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Competition, collaboration and convergence equals product-market fit

National Pork Board Real Pork – Vet with Control Panel Close-up.jpg
Last few years in the swine industry have introduced not only incredible innovation, but a whole novel approach to solving problems for production systems.

As consumers and people, we have embraced simple and complex technology to solve problems in our everyday lives. Communication, maps and health analytics for our bodies are just a few examples. 

The last few years in the swine industry have introduced not only incredible innovation, but a whole novel approach to solving problems for production systems, much like our personal lives. Traditionally, we as an industry receive new products after they have been tested empirically and are ready for prime time. 

Innovation in technology has a different model. It requires that both the producer and the competition participate in the co-development of the product to impact the producer's bottom line and drive continuous improvement.   

Collaboration:The journey to a great product must have input from the customer. What are the unserved needs of the customer? Pilots are established to meet the unserved need or problem. This starts an iterative process to Product-Market Fit.

Competition: In companies with a customer centric ethos, coupled with humility; convergence of competition naturally happens. Today, as I write, we are finishing a major technology installation, for a company that is direct competition with us in certain areas. Our relationship focuses on the customer and what it takes to achieve Product-Market Fit.

Inspired: Recently, we as a team reviewed the book Inspired, how to build tech products companies love by Marty Cagan. Two principles at Benchmark Capital invented the term Product-Market Fit. It became a constant term in the marketplace by Mark Andreessen. 

Summit SmartFarmsProduct Market Fit.jpg

What does that mean for us in the swine industry? PMF places some objective guidelines protecting both the technological development and the end user. It provides some leading indicators on future development.

Why is PMF important? Marc Andreessen describes PMF as being "the only thing that matters." If there is no available space for the product to fit into, it will not succeed. 

How is PMF measured?  There are several key factors both quantitative and qualitative to determine Product-Market Fit.

  1. Is there an indication that customers will switch from existing platforms to the proposed platform?
  2. A clearly defined value proposition that sparks an interest from competitive products.
  3. Forty percent of users say they can't live without it.
  4. User retention is higher than competitive products.
  5. Word of mouth is favorable and provides new opportunities and customers.

In summary, as a producer or technology provider, it is crucial to collaborate and communicate with each other to achieve Product-Market Fit. 

Summit SmartFarms is devoted to creating irresistible places to work in agriculture by simplifying the complex by equipping people to optimize performance through technology. If you would like to learn more about how Summit SmartFarms can help your organization, you can email Jon Hoek.

Source: Jon Hoek, who is solely responsible for the information provided, and wholly owns the information. Informa Business Media and all its subsidiaries are not responsible for any of the content contained in this information asset.

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