3 Proven Strategies Startups Can Use to Achieve and Maintain Product/Market Fit
According to a recent CB Insights report, the number one cause of startup failure is a lack of product/market fit. As the report further explains, “Tackling problems that are interesting to solve rather than those that serve a market need was cited as the number one reason for failure in a notable 42 percent of cases.”
These findings illustrate the importance of understanding the market and customer needs. After all, no matter how great a product is, it won’t sell if the target customer doesn’t need or want it. But, with the right strategies in place, an organization can deliver a product that will succeed in today’s dynamic and fast-paced market.
At the recent Norwest Product Summit, we gathered prominent product specialists from BlueJeans Network, ServiceNow, Veeva Systems, RingCentral, Steelbrick, and the San Francisco Giants to discuss their journey in achieving and maintaining product/market fit. During the event, the speakers touched on three specific areas startups should focus on—the customer, functionality versus user experience, and the need to be continuously flexible.
We’ve built on these focus areas and compiled three surefire strategies for achieving and maintain product/market fit.
Are you set up to deliver the best product for your target market? We’d love to hear your best practices and comments. Follow us on Twitter @NorwestVP.