What is a Product-Market Fit (PMF)?
Product-Market Fit (PMF) is defined as the alignment of a product to the needs of its target audience.
Product-Market Fit (PMF) is defined as the alignment of a product to the needs of its target audience.
SubscribeWhen creating a product, service or experience it is fundamental that you create something that is of value to a target audience. Achieving this is what is known as a Product-Market Fit (PMF) and carries the connotation of guaranteeing a return on investment.
PMF's are an outcome of good strategic thinking, user research and desk research; are vital for the success of a product, service or experience and can be uncovered by combining various products of synthesized research.
According to the Harvard Business School, 34% of start-ups fail because they did not find a PMF which tends to occur when a company or individual believes strongly on a creative idea but fails to identify who its for, what needs they are solving and whether people are willing to pay for it.
To learn our approach to identifying a Product-Market Fit, consult the link below.
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