Getting product / market fit right

Let's dive straight into a truth that many founders need to hear: not getting your product/market fit right is one of the top three reasons why startups fail. And trust me, I learned this lesson the hard way.

My Own Product/Market Misfit Story

Before I guide you through this, I want to share something personal. Years ago, I was that passionate founder who fell head-first into this trap. I was so excited about my product (which, by the way, I truly believed the world needed) that I skipped the crucial step of understanding where and how it could actually sell.

The result? Despite pouring my heart, time, and significant capital into development, I couldn't secure the listings I needed. It was a powerful lesson in why market understanding needs to come before product passion.

What Actually Is Product/Market Fit?

At its core, product/market fit is about finding that sweet spot where your offering perfectly aligns with what the market wants and expects. It's about clarity on these fundamental questions:

• Does your target market actually contain your ideal customer?

• Are similar products selling at your intended price point?

• If your pricing is different, does the market support that difference?

• Is your market oversaturated or underserved?

• Does your product naturally fit where buyers expect to find it?

The more confidently you can answer "yes" to these questions, the stronger your product/market fit. While some brands successfully break these rules and create new categories, that's the exception rather than the rule – and it requires substantial time, funding, and resilience.

Why This Makes or Breaks Your Business

There are two crucial reasons why product/market fit is so fundamental to your success:

1. Retail Reality: If you're planning to sell through retail channels, poor product/market fit makes securing listings extraordinarily difficult. Buyers face intense pressure to stock products that actually sell. If they can't easily see how your product will outperform what's currently on their shelves, you're fighting an uphill battle.

2. Scalability Struggles: Even if you manage to get listed (or sell direct), without strong product/market fit, scaling becomes nearly impossible. Your potential customers might love your product concept but baulk at the price point, miss crucial features, or simply not be in the right mindset or location to buy it.

How to Create Powerful Product/Market Fit

Here's your practical roadmap to getting this right:

Step 1: Analyse Your Current Position

• Is your product essential or luxury?

• Does it fit weekly shopping, impulse purchases, or speciality buying?

• How and where does your ideal customer actually shop?

• What do both your product and customer need from the market?

Step 2: Deep Market Research

• Study successful products in your target market

• Analyse pricing structures and product formats

• Identify genuine gaps you could fill

• Understand how your product complements existing offerings

When You Realise You Don't Have Product/Market Fit

Here's the truth: you can't change the market. It's going to do what it's going to do. Fighting against it is like swimming upstream – exhausting and usually futile.

What you can do is make strategic adjustments to your approach. I'm not talking about abandoning your vision or starting from scratch. Instead, consider these refined adjustments:

• Fine-tune your pricing strategy

• Adjust your product format

• Enhance or simplify features

• Refresh your branding

• Pivot your target market

• Consider alternative sales channels

The key is staying authentic to your core purpose while being flexible about execution. Remember: you're not serving anyone if you can't successfully get your product to market.

Taking Action Now

The earlier you get this right, the better. Yes, some learning comes through market feedback, but solid research before launch can save you significant time, money, and emotional energy.

Start by mapping out your product/market fit strategy this week. Look objectively at your current position and be willing to make those strategic adjustments that could transform your growth trajectory.

Remember, this isn't just about avoiding failure – it's about creating a foundation for sustainable success. It's about building something that truly serves your market while bringing your vision to life in a way that's both profitable and purposeful.

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Want to discuss your product/market fit challenges? I help ambitious founders navigate these crucial growth decisions every day. Get in touch to explore how we can clarify your path forward.