The sole purpose of creating an app for a service or product is so that customers can use it. But when the customer has got a plethora of options that provides a similar service or product, then why should they download your app? What does your app offer that the other doesn’t? To ensure that the customer picks your app each time, you can use a tool that will help you build the product or service that the market needs: The Product/Market Fit Canvas.
What’s a Product/Market Fit Canvas?
Marc Andreessen, founder of Netscape and Andreessen Horowitz defined product/market fit as, “Product/market fit means being in a good market with a product that can satisfy that market.”
In a great market with lots of real potential customers, the product or service has to be able to solve the user’s problems. You need to create a need for your product/service in the market by targeting a market segment that finds your product/service attractive.
The one question that all product managers have is how to prioritise a product’s roadmap and lead it to a successful destination. Firstly, we need to align the product features in their order of importance. There are two approaches that we can use:
So, how exactly do you build a step-by-step framework to prioritize a beneficial roadmap?
When you introduce a product in the market, the success of that product is directionally proportional to the strategies used while creating it. Defining a product pre-production makes it easier for the development team to approach the needs of the customer more accurately.
Let’s take a look at a typical product strategy mistake and how to avoid them:
Starting the Development of the Product at the Right Time
Have you ever thought of an idea for a product and then procrastinated to an extent that the idea never saw the light of day? Once you get an idea of the product that you are going to roll out, don’t take too long to ponder. Sometimes waiting for too long a product is never realized and new competitors can gain an upper hand and release a product better than yours.
How do you avoid this issue?
Create a rapid prototype and release a MVP. You can then keep upgrading it to higher versions with the feedback you receive.
Although, one must remember that starting the development of a product without a clear plan could lead to a strategic pitfall.