“Product market fit refers to the degree to which a product effectively solves the pain points and meets the needs of a specific target customer segment,” Sumeru Equity Managing Director Jason Babcoke said during this podcast episode.
“Product market fit is critical for a scaling business because it determines whether there is a viable market for the product and if customers are willing to pay for it.
“When a product achieves product market fit, it means that it has found a group of customers who are willing to pay for the solution and are satisfied with the product value proposition.
“Product market fit results in increased retention, customer loyalty, and positive word of mouth, which are essential for growing a successful SAAS business.”
Learn more about product market fit: