How to achieve product-market fit in six steps: webinar recap
October 16, 2017
Defining and developing your product can feel like an elusive task. But it doesn’t have to.
Instead of treating it like an art form, you can turn the process into a scientific one, where theories are defined, tried and tested before the product ever gets to market. Better yet, you can do it in only six steps and still improve your overall odds of success.
Dan Olsen, a product management consultant, speaker and author, works product leaders to build great products and strong product teams. He recently joined us for a webinar to share advice from his book, The Lean Product Playbook, on how to achieve product-market fit.
During the session, Dan described his Lean Product Process, a six-step methodology, and illustrated the concept with real-world examples and case studies.
For more details, watch the replay below.
Develop a Successful Product for Your Market
Using practical examples, like NASA's zero-gravity space pen, Dan stresses the importance of beginning your product development process in the problem space instead of the solution space. Or, by stating a customer need or problem, rather than the specific implementation needed to address the assumed need.
According to Dan, one of the keys to achieving product-market fit lies in starting your Lean product development process with hypothesizing rather than building. This approach maximizes efficient learning and leads to the development of a product your market actually needs.
He recommends using a matrix that maps user needs against their satisfaction with current product offerings to identify the greatest areas of opportunity.
You can create your own Importance-Satisfaction Matrix using the MURAL template below:
And, finally, even though your minimum viable product should be relatively simple, he argues against cutting corners. It should still cover each of the MVP bases, including being delightful, usable, reliable and functional.
In short, his six-step method for achieving success with your product includes:
Determining your target customer
Identifying underserved customer needs
Defining your value proposition
Specifying your Minimum Viable Product (MVP) feature set