March 4, 2024

product idea and conducting product research to create a Minimum Viable Product (MVP). You release it to a small sample of your target audience and receive great feedback. But when you launch the full version of the product to the market, disaster strikes: the reviews tank, and so do sales. This is a common scenario in the product world and happens for one significant reason: not achieving successful product-market fit. What is Product-Market Fit? Product-market fit describes a scenario in which a company’s target customers are buying, using, and telling others about the company’s product in numbers large enough to sustain that product’s growth and profitability. who is often credited with developing the concept, product-market fit means finding a good market with a product capable of satisfying that market. Why is it Important? (1) Product-market fit is not a static condition. (2) The bulk of activity within any company is oriented around refining or building on their product-market fit, whether the company describes what it’s doing in those terms or not. The word “fit” is misleading. It sounds like arrival at a destination. Or a target you achieved at launch. It’s better to think of PMF as a process that can continually be refined. It’s an alignment, not an event. It’s more like market-product synchronicity. Adapting to evolving customer needs is an iterative process that never ends. What are some basic tenets of Product-Market Fit? PMF is vital at every level, from startup to enterprise.- At all stages of development, the degree of Product-Market Fit you’ve established captures your success at offering a product that will meet an audience’s needs so much that they’re willing to pay you for it. What counts as PMF changes as you add new features, reach out to new audiences, or change your messaging. PMF-finding is both an art and a science.- Applying creative elements (like your team members’ experience, artistry, and hard-won instincts) to a rigorous scientific method supercharges productivity. Data is the mine, but insights are the gold.-Insights are pieces of knowledge that change the story a company tells about its product, and that lead people to take informed action. The true value of collecting data is in the results it drives. Keep a close eye on your market!- Too many teams over-rotate on product quality, while overlooking the pool of people willing to buy it. Keeping attention on the “M” in PMF gives your users privileged status in your development process. This market research literally pays you back—with sales. Who is Responsible for Product-Market Fit? We generally associate the concept with marketing and product management. In reality, achieving it is a shared responsibility across the company. Sales, business development, support, finance, and all other departments help the company reach this important milestone. What Are Some Best Practices For Pursuing Product-Market Fit? Constantly gather feedback.- Encourage product teams to search for and isolate moments of friction. Many startups fail to notice these and address unexpected correlations. Move rapidly and make many small steps.- Develop your minimum viable product as quickly as possible, then use both your imagination and experience to ask hypothetical questions, run lots of experiments, and gather relevant data. Trust your hunches—then test them! Recognize where improving the product involves more than refining its features.- Things that can get “better” may include your market segmentation, sales cycle, packaging and distribution, and even your business model. How do you measure Product-Market Fit? Survey your customers.- when at least 40% of users would find themselves “very disappointed” to be deprived of your product, you are experiencing PMF. Discover your Net Promoter Score.- Net Promoter Score (NPS) ranks users by their likelihood to buy more product, remain customers long-term, and make the highest number of positive referrals. Know the all-important retention rate!- “Retention rate is the single best metric to measure your product-market fit.” It’s the percentage of your customers who are actively using your product. To calculate it, divide the number of active customers by the total number of customers and multiply by 100 to get a percentage. Retention can be a particularly tricky metric to track. You need to distinguish between new customers and returning ones, and different customers will start (and stop) using your product on different dates. Graphing a retention curve is a way to visualize improvement made over time. And cohort analysis will help you understand long-term retention among your most important user groups. Each high-value user group can be its own “market”, and at any given moment you may have better PMF with certain user groups than with others. FAQs What is Product-Market Fit (PMF)? Product-Market Fit (PMF) is a concept that represents the alignment between a product’s features and the needs and preferences of its target market. It signifies that the product satisfies a real demand in the market. How do you know when you have achieved Product-Market Fit? Product-Market Fit is achieved when a significant number of customers in the target market are not just satisfied but delighted with the product. Positive feedback, high customer retention, and increased demand are indicators of achieving PMF. Why is Product-Market Fit important? Product-Market Fit is crucial because it indicates that a product has found its place in the market and is meeting the needs of its intended audience. 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Dynamic world that is becoming complex. Environmental, social, cultural, and economic challenges on a global scale have now become a part of our daily lives. Profit maximisation is no longer the main business performance metric for corporations, but acting as responsible corporate citizens who have a responsibility to society. Companies in India now have a larger duty to establish a defined CSR framework, as to the notion of Corporate Social Responsibility (CSR), which was established by the Companies Act of 2013. The Ministry of Corporate Affairs (MCA) has now mandated that all such companies submit a comprehensive report on their CSR activities in Form CSR-2, which includes details on CSR spending, CSR projects, the creation of capital assets through CSR spend, the CSR Committee, and Polices, etc. What do you mean by CSR- Corporate Social Responsibility? The concept of corporate social responsibility is that a company has a duty to the society and environment in which it exists. A Corporate Social Responsibility (CSR) report is a document that corporations use to explain their CSR activities and their impact on the environment and community to both internal and external audiences. The CRS efforts of an organisation can be divided into four categories: environmental, ethical, charitable, and economic. “Corporate Social Responsibility” covers, but is not limited to, the following under CSR Rules: Projects or programmes that are related to the activities listed in Schedule VII of the Act. Projects or programmes relating to activities undertaken by the Board of Directors of a company in order to ensure the recommendation of the CSR Committee of the Board in accordance with the Company’s declared CSR Policy, subject to the condition that such policy cover subjects specified in Schedule VII of the Act. Applicability for CSR Reporting The minimum requirement for applicability according to Companies Act, 2013 is set under section 135 of the Act.  CSR in the Workplace:  The company’s net worth must be at least Rs 500 crore; or Company’s annual turnover is at least Rs 1000 crore; or The company’s net profit must be at least Rs 5 crore. During the immediate previous financial year, should devote 2% of its average net profit earned over the previous three financial years to CSR initiatives. The Importance of Corporate Social Responsibility for Business External and internal stakeholders can learn about an organization’s mission, activities, and outcomes through CSR reports. Customers, the local community, and society at large are among those who are affected, in addition to workers, decision-makers, and shareholders. CSR enhances a company’s public image by publicising its efforts to make the world a better place, increasing the likelihood of consumers favouring them. It generates more media attention since it casts a favourable light on the organisation. CSR increases the value of a company’s brand by forging a socially strong relationship with its customers. When firms are involved in any form of community, CSR helps them stand out from the competitors. Recent Notification on CSR by MCA The Companies (Accounts) Amendment Rules, 2022, have been amended by the Ministry of Corporate Affairs on February 11, 2022. According to the modified rules, every firm covered by u/s 135 must submit an E-Form CSR-2 report on corporate social responsibility to the Registrar for the prior financial year (2020-2021) and subsequent years. Previously, no form was necessary to submit a CSR report. The government intends to acquire a better understanding of how corporations use their CSR money and the types of activities they arrange through the new reporting format. It is also envisaged that openness would be introduced into the CSR compliance domain. Companies must file Form CSR-2 by March 31, 2022, for the fiscal year 2020-21. “For FY 2021-22 and onwards, the Form CSR-2 shall be filed as an addendum to Form AOC-4 or AOC-4 XBRL or AOC-4 NBFC (Ind AS), as the case may be. Aim of MCA behind CSR-2 “A New Beginning” CSR-2 could be valuable for data mining and analysis by the MCA’s CSR section in order to implement improved policies. This reporting requirement would undoubtedly improve transparency and disclosure of CSR initiatives.  The information gathered through these forms could be useful in order to detect CSR fraud and design effective CSR policies.  However, the revisions to CSR reporting, on the other hand, raise the regulatory burden on businesses and may not accord with the government’s objective of encouraging ease of doing business in India. CSR-2’s broad breadth will also increase the amount of data available to the MCA, which might be used to inform future CSR legislation. Legal Provisions for Non- Filing of CSR If a corporation fails to comply with the laws relating to CSR spending, transferring, and using the unspent funds, it will be fined a minimum of Rs 50,000, with a maximum fine of Rs 25 lakh. Furthermore, all corporate officers who are responsible for the default may face comparable sanctions. The police could face a sentence of up to three years in prison, a fine ranging from 50,000 to 5, 00,000, or both. FAQs What does CSR-2 signify in the context of “A New Beginning”? The term “CSR-2 as ‘A New Beginning’” suggests a renewed or evolved approach to CSR reporting. It could imply a shift in strategy, focus, or methodology in how a company engages with and reports on its social responsibility initiatives. Why is CSR reporting important? CSR reporting is important for transparency and accountability. It allows stakeholders, including investors, customers, employees, and the community, to assess a company’s commitment to social and environmental issues and its overall impact on society. What are the key components of CSR reporting? CSR reports typically include information on a company’s environmental impact, social initiatives, governance practices, employee relations, community involvement, and efforts to contribute to sustainable development. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in

Listing fee, or insertion fee, is a type of nominal fee, which ecommerce platforms charge from sellers to post (i.e list) their products on the website. Popular examples include such websites as eBay and Amazon and also online auctions like Catawiki. The listing fee depends on the value of a product seller intends to offer on the platform – the higher the price of products the higher the listing fee will be. What Is a Listing Agreement? A listing agreement is a contract under which a property owner (as principal) authorizes a real estate broker (as agent) to find a buyer for the property on the owner’s terms. In exchange for this service, the owner pays a commission. How a Listing Agreement Works A listing agreement authorizes the broker to represent the seller and their property to third parties. The listing agreement is an employment contract rather than a real estate contract: The broker is hired to represent the seller, but no property is transferred between the two.Under the provisions of real estate license laws, only a broker can act as an agent to list, sell, or rent another person’s real estate. In most states, listing agreements must be written.Because the same considerations arise in almost all real estate transactions, most listing agreements require similar information, starting with a description of the property. The description typically includes a list of personal property that will be left with the property when it’s sold, as well as a list of personal property the seller expects to remove (for example, appliances, and window treatments).The listing agreement also specifies the listing price, broker’s duties, seller’s duties, broker’s compensation, terms for mediation, an automatic termination date, and any additional terms and conditions. Types of Listing Agreements Open Listing- With an open listing, a seller retains the right to employ any number of brokers as agents. It’s a nonexclusive type of listing, and the seller is obligated to pay a commission only to the broker who successfully finds a ready, willing, and able buyer. The seller retains the right to sell the property independently without any obligation to pay a commission. Exclusive Agency Listing- With an exclusive agency listing, one broker is authorized to act as the exclusive agent for the seller. The seller retains the right to sell the property without obligation to the broker. However, the seller is obligated to pay a commission to the broker if the broker is the procuring cause of the sale. Exclusive Right-to-Sell Listing- An exclusive right-to-sell listing is the most commonly used contract. With this type of listing agreement, one broker is appointed the sole seller’s agent and has exclusive authorization to represent the property. The broker receives a commission no matter who sells the property while the listing agreement is in effect. FAQs What is a listing fee? A listing fee is a charge imposed by a stock exchange or other financial markets for a company to list its securities (such as stocks or bonds) on that exchange. Why do stock exchanges charge listing fees? Stock exchanges charge listing fees to cover the costs associated with maintaining a fair and orderly market, regulatory compliance, surveillance, and providing services to listed companies. How is the listing fee determined? The listing fee is typically based on various factors, including the size and type of the company, the number of shares to be listed, and the services provided by the stock exchange. 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