In this module you’ll explore:

  • What is product-market fit and why it’s important to your business
  • Who is your customer?
  • Identifying different customer segments
  • How to put together a customer persona

Start by downloading and saving the workbook (PDF 1.2MB) and use it throughout the module to write notes, reflect on the key points and take time to answer the questions for your own business.

Product/market fit

Product/market fit is a crucial step towards building a successful business model, but it’s often missed out by entrepreneurs eager to get their product or service out into the world. It all comes down to testing the assumptions you’ve made about your potential customers to see whether there is a viable market for your business. Watch the first video to understand a little more about product/market fit and how you can avoid some of the common pitfalls that many entrepreneurs fall into.

Who is your customer?

We’ve already seen that customers are central to a good product/market fit and a successful business model. This chapter focuses on identifying your key customer groups to help you better understand the reachable and total market opportunity for your business. If you already have customers, use this time to reflect on how much you know about them and whether you still need to test or explore any aspects further. Don’t worry if you don’t know exactly who your customers are at this stage – this will form part of the testing and identifying a good product market fit.

Customer segments

In the last chapter of this module, we’re going to look at the customer groups you’ve already identified and get a better understanding of their behaviours and motivations by putting together a customer persona for each segment. Throughout this module, continue to use the workbook, where you’ll find customer persona templates and space to write the key actions you want to apply to your business.

Download our workbook

Customer Segments workbook (PDF 1.2MB)

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This material is published by NatWest Group plc (“NatWest Group”), for information purposes only and should not be regarded as providing any specific advice. Recipients should make their own independent evaluation of this information and no action should be taken, solely relying on it. This material should not be reproduced or disclosed without our consent. It is not intended for distribution in any jurisdiction in which this would be prohibited. Whilst this information is believed to be reliable, it has not been independently verified by NatWest Group and NatWest Group makes no representation or warranty (express or implied) of any kind, as regards the accuracy or completeness of this information, nor does it accept any responsibility or liability for any loss or damage arising in any way from any use made of or reliance placed on, this information. Unless otherwise stated, any views, forecasts, or estimates are solely those of NatWest Group, as of this date and are subject to change without notice. Copyright © NatWest Group. All rights reserved.

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