16 Dec MVP and Product-Market Fit
What is Product-Market fit?
Let’s answer this question simply; Product-Market fit is all about building a product with significant value for real customers and building it in a way that stands out in a competition.
✅ Product-Market Fit Pyramid (a framework by Dan Olsen) gives us a very comprehensive perspective on this subject.
📌The pyramid is split into two parts; Market and Product (Problem Space and Solution Space respectively). The Market is the composite of existing and potential customers/users who have the specific need (or set of needs) that the Product addresses.
So the Market itself is separated into two components;
1. Target Customers and
2. Target Customers’ Needs.
This is to emphasise that we define the need based on the Target Customer.
The Product is an offering crafted to meet the specific needs that our Target Customers have. Important to mention that the concept is applicable for services as well.
It is essential to highlight the UX – on the top tier of the Product-Market Fit Pyramid, as it is the UX that binds the product features with Customers’ interest to use them.
To bring these concepts and layers together we should think about the Product as a solution that is born based on specific Customers’ underserved needs. To be competitive in the market the Product should not only meet these needs but do that better than the alternatives in the market.
Now, let's talk about MVPs
The debate around MVP and what is actually enough is still on.
I suggest to look at MVP from the Product Management and User Experience perspective.
Let’s first think about what is our biggest focus in the MVP as an abbreviation itself?
For some it’s MINIMUM viable product and for others it’s minimum VIABLE product.
We do not remove any of these words from the concept, but looking at the MVP from this perspective is going to enable a better tools to understand what is actually enough.
I personally belong to the group that sees minimum VIABLE product.
Because when we focus on minimal mostly – we sometimes understimate the user experience caused troubles on overal MVP testing processes and user feedback. Minimum is enough ONLY when it’s working properly, providing user with high fidelity experiences, showcases the features and their functions as bug-free as possible and with a satisfactory performance.
The viable part – ensures we dedicate enough attention to detail, experience and smooth functionality of our minimum selected features.
What is your approach when building and testing your MVP?
Go ahead and share your thoughts!