Dispelling Myths: 4 Product-Market Fit Falsehoods You've Been Told
Falsehoods have a funny way of taking on a life of their own. Perhaps it’s because it’s far more entertaining for people to believe the fictional over what's factual. In most cases, folktales that are passed down from generation to generation through word of mouth are harmless; interesting ways to pass the time.
But in some instances, falsehoods that spread like wildfire could actually have a negative effect on those who believe and hold them as truths. Those involving business would certainly fit that criteria.
Here are four product-market fit falsehoods that if taken at face value, could be the primary cause that is preventing your startup from reaching its full potential.
1. Your product must “solve” a big problem
How many times have you ever had a great product idea enter your mind—only for you to instantly dismiss it because you didn’t believe that it adequately solved a big enough problem for a customer base?
Quite a few times, I’d suppose.
The most likely reason why your mind automatically disregards the thought of further pursuing the idea, is because for years, you’ve repeatedly heard or been told that in order for a product to truly breakthrough and resonate with an audience—it has to solve a big problem for the consumer.
A deeper dive into history shows us that isn’t true at all. As hit products like: Blentec, Snuggie, Beanie Babies, Mood Rings, and countless others have shown us that with the right marketing—a product doesn't necessarily have to solve a big problem to appeal to an audience.
2. With the right product—segmentation doesn’t matter
This one sounded crazy when you first heard it, didn’t it? But since you’ve likely heard it from a ‘marketing expert,’ you likely accepted it as fact. Don’t get me wrong, having a great product certainly makes selling it easier; but even the best products ever invented required an ideal audience to purchase them on a consistent basis.
Imagine owning a stand that sold ice cold water and juices in The Mojave Desert. Obviously, selling inelastic goods at the right location—your target customers would consist of thirsty travel-goers willing to pay a premium for your product.
Nevertheless, those scenarios are few and far between. In nearly every other scenario when selling a product, to properly tailor your marketing messaging, dividing a broad consumer or business audience into smaller groups based on shared traits like age, location, lifestyle, or buying habits is almost a requirement.
3. You shouldn’t present your product until it’s perfect
Speaking of requirements, I believe that if there was one book that should be required reading for every founder whose startup sells products—it'd be author Eric Ries’ book, The Lean Startup. In the book, Ries introduces readers to the concept of the lean startup methodology.
According to Ries, lean startup methodology “Reconvenes a startup’s efforts as experiments that test its strategy to see which parts are brilliant, and which parts are crazy.”
A significant portion of the book focuses on the concept of the minimum viable product; which is the most basic version of a new product that contains just enough core features to be usable by early customers, solve a primary problem, and gather maximum validated learning with minimal effort.
A minimum viable product is the antithesis of a perfect product.
Instead, MVPs are the most basic version of a product; used by startups to: test products, gather customer feedback, and help the product team make any necessary improvements. Simply put, MVPs are about customer validation and using the “Build-Measure-Learn” process.
4. It’s best to wait until the market is ready
The much-quoted Steve Jobs once famously stated that, “People don't know what they want until you show it to them. That's why I never rely on market research. Our task is to read things that are not yet on the page.”
It’s true, back in 2007, consumers didn’t know they wanted an iPhone—until Jobs and Apple showed them what they were missing.
Had Apple waited for the masses to demand the product before they began production, the Nokia 1100 may still be the most popular mobile phone in the world.
Connect your product with an ideal target audience
Now that we’ve dispelled the four above-mentioned falsehoods you’ve been fed about product-market fit, you could now approach the process of presenting your startup’s product to an ideal audience that’ll eagerly embrace it.
At Decryption, we help our startup clients identify, contact, and connect with their ideal target audience through clear and concise contemporary culture-focused marketing messaging. Schedule a free client consultation to discover how Decryption could further help your startup advance.
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