Product Market Fit

A technology client had recently launched an inventory management solution for micro, small, and medium enterprises with disappointing uptake. Despite of significant efforts in research and development, decent marketing budget, and experienced sales team, the product was not selling.

Concave Research undertook a market study to understand the lack of interest from the potential clients. It conducted in-person detailed interviews from several people and organizations making up the target market. It also deployed teams to observe the dynamics of MSMEs by spending significant with them and monitoring their day to day operations. Findings of the study suggested a flaw in the business model and revenue structure. The solution designed by the client significantly lagged in addressing the problems faced by MSMEs with the monthly subscription model that was not favored. Based on finding, client reengineered its technological architecture and monetization model which helped in improving the product market fit.