Competition plays a crucial role in achieving product-market fit. It pushes a company to continuously improve its product to meet customer needs better than the alternatives available. It also helps in identifying gaps in the market that the competitors are not addressing, which can be a great opportunity for a company to achieve product-market fit.
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Why do so many products fail? It's not because they are built or marketed poorly, but because they don’t delight customers. Read this book summary for...
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Most products fail because they don't meet customer needs better than the alternatives available. Therefore, achieving product-market fit is the key to creating a successful product. product-market fit means building a product that creates significant customer value and meets needs better than every alternative. The Product Market Pyramid is an actionable framework to achieve such product-market fit.