The document discusses the importance of minimum viable products (MVPs) and product/market fit. An MVP aims to address a problem and gather early user data with minimal effort. It should be tested with potential customers. Maintaining product/market fit over time is also important, where the product meets the needs of a large enough user group to enable business growth. Companies must anticipate changing needs and trends to stay aligned with their market. Blackberry is used as an example of failing to adapt to shifting customer preferences away from their iconic physical keyboard.
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MVP product/market fit
1. #1ST MVP (minimum viable product)
Houston, we have a problem
Minimum viable product to address that problem with metrics to gather data
Test it in the group of people that needs this problem solved
“Minimum viable product is that version of a new product that allows a team to collect
data about customers with the least effort” Eric Ries
#2ND Product/Market Fit
Product/Market fit means you are offering something that a group of people needs
and there’s enough people in that group to provide sustainable growth for your
business.
Why is Product/Market Fit Important?
To maintain consistent product/market fit, you must anticipate changes and be
flexible enough to move with new trends.
Too many companies have failed because they misunderstood product/market fit –
Blackberry is a good example.
The same quality that originally perfected their product/market fit, the full keyboard,
was the exact quality that turned their customers away because their needs
changed.
