Product/market fit is often abbreviated as PMF. Product/market fit is the degree to which you’ve filled in the blanks on what your company is all about that allows your company to scale strong demand.
In order to be able to scale strong demand, there are some basic questions that your company needs to be able to answer.
- Who are your ideal clients?
- Which products and services do those ideal clients purchase from your company?
- At what price point are those clients purchasing those products and services?
- How often or how frequently do they purchase those products and services or if you sell something that’s based on recurring revenue, either on an annual or multi-year basis, what’s the duration of a typical agreement?
Once you know your clients, once you know the products and services they purchase, the price points that they purchase at, and how often they purchase, your company should be well on its way to achieving product/market fit.
Does your business have product/market fit? Share your thoughts in the section for comments below.
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