Why Do I Need Problem/Solution AND Product/Market Fit?
The world of business and marketing can be a complicated one if you do not know what you are aiming towards. For instance, creating an idea is great but means nothing if there is not a reason for it. This is known as a problem/solution fit, essentially meaning that you see a problem and have a solution that is geared towards it.
Problem/solution is the basis for many business and services as they are created to fix a problem in people or products. This can, however, become a problem if you do not have the proper product/market fit. Product/market fit involves having a product that is desirable in a current market. It is not just enough to have a product if there is not a market for it. You have to be able to juggle all of these concepts in order to not just be successful but make money and gain exposure in the process.
When talking about problem/solution fit, you are indeed seeing a problem and creating a solution for it. If you are noticing people constantly addressing a problem but it seems as if no one is able to solve it, this is where this fit comes into play. This is the backbone of a business as you are offering people something that they may not even know will help them but does. Now, marketing that business model is a whole different story entirely and that involves the product/market fit.
Product/market involves taking your product and marketing it in a way that brings you the revenue you desire. This is where understanding your target audience, demographic, and customer base comes into play. Just creating a product means nothing if you do not have people that will buy and use it. Social media makes it very easy nowadays to know if a product will sell and if it would market to your expectations when released and all of this encompasses the foundation of a product/market fit.
At the end of the day, the business flowchart can be a simple one but only if you understand how it all works. The problem/solution fit and product/market fit go hand in hand in order to make sure you are getting a good return on your investment and you have a solid product on your hands. Give it a try one of these days and see where your ideas can truly take you.