How to start a business in Oman
Finding Product Market Fit
Product-market fit (PMF) is a process of understanding whether your product is appropriately designed to serve the customers in your defined target market. Your business could have the best strategist and scientists but if your customers don’t want the product, you cannot compete in the market.
PMF isn’t a one-off process. You can continuously improve your product by creating a feedback loop between your team and customers and improving your user experience, design, or service. Based on their opinions, assumptions, and feedback.
- Product Plan: What is product-market fit?
- Lean Startup: a playbook for achieving product-market fit
- Amazon: The Lean Playbook: how to innovate with MVPs and rapid customer feedback
- Impact Plus: product-market fit and what it means for your business
As part of finding product/market fit, it is important to continuously test your product.
The easiest way is to ask them directly by conducting market research with new and existing customers to understand the pain points.
Two ways of testing your product are:
1. Speaking to people in your immediate network:
Reach out to people within your personal network, social network and second-degree acquaintances
2. Interview customers outside of your immediate network :
Social media is an extremely powerful tool to identify potential customers. Once you have created your survey using free software such as Google Forms, you can create a free link and use Facebook groups, LinkedIn groups or Reddit forums to ask people to help you out with your startup.