How to Use What You Read to Achieve Product Market Fit

Kazuki

Hatched by Kazuki

Jul 07, 2023

4 min read

0

How to Use What You Read to Achieve Product Market Fit

Introduction:

In today's fast-paced world, it's essential to not only consume information but also apply it effectively. Whether you're reading to learn a new concept or seeking inspiration, the ability to use what you read is crucial. This article combines insights from Readwise, a platform that promotes meaningful action and lasting insights, with guidelines on achieving product market fit from Glasp. By connecting these two themes, we will explore how to capture, review, and integrate what you read to drive success in the market.

Capture: The Foundation of Meaningful Action

The first step in any reading workflow is to capture the key takeaways and insights that resonate with you. Readwise emphasizes the importance of having a reliable system outside your mind to store these valuable nuggets. By capturing what stands out to you, you create a repository of ideas that can be utilized later. Remember, there are no rules on what to highlight; it's all about what is salient to you as a reader. Each person's captures will be unique, reflecting their individual interests and perspectives.

Review: Transforming Captures into Action

Capturing information is pointless without a follow-up review. Readwise provides various methods for consistently reviewing your highlights, with the Readwise email being a popular choice. These regular highlights serve as reminders and prompts for further exploration or action. By reviewing your captures, you ensure that the insights you gained from reading are not forgotten or wasted. This step is crucial for making the most of what you've learned.

Integrate: Applying Insights for Success

Integration is the final step in the reading workflow and involves leveraging your captures to drive meaningful outcomes. This integration can take different forms, from improved retention of new concepts to creative thinking sparked by the juxtaposition of seemingly unrelated ideas. By integrating what you read, you enhance your ability to apply knowledge and find inspiration to act on what you've learned. A reading workflow ensures that important information resurfaces and provides repeated opportunities to make use of it effectively.

Product Market Fit: The Intersection of Market and Product

Now, let's shift our focus to achieving product market fit, a critical goal for any business. Glasp's guidelines emphasize the importance of understanding the market before developing a product. Finding product market fit means being in a good market with a product that satisfies that market. The market itself is the real opportunity, and it's essential to identify the keywords people use to find your product. Conducting keyword research helps gauge the market's demand and potential.

Flattened Retention Curve: A Metric for Product Market Fit

A flattened retention curve is a key indicator of product market fit. This metric signifies that your product resonates with the audience, leading to sustained user engagement. When approximately 40% of your users state that they would be "very disappointed" without your product, it indicates a strong product market fit. However, it's important to note that this is a leading indicator and should be complemented by other metrics to verify product market fit.

Continuous Adaptation for Market Success

Product market fit is not a one-time event but an ongoing endeavor. As the market evolves, your product must adapt to stay relevant. Markets are dynamic and constantly changing, so it's crucial to keep your finger on the pulse of product market fit. Whether you adopt Eric Ries' model, which focuses on market orientation, or Keith Rabois' vision-oriented approach, the fundamental principle remains the same—continuously reinvent and adapt a portion of your product while keeping the core intact.

Three Actionable Advice to Combine Reading and Product Market Fit:

  • 1. Develop a reading workflow: Implement a system, like Readwise, to capture, review, and integrate what you read. This will help you retain valuable insights and inspire action.
  • 2. Conduct thorough market research: Before developing a product, invest time in understanding your target market. Identify the keywords people use and gauge the market's demand to ensure a good fit.
  • 3. Continuously adapt to market changes: Keep a close eye on market trends and adapt your product accordingly. Product market fit is an ongoing process that requires constant monitoring and adjustment.

Conclusion:

Incorporating a reading workflow into your professional life can significantly enhance your ability to apply what you read. By capturing, reviewing, and integrating insights, you can turn knowledge into action. Similarly, when pursuing product market fit, understanding the market and continuously adapting your product are key. By combining these two concepts, you can leverage what you learn to achieve success in your chosen market.

Hatch New Ideas with Glasp AI 🐣

Glasp AI allows you to hatch new ideas based on your curated content. Let's curate and create with Glasp AI :)