You got hammer? Then look for nail..and HIT IT HARD !
That’s exactly what happens when startups or companies start with finding product-market fit as a core success metric.
You start with a product (which is the hammer) and you eventually try to nail the market (fit the nail in the wall).
Why is this wrong approach?
The reason most companies fail is because they build something which nobody needs. Why does that happen? Well, largely because of product-first approach. That is:
I need to get this product out , irrespective of whether the market needs it or not.
The obsession with product-first approach is a misguided missile and it eventually lands nowhere.
What’s the right approach then? I’d say – Market-Product-Fit.
That is, look at a market’s pain point and build for it. It’s easier to find a fit there instead of shooting in the dark.
Let me ask you this – what business is Flipkart or Amazon into? Ecommerce? No. They are into retail business (i.e. the market), and enable people to buy products from sellers via digital medium – i.e. the format happens to be a product (which might change and it could be Alexa by 2020).
To cut the long story short – my recommendation is to not evaluate your product from product-market fit lens (it is self fulfilling prophecy), but instead from market fitness point of view.
What’s your take?
[PS: NextBigWhat also runs Product Management Course. Signup if you wanna be the 10X product leader! ]