Product

We must learn what customers really want, not what they say they want or what we think they should want. We must discover whether we are on a path that will lead to growing a sustainable business."

Eric Ries

The Lean Startup

Product - Where Does It Fit?

Promotion

Who is your target

customer?

What Problem are

you solving?

Competition

How are you

different?

Price

How much

can you sell for it?

Price

How much

can you sell for it ?

Competition

How are you

different ?

Product - Market Fit is essential for success.


When speaking to businesses, often times, the part of their business they feel most confident about is their product. There's often pride and a sense of ownership in what has been created. This is understandable but in business, biases create blinders which can lead a business down a path away from success. It's important to be objective with products and understand where they fit into the marketplace. Who is the target customer? What is the competitive landscape? Is there a key differentiator that makes the product better or different? Do customers buy the product because of that differentiator or for other reasons?


There are many questions to ask in this Echelon to get a true understanding of what a business is selling and the market opportunity. Too often, business leaders talk themselves into believing they have a better product and waste countless dollars on marketing features and benefits that don't drive sales. Only when you fully understand your target market, the product-market fit and how your customers are using your products, can you develop a marketing strategy to support sales growth. 


Looking for more?

Here are some additional resources on product.

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