product-market fit. What's yours?
Updated: Mar 31, 2020
Here is a conversation. I was working on messaging with the CEO of a great growth company who've developed productivity software.
Me: Who is the product aimed at ?
Him: A general market.
Me: ( thinks ) Really? ( says ) Any geographies in mind ?
Him: USA and Europe
Me: What about verticals. What sectors are you going for?
Him: All verticals
Me; Nothing more specific?
No: Manufacturing, Construction .....?
Me: What about type of business? Do you want Enterprise only, Medium size, Small Businesses?
Here I struck lucky! He was going for Enterprise.
The Product- Market Fit ( PMF) concept was developed and named by Andy Rachleff a co-founder of Benchmark Capital. It means "being in a good market with a product that can satisfy that market.” It's essential that investors know you have a good product market fit.
If you haven't defined the market you can't know if you are making/selling the stuff that people are actually going to want to use. And vice versa.
That comes before creating the messaging to talk to your market or convince investors.
I've helped lots of people do "just enough" of that to make sure they sound like it all fits.