Product/Market Fit Canvas
Identify how your product matches its user and market needs with this template
The product/market fit canvas template is used to help product teams meet customer and market needs with their product design. This template looks at a product in two dimensions: first, how the product fits user needs, and second, how the fully designed product fits within the market landscape. By comparing customer and product qualities side by side, users should better understand their product space and key metrics.
About the product/market fit canvas template
What is a product market fit canvas?
Product/market fit is a measure of how well a product matches the market and the user’s need for that product. This combined metric understands a product holistically from the way customers use and desire a product, to the market demand. The product market fit canvas is a tool that allows you to think about different aspects of your customer and your market to help ensure that you create something that is likely to achieve product market fit.
What can you do with a Product/Market Fit Canvas?
Filling out the product market fit canvas can help you build your minimum viable product (MVP), take something from a raw idea into a business opportunity, outline the strengths and weaknesses of an idea, and identify the metrics that will help you determine whether your product or service is successful.
Who should use the Product/Market Fit Canvas?
Everyone involved in the full product lifecycle from UX research to marketing can benefit from the product/market fit canvas. Insights from this canvas can help inform everything from the functionality of the product to your sales strategy.
When to use the Product/Market Fit Canvas
You can use the product market fit canvas at various stages of your company’s growth. For example, you can use it before launching your initial product or service to help you define your customers and your MVP. If you launch a product in a beta phase, you can use the product market fit canvas at that stage to refine your product and better understand the competitive landscape. And you can also use the product market fit canvas when your company is more established if you’re considering launching a new product or service.
How to use a product market fit canvas
The product market fit canvas is basically a simple table with two columns. The columns on the left represent the customer (market) and the columns on the right represent your product or service.
Identify your customer
Begin by filling out the information about your customer in the columns on the left. Note that you may want to do this before launching a product or service. During this step, you’ll want to answer the following questions:
Who is the typical customer for your product/service and what are they trying to achieve?
Why do your customers need your product or service in order to achieve their goals?
How do customers acquire your products or services?
What does your customer do with the product or service to get real value
Another way of framing this is by defining your customers’ characteristics and jobs to be done, problems and needs, channel, and user experience. You can work on filling out these sections either individually or as a group.
2. Outline your product information
Fill out the information about your product or service in the columns on the right. Note that it may make more sense to do this after you’ve launched a product or service. During this step, you’ll want to answer the following questions:
What approaches are customers currently using to get their jobs done, and which tools are they using?
Which elements does your product or service need in order to meet your customers’ needs and solve their problems?
How will this channel get value by offering and selling your product?
What will you measure in order to determine if customers are getting real value?
Another way of framing this is by defining your the alternatives, key features, value for the channel, and key metrics for your product or service. You can also work on these sections individually or as a group.
Product/Market Fit Canvas
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