You Have started your venture and you may be in the stage where you experience extreme friction and you wonder why nobody may purchase or download your product, or you find it hard to hire anybody and your company may not get any press. You may think your venture is unworthy, however, you just have not achieved product- market fit. Once you reach that point of product market - fit the tables reverse.
1. Identify the target customer
It may sound simple enough however, you must really think about the persona you are selling to and pick one target customer to focus on. Generally, you must target two categories of customers. You should decide between either a lot of customers spending a little money or a few customers spending a lot of money. This is a decision that every company aims to reveive high revenue targets. The first step to achieving product - market it and becoming a middle market - large enterprise company is to identify which one fits your venture.
2. Identify an acute pain point
This may sound obvious; however, a simple inconvienience is not enough of a pain point. You must imagine how a customer would feel if they lost access to your product or service. If they would simply shrug their shoulder and pick an alternative, you have not soldved their acute paint point. A customer should figuratively be kicking and screaming to let go of your product for it to have solved a solid acute pain point.
3. Solve the acute pain point
Now that you have identified what acute pain point your product or service is going to solve, your product must solve that problem. After a great presentation, it is all about execution. How well does your product perform in the market, what is the lifetime value of a customer, and how can you maximize it?
If you can implement these three steps in product development, then you can achieve product- market fit. Once you get to this stage, you hire a management team, you have product sales, and your enterprise becomes well known.