If you aren't sure if your service has product market fit, 99% of the time, it doesn't. 🙅♀️
Heleana Grace
2 replies
Product market fit is crazy obvious.
Here are a few tell-tale signs that we discovered for our company
1. Selling like crazy with limited reach. 💸
As a startup, you will only reach a handful of people. If you're doing a good job converting them, your value prop is right, and the product/service has a market fit.
2. Close to zero refunds. 🙅
Since we started Videodeck, we haven't had any client request a refund. Our value prop is good, and WE DELIVER ON IT.
3. Working with large companies without a sales team.🦄
Large companies have long sales processes, and there are multiple decision-makers you have to go trough. If you can sell to them early on, you are doing something right.
4. Overwhelming positive reviews. 🤩
If your users GO OUT OF THEIR WAY to send you a positive thank you email, you know you're doing something right.
5. World-of-mouth referrals.📣
If clients recommend your service/product, it means that they are happy with it and that it's filling a need in the market.
6. Returning customers. 💫
If they come back for more you are doing something right. Figure out what that is and sell it to your other previous customers as well.
What would you add?
Replies
Sandra Djajic@sandradjajic
Amazing examples, i would add:
1.Higher engagement and usage rates than competitors.
If users are consistently engaging with and using your product or service more than your competitors, it's a sign that your product is meeting their needs in a unique way.
2.Decreased customer acquisition costs.
When your product has a strong market fit, your marketing and advertising efforts become more effective, resulting in decreased customer acquisition costs.
3.Expansion into new markets or use cases.
If you notice customers using your product in ways you hadn't originally intended or targeting markets you hadn't considered, it's a sign that your product has broader appeal and meets a variety of needs.
4. Industry recognition and awards.
If your product or service is receiving recognition from industry experts or being awarded for its innovation or effectiveness, it's a strong indication that you have achieved product-market fit.
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