to figure out whether it’s worth putting a sales process together for the conceptual offer.
This is still early, experimental work requiring creativity, strategic thinking and flexibility. Finding out who the customer is and where the limitations are for a business model are part of the fun of finding product market fit.
How do you approach product market fit? Take the Culture Index Survey today to learn more about how you uniquely approach product market fit.
