Shreyans Daga of MyGate on cracking the holy grail of product-market fit
The Soonicorn Spotlight is a brand-new video series by YourStory in collaboration with PayU, one of India's leading payments solution providers. It was created to provide startup leaders with first-hand growth insights from some of the finest minds at the helm of the fastest-growing startups in the ecosystem.
Every company, big or small, must crack the product-market fit to find success and scale. Building a product that solves a real problem that the market has, and knowing that the market for it is large enough is what truly makes a successful product and therefore, a startup. In fact, a recent survey by CB Insights revealed that the number-one reason for failure, cited by 42% of polled startups, is the lack of a market need for their product.
An alumnus of IIT Guwahati and ISB. Shreyans loves leading critical projects from inception to completion by applying management skills and technology expertise.
Sharing his first-hand perspective in an insight-packed conversation with Yourstory, he decoded successful product market fit strategies for startups in rapid-scale mode.
Shreyans believes that cracking the product-market fit a journey and not a destination.
"As you grow, you have to listen to what the customers are saying, what kind of complaints you're getting, the feedback from the app stores, what your internal sales team is saying, and what your operations team is talking about - in context of the internal metrics that you have defined,” he says.
“Paying and repeat customers are the best indicators of a product-market fit that is working,” he adds.
“Entrepreneurs are often extremely passionate about their ideas, which may not be the case with their customers,” says Shreyans on the importance of measuring customer reactions and getting customers to be more passionate about the product as a way to improve the product-market fit.
Catch all these insights and more on the third episode of The Soonicorn Spotlight, brought to you by PayU. For more relevant content on powering your growth or scaling journeys, do visit the specially curated content Scale-up India page, here.