Introduction to Product/Market Fit
Product/Market Fit is the point at which a product satisfies the needs of a specific market segment. Achieving PMF is critical for a startup's success.
- The Only Thing That Matters
This is the first article written about the concept of product / market fit (PMF). Marc Andreessen explains how the one thing that matters more than team, market, or product is one thing: "being in a good market with a product that can satisfy that market."
Tactics, Metrics, & Benchmarks to Get To PMF
Tactics for getting to PMF include identifying the target customer, creating a minimum viable product, measuring customer engagement, and iterating based on feedback. Metrics like customer acquisition cost and lifetime value can help track progress.
- How Superhuman Built an Engine to Find Product/Market Fit
Rahul provides a deep case study (via his product, Superhuman) on how to iterate your way to PMF. It includes a clear 4-step process, and a metric threshold based on the question, "How would you feel if you could no longer use [product]?"
- How to Tell if You Have Product/Market Fit
Merci establishes a variety of clear metrics for product / market fit: NPS above 60, and retention via MAU or WAU depending on the" reasonable human behavior you’re looking for."
- Zero to Product/Market Fit (Presentation)
Andrew reviews how to make it easier to find PMF by looking at products and markets that are the most conducive to PMF.
- The best metric for determining quantitative product market fit
For multiple-use / subscription products, Jeff describes why and how cohort retention can be more meaningful for PMF than NPS and other survey-based metrics.
- What it feels like when you've found product-market fit
Lenny interviewed the founders of 25 iconic technology companies, and discovered that there are 3 ways that PMF can be "felt": 1. Sudden and significant pull by the market 2. Gradual but compounding pull from the market 3. Hitting a milestone that proves it's working
From One-Time to Continuous PMF
Continuous PMF involves regularly revisiting customer needs and adjusting the product accordingly. This requires a culture of experimentation and a willingness to pivot.
- The Never Ending Road To Product Market Fit
Brian disagrees with one aspect of Marc's initial definition: that product / market fit is a singular milestone. Rather, product / market fit is a continuous process "for one reason - your market doesn’t sit still."
- Tweetstorm on Stages of Product/Market Fit
Elizabeth explains how startups go through PMF loops across stages, e.g. getting to Series A benchmarks versus going from Series B to Series C.
PMF Case Studies
These case studies show how companies achieve PMF by focusing on customer needs, iterating quickly, and using data to inform decisions.
- The Sharp Startup: When PayPal Found Product-Market Fit
PayPal's path to product/market fit involved listening to customers until they found a niche with extreme product metrics. The PayPal team then focused all of their effort on that niche - servicing eBay sellers.
Bonus content includes resources for further reading on PMF, such as books and podcasts, as well as tips for avoiding common PMF mistakes.
- 10 Places to Find Product-Market Fit
Gigi describes 10 specific places that provide fertile hunting ground for founders to find PMF.
- Twitter Thread on Definitions of Product/Market Fit
The replies in this Twitter thread provide alternate definitions of product / market fit.