It’s when your product/service meets a significant demand in the market & solves a real problem for your customers in a way that competitors can’t easily replicate. It’s about continuously refining your product or service based on insights from real users until you achieve a strong fit between what you offer & what the market demands.
When a company achieves product-market fit, it typically experiences rapid growth, high customer satisfaction & strong retention rates. Customers are willing to pay for the product & word-of-mouth referrals become a powerful driver of growth.
For example, Uber solved a pain point in the market & is now the preferred choice for people needing transportation.