As a future founder/CEO, it’s important to do your research and find a possible Product-Market Fit (PMF) for your Web3 project.

In this article we will look at actions you can take that will contribute to your finding a good PMF. Sounds cool? Let’s get started!

How to Find Product-Market Fit

These are key things you need to do when finding Product-Market Fit for your potential product:

Understand the basics of Web3 and Blockchain technology

You have to understand the technology you will be using to develop your product. This does not directly mean you need to become a Web3/Blockchain developer. It means you read, research, ask questions and be knowledgeable of basic terms in blockchain technology. Check out this guide on Blockchain for beginners.

Define Your Target Audience

What problem are you solving? Who are you building for? What do they need? These are some questions you need to answer. Take Africa for example, although the adoption rate of web3/blockchain technology is increasing, there are still people who do not have access to it due to the constraints of digital devices. You can provide a solution for them. Some are unbanked, even though there is DeFi, they need digital wallets to carry out transactions.

Is there a way they can do this with USSD? That’s a potentially big idea (you can thank me later 😎)

So, ensure you have a clear definition of your target audience - the people you are providing a solution for.

Get User Feedback

If you’re familiar with software development or the tech industry, you must have come across UI/UX - which stands for User Interface and User Experience. User experience involves the overall experience and flows a person gets when using your product(app, website, webapp). You use different apps daily and have your favourite apps - because it gives you a swift UX.

After you have learned the basics of web3/blockchain technology, defined your target audience and probably built your minimum viable product (MVP), you need feedback from people who will use your product. This can be done by conducting surveys and asking questions from your potential users.

Getting user feedback is an important step in finding product market fit - do it well.

Build in Iterations

When planning your product idea and researching, you may come up with a lot of features and functionalities to add to the product. While this is good, you need to have an iterative development approach.

All features do not have to be released in the first version (v1) of your product. Through user feedback, you’ll get insights into which particular features need to be released in your v1.

Create a product roadmap and build in iterations. This will guide you on how to add features and avoid making things too complicated, and a bad UX for your users.

Educate and Grow a Community

The foundation of a great Web3 product is its community. It is from this community you get real-time insights and evaluations of the success of your product.

Also to engage your community, you need to educate them. This can be done through having webinars, X(Twitter) spaces, writing articles or starting a YouTube channel.

Take NODO for example - a product community startup for blockchain in Africa, highlighted 100,000 users, 1.5 million site visits, and 2,000 articles in their 2023 wrapped. NODO consistently educates and engages its community with valuable information, and that has contributed to exponential growth.

Web3 and blockchain technology can be harnessed to build great products that provide positive impacts. However, it’s important to find a Product-Market Fit for your product. Apply the actions and steps listed above and begin building! Thanks for reading.

Got any questions? Please share in the comment section below. You can connect with me on LinkedIn and Twitter.

Cover photo by Jose Murillo on Unsplash