What is Product Market Fit Analysis?
All products go through life-cycles and all markets change. Therefore, it’s highly likely that at some point in a product’s life-cycle, how well it meets the needs of its target marker will need to be revisited and tuned to better fit changing market requirements and needs. The Designworks’ Product Market Fit Analysis provides a simple, time-effective and proven way to review how well your product fits the current needs of it target market.
Where Did the Concept Originate?
The concept of product market fit has been around for a while but became widely-known when Marc Andreessen of Venture Capital firm Andreessen Horowitz claimed that finding and maintaining product market fit was only thing that mattered for early stage companies.
At Designworks, we may not agree that it’s the only thing that matters, but we certainly agree that it’s very important and that’s why we’ve built a workshop-based strategic framework to help marketers ensure that they are promoting the right product attributes and marketing messages in their go-to-market planning and campaigns.
A Strategic Framework for Product Success
The Designworks’ Product Market Fit Analysis is a strategic framework built around these basic questions:
- Who is my product for?
- What’s most important to those people?
- What are their alternatives to buying my product?
- How does my product stack up against the alternatives?
- How do I build and maintain my competitive advantage?
Unlike other approaches that simply discuss these issues, the Designworks’ Product Market Fit Analysis goes a step further and scores a product’s market fit against the criteria that marketers believe are most important in the customer’s evaluation of your product. This provides a ranking of the most important product attributes, a ranking that should be reflected in the way marketers develop a product’s value-proposition and messaging.
An Engaging, Interactive Experience
Delivered as an interactive workshop, the Designworks Product Market Fit Analysis framework brings together a company’s stakeholders with deeply experienced consultants in an engaging, interactive process. This process generates set of presentation and spreadsheet deliverables that you should focus on in your go-to-market strategy.
Ensure You’re on Message
If you’re launching a new product or have an established product that’s losing market share, running a Designworks’ Product Market Fit Analysis workshop for your team is the ideal way to ensure that you’re promoting the right product attributes and marketing messages.