What’s Your Solopreneur Product-Market Fit?
Do you focus the same energy on finding product-market fit as shopping for a new outfit?
When updating a wardrobe, you research what’s available, measure for size and then alter, as needed, for the best fit. The same methodical approach applies to achieving product-market fit for your business. Surprisingly, many solopreneurs trust their intuition instead of the data to see if their product or service addresses what Forbes calls a hair-on-fire problem.
While you may ask friends and family for opinions on your wardrobe, it’s best to look outward to determine whether your business offer resonates. Learn about your industry and ask yourself:
- What’s the market for your kind of product or service?
- Who are your potential customers and competitors?
- Is the market growing, stable, shrinking or in chaos?
- Why do you think customers should choose you and what are their needs?
- What problem do you believe your product or service will solve and who will be willing to pay for it?
Once you have the answers, conduct a customer discovery process to test your assumptions. Build an audience to ask potential clients how they feel about you, your business and solutions. See if you’re gaining traction and attracting clients. If not, what do you need to adjust? Just as some outfits require alterations, so do your business strategies. Taking the time to achieve product-market fit can make all the difference between business success and failure.
