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Nuts and bolts of product-market fit
Everyone speaks about the need for product market fit, which is fair and reasonable. As we dig deeper, the question on how to ensure product market fit when the product is already cast in stone?
Ideally, we would like to design a device that would be universally required and therefore have little trouble with this product market fit. In reality, this is always limited by the – yes, you guessed it – MARKET information in order to form the design inputs which is translated to product design.
Another key factor is TIME. Because, time is needed to design and develop a device, and by the time the device is fully validated, clinically evaluated, obtained regulatory approvals, time would have passed, and some markets may have changed.
What do we do in these situations? What do we actually do, to ensure product-market fit? It comes down to 2 key factors: who pays and how it fits into the workflow. While these are once again, cliché questions, they actually have answers.
Who pays depends on who CARES – the government? The patients themselves? The patient’s family? If someone cares, they will pay. If no one cares, then it will be a real challenge.
How does it fit into the workflow depends on the amount of benefit it gives each stakeholder. If it benefits one and detriments the rest, it will not help. For example, if the doctor gets results but it means 20% more workload for the nurses, you will meet strong resistance. The classic one is on AI software. Yes, faster results, but just not enough radiologist to sign off quickly enough.
The last factor is to learn how to admit it is not working in your desired market, and to re-direct your efforts quickly to markets that would work. Sometimes we may be over-patient, or sometimes it just take time. But assess your marketing burn and determine if it is to pull the plug and go somewhere else, or to put more efforts towards a DIFFERENT approach, and try again.
Good luck! If you are stuck you can always come to us!
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