In the final chapter of our series focused on enhancing the value of your product function, we delve into the crucial relationship between product and marketing.
After examining the synergies between product teams and tech teams, as well as their alignment with overarching business goals and the office of the CEO, our attention now shifts to a pivotal alliance. The interplay between product and marketing is not just cooperative; it is a strategic confluence where two distinct disciplines merge to create something greater than their individual contributions.
The dual magic of Product Market Fit and Product Channel Fit
For a business to thrive and conquer market challenges, two types of magic are essential: Product Market Fit (PMF) and Product Channel Fit (PCF). These concepts are the bedrock of a product's success from its inception to its dominance in the market.
PMF is about creating a product that addresses a significant, existing problem in the market. It's about the resonance of a product with its intended audience, ensuring that it's not merely a novelty but a necessity. For example, consider the emerging market of environmentally conscious travellers. A hypothetical hotel booking site tailored specifically for travellers with electric cars (charger please!) caters to this niche, addressing a distinct need and demonstrating PMF.
PCF is about making sure the right people know about the product. It involves identifying and utilising the most effective channels to reach potential customers. This is where the challenge of competing with established players becomes apparent. For our hypothetical electric car traveller’s hotel booking site, traditional channels like Google AdWords might be prohibitively competitive. This necessitates creative and alternative marketing strategies to achieve optimal PCF.