Another Startup Failure, Because “No PMF”

Product Market Fit Fail

It does not matter if your product solves the customer’s problems in the most efficient way. If the customer is not willing to pay then you lack PMF.

One effective means of measuring consumer willingness to pay is by seeking pre-sales. This approach is especially helpful if you have not yet built your product, as it can inform you if it is worth investing in the full development of your idea. By obtaining early financial commitments from potential customers, you can gain one of the strongest indicators that your idea has a solid product-market fit.

90% of startups fail. Learn from startup failures and successes.

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Healthcare startup Project Ronin burned through $10 million dollars of investor cash before finding out there was no product market Fit. (It solved a problem, but the market was unwilling to pay for it.) Read more about that here.

Presales is a crucial aspect of any successful sales process. It involves a wide range of activities, ranging from conducting research and developing a deeper understanding of potential customers, to nurturing and strengthening relationships with them. By investing time and effort into presales, businesses can effectively establish a strong foundation upon which to build their sales funnel and ultimately achieve greater success. Once presales teams have successfully established these crucial connections, they can then transfer them to the sales team to help facilitate the purchasing process.

Hat tip to Nico from Failory!