Product Market Fit System
Measure your product’s unique value and identify opportunities to attract more customers with Stackby’s Product Market Fit Template. This template is easy to customize, free to use and provides you with a better view of your product’s growth profitability.
What is Product Market Fit?
Product market fit is often referred to as ‘product/market’ or ‘product-market’ fit. Product market fit happens when you are serving your target customers with the right product. In simpler terms, if your products are ideal for your market and your customers, you are achieving product-market fit.
Ideally, product market fit is determined using surveys that help you in identifying what your customers actually think of your product or what your new product must contain. Stackby’s product market fit template includes a survey form for the same through which you can conduct a survey for your product. All the answers will be saved in the table in the respective columns.
Why is Product Market Fit Important?
1. Planning a new product:
If you are planning to develop a new product, you must confirm whether people will be willing to pay for it. In other words, you need to determine that your product has enough market to sustain itself and generate profit.
2. Customer-product attachment:
Product-market fit system helps you find out whether your customers are actually liking your product or not. What will happen if you withdraw your product from the market?
3. Relevance of product:
Will your customers recommend your product to anyone? A product market fit survey will help you find whether your product is solving any problem or not.
4. An opportunity for growth:
If you have reached an equilibrium in the journey of your product, a product market fit survey will help you find out the rate at which your customers try the product and buy it or reject and stop using it.
Read more: How to Create a Product Roadmap?
How to measure Product Market Fit?
Measuring product market fit is a combination of quantitative as well as qualitative metrics. For example churn rate, growth rate, market share, word of mouth, media coverage, etc. Here are a few things that you should consider while measuring product market fit:
Find if users will switch to your product
Find whether some users who have rejected products similar to your products but are willing to try your product
Are customers utilizing all the features of your product
How are your retention rates in comparison with your competitors
Do customers understand the value proposition of your product
Who can use Stackby’s Product Market Fit System Template?
This template is useful for sales, business development, support, finance, and all other departments that oversee the planning, management, and execution of products in a business. It is also useful for startups, business owners, product managers, and product teams.
How is Stackby’s Product Market Fit System Template Helpful for You?
Stackby’s product market fit system template includes a survey form that will help you understand how your customers perceive your product. It helps you gauge your product based on user experience, features, and value proposition. You can do the following with this template:
Track the responses for your product market fit survey
Record the sentiments for every response given by customers (not disappointed, somewhat disappointed, very disappointed, etc)
Find how you can improve your product
Identify which feature, services, or products you are missing
Record ratings based on issues resolved for customers
Record customer details such as name, email, job title, promoter score, etc
Count the survey responses for different aspects of a product such as user experience, features, value proposition, etc
Other templates related to product development and management:
Product Roadmap Template
Product Launch Template
Product Competitor Analysis Template
Product Inventory Template
Before you use our Product Market Fit template, make sure you understand how to use Stackby forms.