Pedro Arantesrose
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Product/Market Fit (PMF)

Product/market fit means being in a good market with a product that can satisfy that market.
#business
Zettelkasten,April 02, 2021 (updated at April 10, 2021)

Notes

  • It was coined by Marc Andreesen in the post Part 4: The only thing that matters.

    • "Product/market fit means being in a good market with a product that can satisfy that market."
  • Every company must find its PMF before scaling or sniffing around for venture money.

  • The value hypothesis, or PMF, is an assumption that brings together:

    • company: what is the product or service;
    • market: which are the audience or customers that are likely to care about your product;
    • business model: how the product will be offered to the customers buy it.
  • You can find the PMF by:

    • changing your customers (market pivot);
    • changing your product.
  • Finding the PMF is not a discrete process. It requires many iterations and consistency.

  • You can always feel when PMF is happening.

    • You're selling your products just as fast as you can make it.
    • Customers are paying for your product.
    • You're hiring sales and customer support staff.
  • You can always feel when PMF isn't happening.

    • Your cycle sales are too long.
    • Customers aren't getting value out of the product.
    • A lot of deals never close.
    • The reviews are negative or neutral.

Questions

  • How do you find your PMF?

  • Is there a universal process that fits to any startup looking for its PMF?

References

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