Understanding Product Market Fit

When a startup develops their product or service, they are usually looking to target a particular market segment. Once a basic product is developed, the company needs to be sure that there is a place for it in the market – which is the product market fit.

This process is integral to the success of the company because unless the customers are satisfied with what the product does and agree that it is satisfying their needs, they will not purchase it. Akshay Verma, MD of the VTC Group and member of Chandigarh Angels Network, mentions the 5 aspects to keep in mind when while testing your market fit.

He talks about knowledge of market size, value hypothesis, first mover advantage, early adoption of product and seeking perfection. Judging your product from these points of view can give you a different yet important perspective.

This article was published in Times of India. Read it here.