How to Determine Product Market Fit in Your Industry

Think of product market fit in the lines where your customers become your salespeople. Think of it as a magical moment when three things happen; existing users recognize the value of your product, they tell others about the great experience with your product and your company replicates the great experience of the new users. Product market fit occurs when a company’s value proposition, consumers and distribution channels are all aligned. It forms a perfect balance between the three. If only two are aligned, you will only enjoy a short success, but you will eventually struggle to sustain the same. Product market fit is something most startups aim at achieving. Startups should prioritize product market fit above all other goals, because those that can find it achieve a high level of success.

Here are some steps on how to determine if your product is fir for the market.

Determine your target customer

You need to work to identify your target customer who are a representation of the users who will most, likely benefit from your product. You need to use market segmentation to identify who your ideal customer is. After that, you develop groups for your teams to target. This happens in a four step process, where, you analyze your products and services, get a clear familiarity with the competition, choose segment criteria and then perform research. The research phase is carefully crafted according to buyer persona, with the aim of identifying which part of that persona you will target and summarising your findings accordingly.

Gather intelligence

You need to talk to your customers to determine their pain points and how much they would consider paying for a solution to those challenges. You need to seek insights from your sales and marketing teams so as to identify recurring customer complaints. You need to collect large enough data samples so as to provide meaningful feedback. Additionally, consider face to face conversations as they often generate good feedback.

Focus on Single Vertical

Startups are very much known for having small budget. Thus means when trying to sell everything to everyone, it can a bad disaster. You need to begin the process by narrowing your focus and taking a deep dive into your industry. Establish yourself as industry expert ins a single field or domain with the goal of cementing your authority and spreading to other domains. You need to create a platform for people who want to listen and work with you, and expand your offerings with time.

Specify your value proposition

After that, you need to determine customer needs which can be addressed with your products or services. Try to come up with ways in which you can outperform your competitors and surprise your customers. You should never lose sight of your product roadmap when determining which challenges to address. It is always a good thing that you measure your product market fit so as to gauge if you are on route to success or not. At all times, avoid complacency and don’t assume you have made it. Always work at improving and offering better value to your customers.

Steps to Build a Culture that’s Obsessed with Customer Feedback

Any bad or nonexistent customer service is proven to cost more than sustainable customer experience management practices. After any bad experience with a company, 22 percent of consumers decrease their spending, while 19 percent completely stop doing business with a company. Data has shown that 11 percent of large companies have very strong customer experience programs and they act as to why their brands are leading. One of the sure ways companies can get it right when it comes to strengthening their brands is to ensure they have a good customer feedback program. Some

To succeed in business, you need to make customer feedback part of your companies culture. Here are some sure steps on how to go about it.

Don’t hide or delete customer comments

No matter how great the temptation might be, you mustn’t delete or hide negative customer feedback on the web and across social media platforms. You need to acknowledge constructive feedback is the first step towards building a transparent and customer-centric culture at places of work. If negative feedback is left online or in public, always ensure its fully addresses and apologize appropriately. Negative feedback is an essential part of any business growth, and you should take the same positive and improve.

Share and analyze customer feedback regularly

You need to share and analyze customer feedback on a regular and frequent basis. Do not wait until your company’s annual board meeting to discuss customer problems that occur. Ensure you make customer-centric discussions part of your company culture and that means you can address issues faster than the next problem occurs. If you can address customer feedback immediately, it sets the bar high for your customers, and this helps in building your reputation. Try to ask for feedback from customers as often as possible so that you get a good understanding of the challenges they are facing.

Align customer support and sales

In most cases, customer support and sales don’t talk to each other. However, it is very important to ensure these two departments collaborate, to ensure business success. When your largest customer-facing teams work together and closely, your customers get more value from your products and your sales team can create more effective sales processes. Aligning customer support and sales will help you get happier customers, lead to higher retention rates as well as higher revenues. Happy customers are a very valuable asset for your business and become very good at marketing your products and services through word of mouth.

Learn and Improve

From customer feedback you collect, you need to find mistakes and teach people how to perform better. It can be easy to blame one customer service rep for a negative customer outcome, but you should not do that. Instead, you need to work on finding out what went wrong and working on how to fix the problem. If one person is making a mistake, there is a likelihood others are making the same mistakes as well. Open discussions will help to ensure issues are well addressed and mistakes eliminated.

 

Guaranteed Ways to Boost Job Satisfaction for your Team

To improve on the productivity of your team, reduce high turnover rates and drive increased revenue for your company, you must take time to focus on your employee satisfaction. If you are worried about the tangible benefits of job satisfaction, you should consider a report that shows happiness increase employee productivity by at least 12 percent. Without a single doubt, your company will grow faster if you invest in your employee satisfaction. Additionally, happy employees mean lower turnover rates and a better workplace culture. There are plenty and free ways to boost satisfaction of your team.

Many elements lead to job satisfaction including autonomy, flexibility, recognition, good relationship with managers and a sense of belonging. Ultimately, job satisfaction defines how much an employee likes their job and how willing they are to stay in a company. While it might be impossible to make every employee happy, you must work hard to boost job satisfaction for as many employees as possible. Doing so helps in lowering turnover rates and decreasing money spend on new recruitments and new hire training. Additionally, happy employees will be more successful, which is very crucial for success of a company.

Here are a couple strategies you can apply to boost job satisfaction.

Give consistent Praise

63 percent of employees don’t feel they get as much praise as they need. By consistently telling your employees when they have done a goo job, you will make them feel more proud of their work and provide them with incentives to work harder in future. Additionally, you need to make your employees feel like their work truly matters. Consider making explanations to your employees on how their work makes a difference for your team and company at large. Your employees will feel more indispensable if you put focus on how their work relates to long term company goals. You will have demonstrated to your employees that their work matters and that they hold a lot of future to the success of the company.

Offer career development and training

Today, career development is no longer just a nice perk. Stats have shown 94 percent of employees would stay at a company longer if such a company invested in their careers.  By offering career development and actively looking for opportunities to help your employees grow, you will be signaling that you fully care for their long term success. Training your employees and allowing them to expand their skillsets will help your team become more successful in the long term. You should consider a leadership training program which also gives a good chance for you to prepare your employees to become better managers and leaders as your company grows.

You also need to show you care about the mental and physical well being of your employees. Your employees will not be satisfied in the workplace if they feel they are sacrificing their physical or mental well being. You must make an effort to show your employees that their health matters.

Sure Ways to Increase Your Market Share

To increase market share, it means businesses must work at increasing efforts put in sales, and using new as well as additional strategies to get to the level they want, in terms of revenue and number of customers interacting with them. Market share is a percentage of total sales in an industry that is generated by a particular company. It is calculated by taking the company’s sales over a certain period and dividing it by the total sales of the industry over that same period. Market share is how much you make as a company in an industry, and how much that stacks up against others. To increase market share, you need to make more sales than your competitors and increase your share in the industry.

Here are some sure ways to go about it when you need to increase your market share.

Find your niche

Your company needs to have a few characteristics that set it apart from the competition. A good example is how Apple has its logo and sleek design in its entire suite of products. Having that distinguishing brand characteristic is what enables people to easily identify your company’s products across a line of similar-looking ones. Your company needs to create a recognizable brand identity while at the same time producing high-quality products and services better than the competition. That way, you will project yourself way better to find a larger market share to capture.

Innovate

For businesses to stay relevant, they must look for ways to innovate, stay current, and delight their customers with new products all the time. Innovation is very important to stay current in the industry and increase your market share. A product can have some design elements that stay the same, but the most important is to have some upgrades made from time to time. See an example of what Sony has been doing when it comes to the gaming industry, particularly the development of play stations. A lot of advances have been made in the gaming industry and Sony continues to innovate all the time. The company has a keen eye on what gamers want and this is what makes it always have a huge market share.

Engage with customers

Customers always have a good idea of what they want to see in new products or services being brought to the market. One way businesses can increase market share is by asking customers what they want and providing the same to their customers. A well-crafted survey that is sent out to loyal customers with key questions on issues such as design, updates, and features can be very helpful in visualizing tangible ways of improving a product or service. This can have a huge impact on market share. If you don’t want to use surveys, you can engage with your customers on social media platforms such as Facebook and Instagram stories. You can also go to the source and ask your customers where they would be willing to spend their money.

Acquisitions

You can increase market share through mergers and acquisitions, with any company that aligns with your products and services. This will require some level of research, but will ultimately produce something meaningful. Companies usually acquire others to gain a larger market share and expand their suite of products. A good example is how Microsoft owns LinkedIn and GitHub, with each of these smaller businesses working their best to increase market share in their perspective industries and expanding the overall market share of Microsoft.