Episode 51 Make or Break: Establishing Product Market Fit is Crucial to Success
Download MP3Product Market Fit is a make-or-break factor for startups. Even the best products can fail without market demand, while an average product can succeed if the demand exists.
What does success look like once companies reach this critical milestone? The product resonates with the market means that:
- Customer actively buys, uses and recommends the product to others in sufficient numbers...
- Enough to sustain growth and profitability
Investors often demand evidence of product-market fit before investing – demonstrating that your product has real demand and a viable market, especially at the earliest growth stages.
Here are some examples of notable companies that have successfully pivoted to achieve product-market fit:
- Apple’s initial focus was on personal computers but their game-changing pivot to the iPhone, which combined a phone, music player, internet access revolutionized the mobile phone industry.
- Uber started as a luxury black car service, but realized that the real opportunity resided in ridesharing – a more accessible and convenient model that disrupted the traditional taxi industry.
- AirBNB initially aimed to provide air mattresses for travelers during conferences but soon focused on vacation rentals, connecting travelers with unique accommodations, they tapped into a market need that disrupted the hospitality industry to this day.
- Slack was initially a gaming company. They pivoted to create a team communications platform (an application they built for themselves initially) to improve collaboration, synced conversations and productivity.
All these companies had these things in common: They all recognized market shifts, adapted to change and stayed attuned to customer needs. They all demonstrated the flexibility and strategic adjustments essential for achieving product market fit.
I’d like to welcome Abhishek Mathur, VP of Product Management at Pyte, is a secure data collaboration solutions provider. He is also one of our advisors at Altitude Accelerator. Abhishek is seasoned in digital media, ICT, and financial services. From B2B and B2C strategies to business development and product management, he knows how to scale businesses and drive sustainable growth.
Creators and Guests
Host
Hessie Jones
Advocating for #DataPrivacy, Human-Centred #AI, Fair & Ethical Distribution 4 all; @forbes she/her; Developing Data Privacy Solutions https://t.co/PudK3nLMU9
