What is a Product Market Fit? Should we focus on product features, a caring audience or perhaps an almost perfect business model?
Last week I had the opportunity to attend the “Nailing Product Market Fit,” a remarkable event organized by the Product Tank team. One more time the organizers brought together product managers, designers, developers and people with a mission to understand and master product fit. What made the event even more compelling is the fact that it was held in LinkedIn building, here in San Francisco.
It was great to have a conversation and listen to experiences of Alan Chiu, Partner at XSeed Capital and Chris Barton, Co-Founder and Board Director of Shazam. Both of them kept us engaged while exploring ideas on how to reach customer engagement. It was very inspiring to listen to Chris sharing the journey of Shazam from the starting point, considering that we millennials are such huge fans of Shazam. We love to find music in pubs, clubs, cafes; I mean this is how I found my favorite dancing song by Ed Sheeran, Shape of You.
Based on my previous research and conversation with Alan and Chris, in order to have a successful product one has to pursue the creation of a significant customer value, meeting customers’ needs while ensuring that the product is better than the alternatives. While pursuing product market fit, we have to persistently reach for the right market, while willing to adapt easily. Actions before and after PMF may differ as you want to prioritize customer discovery, validation and measurement and afterwards build the sales, marketing and delivering strategies.
Chris and Alan did a great job, answering our questions while supporting us with the Key PMF Takeaways:
· Follow big markets
· Adjust your product based on market forecasts
· Business models have to be as creative as product experience
· Develop and design data road-map
· Competitive Advantage is key to product market fit success
Having met many Data Analytics and Product Management club members from our school Hult International Business School, made the event even more exciting as we were able to exchange ideas and opportunities. Surely, we are going to follow up with another event at our school regarding Product and Market tight relations.
Last but not least, it was a pleasure to meet and get advised for further career opportunities by the Product Manager of Linkedin Ms. Shakhina Pulatova.
Definitely looking forward for similar events and connection with people of similar interests.
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