PMF & Product Analytics : An Overview
Building a product that solves a customer problem is the dream of many founders. A good product allows the founder to serve a large customer base at scale. However, building and scaling a product takes time, effort, and skill; and start-ups often need external help to fine-tune their Product Development and Go-To-Market strategies.
Read on more to understand how Flument’s PMF Analytics services can help start-ups achieve and improve product traction in a structured manner.
Attain and Maintain Product Traction!
Product-Market-Fit, means being in a good market with a product that can satisfy the market.
– Marc Andreessen
Product-Market-Fit (PMF) is one of the most discussed topics in the start-up world. Whether you are building a new product or raising funds for scaling the business, most founders (and investors) are keen on achieving Product-Market-Fit, as early as possible. But sometimes things that look easy are difficult to achieve, and building product traction can often frustrate the best founders and product managers.
Being in a good market, requires deep understanding of the customers problems. Building a good product invariably requires a good knowledge of the technologies (and processes) to solve the customer problem. Sometimes there are customer problems, that cannot be solved with present technologies. And sometimes though technologies are available, the market is too early (or late) for the product to gain traction. To build a product that can satisfy the market, and generate returns for the enterprise, usually requires lot of thinking & effort.
Need for Advisory for Building and Scaling Products
Various statistics have affirmed that 9 out of 10 start-ups fail. Of this approx. 30% start-ups fail even after raising Series A. Why is it that many start-ups that go through multiple rounds of due diligence and fund-raise, and that are overseen by competent engineers and managers failing to make the cut?
The most prominent reason for Product & Start-up failures, was attributed to lack of Product-Market-Fit and Product Traction.
However, PMF is not a static event. If you look around, the world’s best products are always in a state of PMF, reaping the benefits of customer acceptance and market adoption for a long period of time. Flument’s PMF Advisory helps companies to attain Product-Market-Fit in a faster time-frame and maintain PMF over a long duration of time.
Flument’s PMF & Product Analytics Dashboard
The Flument Product Traction Dashboard has been conceptualised as a handy tool for Founders & product managers to answer contextual questions related to product value proposition, market adoption and more. This dashboard and scorecards has been prepared after observing the trends of successful start-ups across multiple multiple domains.
From our studies across these successful companies, we found that attaining Product Traction requires the following 4 criteria
-
Market: This signifies an acute problem felt by lot of customers, but that is not being solved efficiently today
-
Value Proposition: Your product solves this problem for customers
-
Channels: Your product can reach a large section of the customers cost-effectively
-
Monetization: Your customers are happy to pay for your product / solution
In the early stages of a start-up, the founder should always be looking at these 4 criteria and fine-tune his / her business strategies, to gain product traction. The following diagram describes Flument's Product Traction Scorecard in full detail.
Note: Representational Image. Actual Template can vary
Working on product traction is tough, as it requires a founder to be constantly alert to all the business variables that affect product value proposition, customer acquisition and long term monetisation. But now Flument’s Product Traction Dashboard and Scorecards can help Founders and Product Managers gain the right insights to take business and investment decisions; for attaining product traction in a short timeframe.
Flument PMF Analytics Dashboard: Benefits
❖ This online dashboard helps you attain Product-Market-Fit in a faster time-frame by looking at most critical parameters.
❖ Raise funds faster from investors with full business confidence. A high Product Traction Score indicates that your product is ready for further investments to begin the next stage of growth.
❖ Flument Product Traction Scores are good reference points to track and benchmark the holistic progress of start-up across a desired time period.
❖ This Comprehensive progress report, is an excellent starting-point for having structured conversations with all stakeholders for achieving Product Traction.
❖ Flument can also guide Founders and Product Managers attain Product Traction by improving product value proposition, better targeting and monetization.
Talk to us for more details!
Flument’s PMF & Product Analytics services can help your start-up with the right inputs and insights for managing product traction from inception to maturity.
Please contact us with your requirement, and our team will then set up an exploratory online meeting, to take you through Flument's Analytics dashboards and engagement models.