BRX Pro Tip: 4 Ways to Find Product Market Fit
Stone Payton: And we’re back with Business RadioX Pro Tips, Stone Payton and Lee Kantor here with you. Lee, we’ve been engaging in this a great deal lately. I know businesses of all shapes and sizes should have some degree of focus on this from time to time. What’s your counsel on finding that product market fit?
Lee Kantor: Yeah, I think it’s so important, especially when you’re launching any type of endeavor or going into a new area that you haven’t been in before, product market fit is critical. Once you got that, then you know you have something and then it’s just a matter of, you know, putting your foot on the pedal and going.
Lee Kantor: So, here’s four ways to find product market fit. Number one, don’t go after everybody. Don’t chase every logo. When you’re first starting out, you want to find kind of more of the early adopters, the people who are looking for an edge, the people who are willing to take a risk on something new. A tactic to attract those people are give them some early access, do some co-creation, some collaboration, give them some perks, and super high level of attention when it comes to customer support.
Lee Kantor: Because these early partners are going to shape your positioning and, hopefully, they’ll become your first case studies. So, you want to be good to them, and you want to give them what they need in order to take that risk, because it is a risk when anybody is trying something new, so you want to kind of allay some of those risks if you can.
Lee Kantor: Number two, when you’re working in this space, you want to be looking for the pain points that create urgency, not interest. Remember, when you’re starting a new project, you’re not selling vitamins. You are making headaches go away. So, these things have to really be must haves. They can’t be nice to haves. So, when your product can turn from something they’re considering into something that we need this yesterday, then you know that you are getting close to having that product market fit.
Lee Kantor: Number three, you want to be running kind of small campaigns in order to offer high value insights instead of kind of being salesy. You want to be saying things like, here’s what your competitors are automating, do you want the playbook? So, you want to create some kind of desire and you want to have the solution or a solution that will get the right buyers to raise their hands fast. That’s when you know that your content is fitting the market, and it’s a sign that your product might also be the right fit.
Lee Kantor: And then, ultimately, you want to be able to, after you have some people, early adopters trying it and using it, you want to take their best words that your users are saying to describe your value, and you want to steal that language shamelessly. When your prospects read your messaging and say that’s exactly how I’d say that, that’s when you know you have product market fit.
