THE PRODUCT / MARKET FIT CANVAS
I have been fortunate to be involved as one of the Co-Creators of the Product / Market Fit Canvas.
The Product / Market Fit canvas was created as a tool to aid aspiring startup founders and entrepreneurs to define in detail what their product or service is and to validate their assumptions on a “balance sheet” format or canvas.
WHAT IS PRODUCT / MARKET FIT?
What is Product Market Fit?
According to the known startup entrepreneur and investor, Marc Andreessen, Product Market Fit is defined as:
“Product/market fit means being in a good market with a product that can satisfy that market.” Many people interpret product/market fit as creating a so-called minimum viable product that addresses and solves a problem or needs that exists.”
THE PRODUCT / MARKET FIT CANVAS
The Product/Market Fit Canvas has eight building blocks, four focused on the Customer and four focused on the Product.
Customer’s Blocks
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Characteristic’s & Jobs to be done: WHO is the typical customer for your product/ service and what job(s) is he/she trying to get done?
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Problems & Needs: WHY do your customers need to use your product/service in order to get their job(s) done.
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Channel: HOW do your customers acquire your products/services?
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User Experience: WHAT does your customer do with the product to get real value?
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Product’s Blocks
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Alternatives: The approach(es) your customer is currently taking to get their job(s) done, including the tools they are using.
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Key Features: The essen3al elements that your product or service must have to meet your customer's ʼ needs and solve their problem.
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Value for the channel: The value your channel will get by offering and selling your product.
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Key metrics: The key things to measure to know if your customer is getting real value.
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These metrics will help you to know if you've achieved Product-Market Fit.