Product Strategy

Finding Product-Market Fit

https://www.altexsoft.com/blog/business/product-strategy-how-to-find-product-market-fit/ Finding product/market fit is super important. You don’t want to build something that nobody wants/needs.

title: Product-Market Fit
Product/market fit means being in a good market with a product that can satisfy that market.

A product here is any piece of software that solves a customer problem.

Product strategy answers 3 main questions:

• What do we sell? (product)
• Who do we sell it to? (market)
• How do we know if we sell it successfully? (goals that are translated into product metrics)

**This can be subdivided: **

• Target audience and the problem that the product must solve
• Market size
• Competition
• Value proposition
• Strategic differentiation
• Acquisition strategy
• Monetization and pricing
• Key performance indicators

Research

Goal:

1. Find your perfect customer and their problem
2. (Guess)estimate market size
3. Explore competition

Target Audience

User Research

How to Document Product Strategy

Make a business model canvas (BMC)