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Discovering Product/Market Fit

Jan 21, 2020 | B2B Marketing, B2B Strategy

Discovering Product/Market Fit

by | Jan 21, 2020 | B2B Marketing, B2B Strategy

Discovering Product/Market Fit

dog with cheeseburger in mouth, discovering product market fit

Will the dogs like the dog food?

 (B2C)Product/market fit determines whether you grow steadily, slow, or not at all. Remember, a B2B tech or SaaS product exists for only two reasons:

  • saves time
  • saves money

A consumer tech or SaaS product exists for these reasons:

  • ¬†attractiveness
  • immediacy

You must prove to yourself and your investors that your idea will fly in the marketplace. But the typical Catch-22 is that you don’t have a ton of money for formal market research.

You don’t need it. Use these no/low cost techniques to disover product/market fit, before you develop it.

Why do this?

  • To see your product’s value from your prospects’ standpoint.
  • To hear what your salespeople will hear.
  • To learn how to align your new concept with the marketplace

Sales & marketing are social processes

The first thing to understand (and many people don’t) is that business is a social process. To do this successfully you’ll be spending the bulk of your time talking with people…not staring at a laptop screen.

If this provokes anxiety you’re in good company. Many people are hesitant to reach out to strangers. If you take the plunge, however, you’ll find it gets much easier as you go along.

 

Discovering product/market fit: a 5-point model

Work through the following 5-point strategy model as a first step to discovering product/market fit. Just apply what you already know, or strongly suspect, is true about your market. Support each assumption with whatever market information you have on hand.

  1. What are the trends in my industry?
  2. What’s driving the trends?
  3. What are we doing about the trends?
  4. What are our competitors doing about the trends?
  5. What should we be doing about the trends to grow revenue and profits?

Now you have a baseline.

The rest of this guide is in a PDF. Click button to view/download.

No email required.

What about your company?

If you are in tech or SaaS, this is my wheelhouse. I’ve made it truly easy and affordable to get expert help.

I bill by the project, not by the hour. In this manner you know your investment at the very start.

Please feel free to contact me.

LEARN & DO

Podcasts for Tech & SaaS

What are the differences between the Nashville and Silicon Valley tech scenes? Mike compares both.

Mike explains how a marketing audit works, showing you specific steps in the journey.

Who is Mike Harris and what is his background? Mike shares stories and ancecotes from his marketing career.