Product/market fit (PMF) is the #1 topic on most startup people’s minds, particularly in the early days.
What is PMF?
Product-market fit outlines a scenario in which a company’s target customers are buying, using, and telling others about the company’s product in numbers large enough to sustain that product’s maturity/growth and profitability.
Word of mouth and referrals :
a)Quantitatively via retention
b) Qualitatively via surveys.
In the earliest days of a product, word of mouth is the key indicator of product-market fit.
Do your Customers Recommend you to Friends?
How Many Customers Leave and How Soon?
Why? Because, if after…
Market research helps companies to understand what the customers really want so that the product can be tailored to resemble the needs of the customer. Market research is a core skill for product managers. Artifacts like product requirements, competitive landscapes, and positioning all require some type of research. Regrettably, most product managers only leverage their instinct and secondary research sources like websites. Product managers should conduct more primary research to advance their work with actual market facts instead of postulates based solely on their personal experiences and backgrounds.
There are three broad categories of product manager research techniques: Intuition, Primary…
There is a long road between an idea and a final product. First, you have to proof-of-concept it. After that, you can start verifying it. Validation can be done through two steps: prototype and minimum viable product i.e. MVP. While both are often bundled commonly, they are different things that can either be used together or separately.
Here are remarkable differences between a Minimum Viable Product and a Prototype to help you navigate the complexities of product development.
First, let’s get to their meanings.
After you decided to get started on developing a product, you need to see if it…
To help brainstorm new ideas or address opportunities — How Might We (HMW) statements are short questions based on insights or problem areas found during your research. Challenges are often opportunities in disguise. The “How Might We” method creates an atmosphere for innovative solutions by reframing known challenges that surround your product, service, or initiative.
Every problem is an opportunity for design. By framing your challenge as a How Might We question, you’ll set yourself up for an innovative solution.
By defining themes and insights, you’ve identified problem areas that pose challenges to the people you’re designing for. Now, try…
There is a very prominent concept in startups and large businesses today called customer development.
Customer development is one of the number one tools a product manager will use to get any sense of whether or not you’re building the right thing, what the market will accept, and what the market will just reject. So it’s something you have to know.
Now, a lot has changed since this book The Lean Startup came out.
Companies, startups, even small businesses are looking at their markets and looking at their customers as well as their business ideas in a radically new way. But the…
We’re also gonna learn some buzzwords so yay for that.
So there’s more than one type of product manager in the world of software development and technology. They are as follows,
Internal Product Managers
Business-to-Business Product Managers(B2B)
Consumer Product Managers (B2C), which are also sometimes called SAS product managers or Software as a Service PM.
So are you confused yet?
The primary difference in these roles is their stakeholders and that is the buzzword I was talking about. A stakeholder is a fancy term for people whom you are building for or who have input into what you are building.