✨Achieving Product-Market Fit (PMF)

Achieving Product-Market Fit (PMF)

Strategic work to achieve Product-Market Fit (PMF) or where goods / services truly answer the market problem, which is the most important step before the business can scale up or raise capital.

Main problem: Most business failures are caused by the "Massive Gap" between what customers expect (a better, faster, cheaper experience) and what business owners want (a simple, scalable, unstressed business). Achieving PMF is to reclaim this gap.

Feelings when achieving PMF

Customer: Will feel very disappointed if your business disappears (Disappointed if you went out of business)

Entrepreneur: Under enormous pressure to deliver value, which, while seemingly unscalable in the early days, is a good sign of success.

3 Step Framework to PMF

Step 1: Understand the Ideal Customer (ICP)

Use in-depth data acquisition through 3 forms of surveys:

Waiting List Campaign (For New Goods): Ask Interested People about Current Situation, Preferred Results in 90 Days, Obstacles and Budget

PMF Survey (for existing customers): Ask the key question "How would you feel if you didn't use our products anymore?" Focus on the group that answered "Very Disappointed" because this is a real customer (ICP).

Experience Score (for Service Business): Ask Experience Points and What to Do to Boost at Least 1 Point

Step 2: Improve the uprooted proposal (Radically Improve the Offer)

Bring the acquired data to create a 3-level offering (Tiered Offering) that must be profitable at all levels:

Gold: "Fully Arranged" package, put everything the customer needs (e.g. a fitness trainer with a chef to cook for, and shoot after the course)

Silver: A balanced midpoint.

Bronze: The Basics Essential to Get Results

Presentation: Tangible through brochures or slides, because 50% of the human brain processes images.

Step 3: Validate and Lock In

Sales: Present a new package in a 1: 1 meeting with at least 30 customers, with the goal being to have at least 3 people buy a Gold or Silver package.

90-Day Test: After 90 days of service, the customer must answer "Would be very disappointed without this service," rate the experience 9-10, and be enthusiastically ready to recommend.

The main obstacle: not strategic, but "emotional." Entrepreneurs are often embarrassed to ask fedback from customers, but the truth of asking is the most professional. And the scariest trap is to have an "almost good" PMF (Almost PMF), which will make the business tired forever and unable to grow by leaps and bounds.

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