Discovering product-market fit and dynamic use cases for crypto
Product-market fit (PMF) refers to discovering how a product satisfies demand in the market. This can range from diverse to very niche use cases. Discovering how early adopters can utilize an emerging product is essential to discovering growth opportunities. Sometimes fit is not found, but that’s okay as you can then gauge other opportunities to scale, or pivot audiences entirely.
There is no one right answer when discovering PMF, but rather strategic inferences that you can test daily. With cryptocurrency, this whole process is incredibly unique and often faces scrutiny. Furthermore, it is not fair to compare the success metrics of a Web2-oriented company to a Web3 one. We’ve seen community building be done in ways that are totally decentralized, leveraging an entirely new set of networks that can give us insight far beyond what we previously were accustomed to.
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For example, companies such as Spindl, are redefining attribution for Web3, so you know what your incoming consumers are doing, and why. This concept reshapes how we are growing and discovering PMF. Utilizing previous industry-wide success metrics is sustainable only to a certain degree before we need to begin asking how we can better tailor indices of success and not compare apples to oranges. We’ve seen the general motive switch from pumping up the number of users and then the shift to quality-oriented retention goals in the Web3 space.
What I often try to convey is that it is hard to convert PMF for cryptocurrency because the use cases are mixed for everyone. For example, our
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