How to get Product-Market-Fit (PMF) by tweaking Product, Offer and Price 💰📈

If you play around at the same time with the 3 levers of POP (Product, Offer and Price), you will be able to attract paying users.

🤖 PRODUCT

Does your widget do one (or more things) to solve a problem and/or create new desired opportunities for your potential buyer?

"Solving a problem" means either a current or anticipated problem.

"Create new desired opportunities" means creating new possibilities that would not have otherwise been possible without use of your product - and which are also WANTED by your prospect.

Want = chocolate cookies and Snickers bars (yum) 🍪

Need = oatmeal and broccoli (for health) 🥦

Why the distinction?

Because many purchases have a strong emotional component so make sure you learn how to elicit, arouse and intensify wants.

Luxury watches costing 4 to 5 figures (or higher) such as Rolex, Patek Philippe, A. Lange & Sohne are all examples of purchases driven primarily by emotion.

"Breakthrough Advertising" by Eugene Schwartz has a good rundown of how to elicit, arouse and intensify Wants.

🎁 OFFER

Sweeten your offer to give people compelling reasons to give you their money.

Be careful to differentiate your offer from your product.

Let's take a simple example:

Product = Samsung 25.1 cu. ft. 3-Door French Door Refrigerator in Stainless Steel

Offer = 15 day no questions asked returns + free installation and disposal of your old fridge + free shipping + 1 year extended warranty + the dang fridge

As you can see, you can sweeten the appeal of doing business with you by adding in additional non-product services or products to stand out amongst (1.) direct competition and (2.) adjacent alternatives that solve the same problem as you.

An example of an adjacent alternative is when people buy Arm & Hammer baking soda not as a leavener for cooking (its original use), but as an inexpensive, effective deodorizer 🤢💨😖

💰PRICE

People are more likely to give you money when they are (from their perspective) getting more perceived value out of your product than what they are paying.

So for example, they get 100 units of value (in the form of something that solves a problem and/or improves their life) while giving up 60 units of value (in the form of money)

If you play around at the same time with the above 3 levers of POP (Product, Offer and Price), you will be able to attract paying users.

Now the final step: you must also effectively COMMUNICATE through the appropriate channels (eg. Youtube, TikTok, Instagram, etc) to a RECEPTIVE DEMOGRAPHIC using proper POSITIONING.

Now go get PMF'ed ✌️

Originally published at https://www.richmondwong.com