Last week our CEO, Carrie, and Senior Strategist Lily took to the stage at the first SaaStock Local to dissect common product market fit myths.
These are the usual suspects for firms who think they have nailed product market fit, but in reality, they haven’t:
- Your sales team solves a different problem in every meeting
- When asked who you sell to, you respond with ‘Enterprise’
- You think every new feature, market and add-on will be a silver bullet for growth
As spoken by James Gill of GoSquared – the feature-fallacy is an iceberg. Beneath the surface of ‘just one more feature’ lies training, new customer-acquisition streams, a new value proposition, and a new pricing model.
What can you do to self-diagnose the reality of your product market fit?
1) Ask your customers:
“If you could recommend us to one person, who would it be?”
If they don’t look, think and act like them – you don’t have product market fit.
2) Plot a chart by one key metric – geography, product use, market vertical, deal size:
- Clients closed
- Hot prospects close to closing
- Tangible leads
Is your success misaligned to where you are spending your time, energy and resources?