Product/ Market Fit is a process that involves defining how your products fits into your direct marketing area. In this measure, your "product" represents the solution you have developed in response of a demonstrated problem experienced within your target audience. The "market" refers to the pool of prospective customers that are seeking solutions or can be made aware of your solutions, and "price" is the amount of money the prospective customer is willing to pay for your product. Where these three metrics intersect is where your company achieves product/market fit.
At re-View Business Strategies, our team will conduct two surveys to determine your PMF; one with your existing customers to gauge their brand experience, product loyalty, and retention probability. The second will be 100 prospective customers describing your solution to their problem, value proposition, and dedication to customer service. The goal is to achieve a favorable response rate of at least 75% within your existing customers and 45% among prospective customers. Anything less and we have to seriously consider your product's fit within that specific market.
