Conducting a PMF Checklist, Pre-Market
Market-research is arguably one of the most how and when to launch a product, in any given market. No matter the market, or the product, entrepreneurs and investors should conduct their due diligence. This includes conducting a product market fit. In other words, this is a sort of another product-viability check. The product market fit checklist is one of the last steps to take before launching.
As such, the product market fit should be more definitive than the earlier product viability phase. Although the two phases will have some overlap in function. The product viability tests focus on developing a minimum viable product and finding investors. While a PMF is more about ensuring that the product serves the intended market.
Understanding Product Market Fit
To properly conduct a product market fit that yields powerful insight it’s important to comprehend what exactly a PMF is. ASAP Developers defines this in as simple terms as, “having the right product for the right market.”
Unfortunately, there are no real qualitative data points to track when it comes to product market fit, or PMF. This makes it hard to standardize a measurement process related to PMF. However, there are ways to gain qualitative insight on product market fit, and make informed decisions regarding marketing, product-launch, and other important factors.
For example, a company can conduct stakeholder surveys to gain feedback. Other PMF insight comes from engagement metrics.
In the mobile app market, conducting a product market fit should include a few standard tactics.
- Keyword Search Volume: The app stores track data that is very valuable to mobile app developers. One instance of that is keyword search volume. This is a list of the most commonly searched words in the app store. Access to this data is greatly beneficial to mobile app developers that want to know what the people want. Understand the need first.
- Conversion Metrics: Once the app is up and running, or perhaps a beta version of it, the developers can track important conversion metrics. These metrics relate to how many users the app is gaining, and other insightful data points. Having a full picture of this data allows app developers to further optimize their app for the app-store, and bolster their conversion rates.
- Retention and KPI’s: This is another element that can be tracked once the app is up and running. Hitting certain retention benchmarks is extremely crucial to mobile app developers. In such a super-saturated marketplace, users are a hot commodity, and retaining gained users should always be a main priority.
A Final Word
Understanding product viability is crucial to mobile app success. Developing apps that aren’t just entertaining, but solve a user problem is a sure way to increase downloads, sales, and revenue. With mobile apps seeing larger user bases than ever before, now is the time to turn your mobile app dream into a reality. Get in touch with NS804 today to start the conversation about your mobile app idea.