Product/Market Fit Canvas Template
Identify how your product matches its user and market needs with this template
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.
Visual Story Map
Some people like to think of a visual story map as a stylized to-do list, but it’s a lot more powerful than that. Visual story mapping allows your product management team to visualize multiple dimensions of information. In doing so, you can identify how these parts will come together to create a successful whole. Use the visual story map template to make sure your product managers are aligned and to create a single source of truth about your projects.
For any type of project, the Project Proposal template can be a crucial step toward clarifying the context, goals, and scope of a project to get stakeholder buy-in. A project proposal outlines what you want to accomplish, your goals, and how you plan to achieve them. Generally, a project proposal gives the reader some context on the project, explains why it is important, and lists the actions that you will take to complete it. Project proposals have myriad uses. Often, businesses use project proposals to get external buy-in from a donor or outside stakeholder. But many companies draw up project proposals for internal buy-in too.
UX Project Canvas
Inspired by Alexander Osterwalder's 2005 business model canvas, the project canvas will help your team visualize the big picture of your UX and design projects, providing a convenient structure that holds all of your important data. This innovative tool enables you to transform an idea into a project plan, stimulating collaboration and communication between collaborators. Unlike alternative models, the project canvas is a simple interface. There are few startup costs, and employees can easily be brought up to speed to start using the canvas quickly.
Product canvases are a concise yet content-rich tool that conveys what your product is and how it is strategically positioned. Combining Agile and UX, a project canvas complements user stories with personas, storyboards, scenarios, design sketches, and other UX artefacts. Product canvases are useful because they help product managers define a prototype. Creating a product canvas is an important first step in deciding who potential users may be, the problem to be solved, basic product functionality, advanced functionalities worth exploring, competitive advantage, and customers’ potential gain from the product.
For better or for worse, your company’s chances for success hinge partially on your market. As such, before you start building products and planning strategies, it’s a good idea to conduct a product positioning exercise. A product positioning exercise is designed to situate your company and your offering within a market. The product positioning template guides you to consider key topics such as defining your product and market category, identifying your target segment and competitors, and understanding your key benefits and differentiation.
Whenever you need to define your goals and figure out the steps you’ll need to take to accomplish them, you’ll benefit from a Strategic Planning template. The Strategic Planning template guides you and your team through exercises to help you assess your current situation, determine their goals for the future, and develop a plan to help them get there. Generally, strategy considers the goals or reasons for doing something while planning refers to the specific actions you’ll take in order to achieve a specific goal. But with strategic planning, you’re considering both at the same time.