May 1, 2023
The Five Echelon Group
Business and marketing strategic consulting services for small and midsize companies looking for growth
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."
Product - Market Fit
When it comes to product marketing, an essential component is understanding product - market fit.
How do your products fit into the marketplace?
Is there a market at the price-point you need to be profitable?
Is your product uniquely different from your competitors?
These are all factors in determining the viability of your offering and its market potential.
Where does your product fit in the marketplace and how are you promoting it?
Who are your competitors and how do your products uniquely meet market needs?
What are customers willing to pay for your products and how does that relate to your costs to produce it?
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.
Additional Reading on Product Marketing
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