Launching a new product in the highly competitive market of today is really a big deal. It encompasses more than simply taking care of the quality and keeping the price just right. And, this is where the concept of product/market fit comes into the picture.
To offer a simple definition, product/market fit is the extent to which a product is able to satisfy the market demands. To explain it further, it is the analysis of whether the product slated to be launched has the ability to survive in the market, earn profits, and continue generating revenue.
Marc Andreessen, an American investor, and entrepreneur is credited to be the one who coined the term. He divided the life of a startup into two different stages, i.e. BPMF (Before Product/Market Fit) and APMF (After Product/Market Fit).
So, what are the ways to measure this product/market fit? What metrics have to be analyzed to understand if your product fits the market just right?
Basically, assessing a product can be done in three ways before launching it in the market, namely, MVP (Minimum Viable Product), Prototype, and PoC (Proof of Concept).
Read on to understand in each of these types in detail, their differences, and find out which one can be the best bet for assessing product/market fit. So, without further ado, let’s get on with it.
When you develop a product from scratch, it’s crucial to think about it in terms of proof of concept, then prototype, then MVP.
It’s never easy to remember all terminology, but understanding these three terms can help you approach product development from the right perspective.https://steelkiwi.com/blog/mvp-vs-poc-vs-prototype/
MVP is the first version of the product which possesses only core functionality to reach the business goal.POC can be determined as a small project created for testing the important hypotheses before the actual development process.Prototype, in its turn, is defined as a working model of multiple aspects (unlike the POC approach, where only one function is implemented).
Most frequently prototyping is used for demonstration of a particular part of the system and detecting any malfunctions.To gain more information about these approaches please read the article Minimum Viable Product (MVP) vs Proof of Concept (POC) vs Prototype — Main Differences and Benefits
When it comes to developing a new product, you need to ensure that end-users actual problems are being placed with the right product-market fit solution.
I am writing this blog post to help you learn through the difference between POC vs Prototype vs MVP to validate the assumptions with the minimum set of features for its initial users.
In this blog post, we’ll go through each approach in detail, and at last, you’ll have a clear understanding of the best approach and which approach you should choose.When you are planning to develop a product using these approaches, hand your project to safe hands by searching for the best MVP Development Company.
Make sure that offers a dedicated MVP software development team and aims to nail down the viability and feasibility of your million dollar product idea into a successful startup.
The text above is a summary, you can read the full article here; POC vs Prototype vs MVP
