The best business strategy of all.
The purpose of your business is to find, sell to, and to keep customers. What you have to appreciate is that the way customers find, buy, and use products and services has evolved significantly over the last decade or so. Especially recently.
The culture of instant gratification, on-demand delivery, the subscription economy, product and service personalisation, as well as stiff global competition forces our businesses to become even more special to get customers. One of the best ways to to get customers is to pursue and achieve Product-Market Fit.
Marc Andreessen, the American entrepreneur and investor, defined the term as being in a good market with a product that can satisfy that market.
We at A-Game Business prefer to define it as: You have Product-Market Fit when you offer a unique product or service that a great market desperately wants and is willing to pay for it.
– Product-Market Fit speaks to the degree to which a product satisfies a strong market demand.
– You have Product-Market Fit when 1 month, 1 quarter or 6 months after signing up customers, you still have +-75% of them buying from you because they are happy with your product or service.
Product-Market Fit has been identified as the first step to building a successful business. And so if you want to have a scaling and successful business, you must prioritize Product-Market Fit. If you do, you’ll get to keep an average of +-75% of all the customers you acquire as a result of Product-Market Fit.