Product Strategy: How to Find Your Product Market Fit
The product development journey is a challenging path with lots of pitfalls. Both product startups and medium-sized businesses face them in spite of the years of experience in the industry. Life-long learning philosophy finds its place here. The err is human, all of us make mistakes, but we also can learn from the mistakes of others.
We suggest you dive into insights and tactics based on the experience of people who have made a lot of mistakes before creating products that met sky-rocket success. In this article, you will find a mix of practices that will help you find perfect product-market-fit and quotes of the thought leaders and founders of global product development companies.
What is a Product Strategy and Why Your Brand Needs It
At the heart of it, a product strategy is a road-map of a product that outlines the end-to-end vision of the product, defines the big picture context in terms of what the product will become, and how it can find its perfect market-fit.
The foundation of any product strategy is a desire to make customers recognize the product’s value, tell others about their great experience with the product, and help the company replicate a great experience for new users. The market fit happens when the company’s value proposition, customers, and distribution channels align. The balance of all three is needed to provide long-term product success.
According to Forbes Magazine, a product-market fit occurs when a brand can satisfy a hair-on-fire problem that a significant number of people have. It is also defined as a scenario in which a product can meet the customer’s needs in a way that similar brands cannot do.
“To be successful, the product should be “flexible” and timely injected by a dose of required changes. It is the only way to find a perfect market-fit and offer target users exactly what they need. The product is made not only by people but also by a dynamic improvement process, it is like a living organism.” – Dima Venglinski, CEO and Founder of Fireart Studio, a product design and development company.
Product-Market Fit Goals for Startups
“At the heart of every product person, there’s a desire to make someone’s life easier or simpler. If we listen to the customer and give them what they need, they’ll reciprocate with love and loyalty to your brand.” – Francis Brown, Product Development Manager at Alaska Airlines
Research Your Target Audience
The first step to product success is to investigate who are users that represent your target audience. These are people who will benefit from your product the most. Likely, there are several groups of prospective customers. Use market segments to identify who is your ideal customer.
Under the concept of an “ideal customer,” we understand a particular archetype with a set of peculiarities that are applicable to all people whose needs your product can satisfy. The customer image (archetype) will help your team understand who it is creating a product toward. This research usually includes three stages:
At the last stage, companies create an ultimate customer image, buyer persona, and determine what “part” of that persona they should target in order to find product-market fit. This research is based on the questions prepared in advance. After it is done, the findings must be shared with all the executives for effective collaboration on the project.
Explore How to Make Your Product a Pain-Killer. Talk to Your Audience to Find Its Pain-Points
“Your most unhappy customers are your greatest source of learning.” – Bill Gates, Co-Founder of Microsoft Corporation
The second most important feature of a successful product is that it solves the right problems. Not imaginative ones or problem symptoms but the core problems. You should keep in mind, you are not your end-user. You may think differently. Try to identify the real-life problems experienced by your target audience, conducting questionnaires for your customers or by gathering user feedback from your sales and customer support teams.
Talk to your marketing and support teams to get valuable information about the user’s complaints. It will help you identify the customer’s pain points and build a product that tackles these challenges.
Don’t Diffuse Attention – Focus on a Single Vertical
The common challenge faced by all startups is a small budget. But remember that the jungle can be grown from seed. Start with focusing on narrow product specifics that satisfy the small group of customers, but it does it brilliantly. It is better not to try to cover the huge audience since the attempts to sell a product to a bigger group of people can end in the real financial disaster for a startup.
Concentrate your attention and efforts on a narrow focus but dive deep in this area. At the beginning of the journey, your product can have only a few features but they should completely eliminate the user’s problems and do it like nobody else on the market. Present your uniqueness to a smaller audience. When your product will win their hearts, and you will see sales, start thinking of what to do to make your product satisfy the needs of a bigger number of people.
Try to find the gap in the market and make it yours. Offer your target users something unique, no matter if it covers only a small audience. Your first task is just to make your product perfectly fit their needs.
Identify Your Value Proposition
“Creativity is to discover a question that has never been asked. If one brings up an idiosyncratic question, the answer he gives will necessarily be unique as well.” -Kenya Hara, Japanese graphic designer, curator and writer
Figure out what your customers need and how you can outperform the alternative products offering the audience solutions for its problems. Determine which customer needs your product can meet the best, make them the essential elements of a product promotion strategy, and start building your marketing around them.
The diameter of your value proposition will grow over time, but it’s recommended to start with tailoring a product that solves the user’s most significant and specific problems. For example, Spotify has defined its value proposition as the streaming service that provides access over ownership, offering data-driven personalization, and the opportunity for content unbundling.
Measure Your Product Market-Fit
Success is a measurable value. To be aware of what you need to improve to reach even bigger success and in what you are already good, you should define key data points that will help you keep track of your performance. First, start with determining your TAM (total addressing market), or in other words, the total number of people who can benefit from your product.
TAM is calculated by multiplying your average revenue per user (ARPU) by the total potential customers in the market. When your TAM is identified, figure out the percentage of TAM that is your actual customers.
Keep Abreast With The Customer’s Needs
If your product seems to achieve its perfect market-fit, it doesn’t mean that its time to relax. To stay competitive and relevant to your target users, you should continuously research the customer’s needs as they are changing all the time. Keep in mind, a product is successful if it is continually developed and timely adjusted to the needed changes.
Conclusion
Stay patient and persistent to your goals. To find a product-market fit is neither easy nor fast, however, it’s worth all the attempts. With market-fit knowledge, your team can build a great product much easier and faster. Your customers and other interested parties will become your marketing effort and help you scale your success. Hopefully, this article will help you get a clearer understanding of the topic and give your product strategy a fresh update.
Author: Dana Kachan
Dana is a text-based adventure connoisseur, a lover of horror movies, and an enthusiastic marketing strategist. Working previously with the companies in different industries including mobile app development, VR/AR development, Internet of Things, and design, she loves to write the articles on the related topics and share marketing insights. … View full profile ›
Your Guide to Buying the Perfect Pair of Leggings for Any Occasion
The obsession with leggings has never been bigger, and there are more versions on the market than we can keep up with. With so many options out there, how are we ever sure that we’re buying the perfect pair to suit our needs? There are so many different types of leggings, and sometimes we don’t know how to distinguish one from another.
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There’s a pair of leggings for every situation — from working out at the gym to just lounging around at home. There are even leggings out there that you can get away with wearing to work or to a fancier occasion! The key to finding a way to wear leggings for nearly any event is all in the styling. You have to figure out the right top and shoes that can elevate a simple pair of black leggings and make them look ultra-chic!
With all of the choices out there, it can be a task to dwindle it down to a single pair. There are a lot of factors to consider: you have to take the price into account, the material that they’re made from as well as where you plan on rocking them. Another thing to consider is the reviews. Fellow shoppers know best and you can tell a lot about a garment from reading what they have to say. It’s still quite a project, so to help you out we’ve rounded up our all-time favorite leggings — all of which serve a specific purpose and come in multiple color options (including black, of course). Happy shopping!
This Slimming Pair
AmazonSee it!
Leggings that keep you looking toned and trim are one of the more popular options. Just think of them as versatile shapewear!
Get the Homma Premium Thick High Waist Tummy Compression Slimming Leggings starting at just $20, available at Amazon! Please note, prices are accurate at the date of publication, January 27, 2020, but are subject to change.
This High-End Pair
lululemonSee it!
These are basically the Cadillac of leggings — they’re welcome in the gym, but we think they’re best for Sunday errands.
Get the Lululemon Align Pant 28” for prices starting at $98, available at Amazon! Please note, prices are accurate at the date of publication, January 27, 2020, but are subject to change.
This Top-Notch Faux-Leather Pair
NordstromSee it!
For a night out or an office look, this pair is the answer!
Get the Topshop Piper Faux Leather Skinny Leggings for just $68 at Nordstrom!
This Funky Velvet Pair
AmazonSee it!
When you need a fashion moment but still want to be comfortable, velvet leggings are your new stylish secret weapon!
Get the Cemi Ceri Women’s J2 Love Velvet High Waist Leggings for prices starting at just $17, available at Amazon! Please note, prices are accurate at the date of publication, January 27, 2020, but are subject to change.
This Affordable Athletic Pair
AmazonSee it!
If you don’t want to splurge on your workout gear, then these yoga pants are the move — they start at $10, so you don’t have to stress about keeping them in pristine condition.
Get the Oalka Women Power Flex Yoga Pants for prices starting at just $10, available at Amazon! Please note, prices are accurate at the date of publication, December 2, 2019, but are subject to change.
This Everyday Pair
AmazonSee it!
Sometimes, basic is the best — which is why we recommend having a simple staple in your arsenal. These are ideal for any casual activity, from going to the movies to leaving the gym.
Get the Daily Ritual Women’s Ponte Knit Legging for just $18, available at Amazon! Please note, prices are accurate at the date of publication, October 21, 2019, but are subject to change.
This Ultra-Smooth Pair
NordstromSee it!
Comfort is key — and this premium pair is as soft as can be. Wear them on the weekends to get your relaxation on.
Get the Zella Live In High Waist Leggings starting at just $69 at Nordstrom!
These Jeggings
AmazonSee it!
Jeggings are an absolute must if you want to hide the fact that you’re wearing leggings. Stealth style at its most fabulous!
Get the Amazon Essentials Women’s Standard Pull-on Jegging for prices starting at just $10, available at Amazon! Please note, prices are accurate at the date of publication, January 27, 2020, but are subject to change.
This Lifting and Sculpting Pair
AmazonSee it!
Anyone looking for a boost in the body department should look no further than these butt-lifting leggings. A fitness aficionado’s dream come true!
Get the RUNNING GIRL Butt Lifting Leggings for prices starting at just $11, available on Amazon! Please note, prices are accurate at the date of publication, January 27, 2020, but are subject to change.
Check out more of our picks and deals here!This post is brought to you by Us Weekly’s Shop With Us team. The Shop With Us team aims to highlight products and services our readers might find interesting and useful. Product and service selection, however, is in no way intended to constitute an endorsement by either Us Weekly or of any celebrity mentioned in the post.The Shop With Us team may receive products free of charge from manufacturers to test. In addition, Us Weekly receives compensation from the manufacturer of the products we write about when you click on a link and then purchase the product featured in an article. This does not drive our decision as to whether or not a product or service is featured or recommended. Shop With Us operates independently from advertising sales team. We welcome your feedback at ShopWithUs@usmagazine.com. Happy shopping!
How to Leverage Influencers to Sell More on Amazon
Retail giant Amazon is responsible for nearly half of all online retail spend in the United States, so it makes sense for ecommerce sellers to use the platform to get their products in front of buyers. However, with hundreds of millions of products for sale on Amazon, it can be a challenge to get your products seen by the right people.
One of the most effective ways to expose people to your product is through influencer marketing, which uses leaders in a specific industry to share your brand’s products and messaging with a key audience. This enables brands to reach their target audience in an organic, meaningful way; today, influencer marketing is a $1.7 billion industry on Instagram alone. Why? Because it works.
Consumers seek product recommendations from influencers nearly as often as they do from friends, according to one study that also found that 49% of consumers look to influencers when making product decisions.
Read on to learn how you can work with Amazon influencers to increase your sales.
What Is an Amazon Influencer?
An Amazon influencer is a person who’s established themselves as an authority in a certain niche on a social platform, which gives them the ability to influence purchasing decisions — specifically by promoting a product for sale on Amazon. In other words, they’re a person you want to represent your brand because they can help drive Amazon sales.
Keep in mind that the number of followers a potential Amazon influencer has isn’t the most important factor. Instead, focus on influencers who’ve already amassed an audience that would be interested in your product.
Often, these will be micro-influencers: influencers with between 1,000 and 100,000 followers who’ve established themselves as an expert in a niche community, such as the influencer featured above who has 20,000 followers.
The Benefits of an Influencer
Influencers are a great fit for ecommerce brands looking to expand their reach and increase their Amazon sales for a variety of reasons. However, as mentioned above, often the best influencers for Amazon sellers to work with are actually those who don’t have millions of followers.
You’ll actually get more bang for your buck if you set your sights on micro-influencers. Here’s why:
1. AffordabilityThe price of working with influencers varies and depends on a multitude of factors, as explained in this post from Curalate, but they are generally affordable. Social’s biggest stars, such as Selena Gomez and Kim Kardashian, charge about half of a million dollars for a sponsored post — a price that likely exceeds most ecommerce stores’ budgets.
However, a sponsored post from a micro-influencer costs substantially less and can really help you increase your Amazon sales. Digital marketing agency WebFX estimates the average cost of working with influencers across various social networks like this:
2. High engagementWhen it comes to engagement, micro-influencers have social media’s biggest celebrities beat.
Influencers with 1,000 followers have 85% higher engagement than those with 100,000, according to GRIN. And a Markerly study found that social media users with 1,000 followers or fewer have an average like rate of 8%, while people with 10 million followers or more have a like rate of only 1.6%. Users with 1,000 followers or fewer also receive 13 times more comments.
What’s behind this impressive engagement rate? Because micro-influencers have smaller followings and more humble backgrounds, they’re more accessible and relatable to their followers. They’re also more likely to interact with their followers through comments, messages, and likes. So when a micro-influencer posts about your Amazon store or products, their followers will take notice, ask questions, click to learn more, and be more likely to make a purchase.
3. Niche audienceWhile micro-influencers have far fewer followers than celebrities, their followers aren’t only more engaged, but they’re also quite niched. So one of the chief benefits of working with a micro-influencer is that you can find one who’s already garnered a following from the exact demographic you want to target.
If you sell beauty products, for example, in your Amazon store, working with a micro-influencer who does beauty product reviews and makeup tutorials could be a natural fit, as the influencer has already amassed a following that’s highly engaged on the topic of beauty.
And because a micro-influencer is an expert in their chosen category — whether it’s beauty, fashion, tech, health, travel, or countless others —they’ve attracted an audience who shares that passion. And their audience trusts them. In fact, 40% of consumers say they trust a brand because of its relationship with a particular influencer, according to an Edelman report.
4. More conversionsBecause of that established trust, micro-influencers will be much more effective at increasing your Amazon sales
Consumers look to these influencers when they want product recommendations — one survey reveals that 26% of people discovered a product within the last three months because of a micro-influencer. And when people learn about a product from a micro-influencer, they’re more inclined to purchase. Nearly 60% of consumers have bought a product within the last six months because of an influencer’s recommendation, according to the Edelman report.
Why are micro-influencers so effective at getting conversions? Because when they make a product recommendation, consumers view it as coming from a trusted source they know. They understand that micro-influencers are truly staking their brand and reputation on an endorsement and are likely going to back only those products they truly like and use — unlike recommendations from a celebrity, which savvy consumers know may not even use the product.
How to Find Amazon Influencers
There are many ways to find influencers to promote your products and help increase your Amazon sales. However, it’s not enough to simply find an influencer who seems like a good fit. Once you’ve identified potential influencers, investigate them further before reaching out to them. Take a look at their posts, read their interactions with commenters, scroll through their followers, and ask the following questions:
With that in mind, the best place to begin your search is close to home by identifying those people who are already aware of your brand or are already using your products.
1. Check out your followers and fans
Take a look at who’s already following your brand on social media. Who’s liking and commenting on your posts and engaging with you? People who already follow you and engage with your content are great candidates to represent your brand and promote your products because they’re already fans.
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Once you’ve identified possibilities, take a look at their social accounts and see who has influencer potential.
2. Look at your top buyers
If you sell products on multiple ecommerce channels, such as Shopify or Etsy, you can easily identify repeat buyers, see which customers have placed the most orders, and identify who’s spent the most in your store.
Repeat customers clearly like your products and are satisfied with their quality, so they may be great ambassadors for your brand. Just do a little investigating to see how they engage on social media to see if they’d be a good fit for what you have in mind.
While you can also see who’s ordered your products via your Seller Central account on Amazon, it’s not advisable to contact customers about their purchases. While a person who makes a purchase from your Shopify store is your customer, on Amazon, a person who buys your product is Amazon’s customer — you’re simply a third-party seller.
3. Search hashtags
Hashtags allow social users to have conversations and build communities because they make it easy for people to find users with similar interests and interact with them. If you have a branded hashtag, take a look at who’s using it.
You can also look through popular hashtags that are relevant to your brand. For example, if you sell fitness products, you’d want to check out posts tagged with #fitness, #fitnessmotivation, #health, and #healthylifestyle.
4. Use an influencer tool
There are numerous tools you can use to identify influencers. Many are free or offer free trials, but there are other options that provide you with more detailed influencer information and customization options.
Check out Curalate’s influencer tool, which is illustrated above, and Alexa’s Audience Overlap tool.
5. consult Amazon influencers
You can also find influencers through the Amazon Associates or Amazon Influencer programs.
How to Connect with Amazon Influencers
Once you’ve identified an influencer you’d like to work with, don’t immediately reach out to them with endorsement contracts or free products. Instead, take things slow and establish a relationship. This will not only help them feel more comfortable with both you and your brand, but it’ll also help you ensure that this influencer is the right fit.
There are countless ways to work with influencers to promote your products and increase your Amazon sales — from Instagram takeovers to affiliate programs. Here are some of the most popular options that’ll help you drive traffic to your Amazon products.
Giveaway: Teaming up with one or more influencers to host a giveaway of your product is a great way to promote it. Because you’re giving away items, engagement rates are typically high for these types of posts. They can also help you grow your brand’s own social following if contest rules require that participants follow your account to be eligible for a chance to win.
Brand ambassador: These are people who love your brand and its products and are willing to promote it to help raise brand awareness and drive sales. While they’re sometimes paid, many brand ambassadors participate in such programs for free merchandise or early access to new products.
No matter how short your campaign is or how small your budget, it’s important to clearly define your working relationship in an influencer marketing agreement. Here are a few things to keep in mind when drawing up your agreement:
Influencers have developed a unique voice and curated a distinct look for their social media accounts, which enables them to effectively engage with their audience. While you may ask to review a post before it’s published, encourage influencers to get creative and promote your products in a way that’s on-brand for them as well.
How to Track Influencer Impact
Success means more than getting an influencer to promote your brand or product. You also have to set goals for the campaign and measure them to track how you’ve done.
While your overall goal is to increase Amazon sales, you may have other goals in mind that can play a role in helping you gain more sales. Consider the following: conversions, post engagement, post reach, clicks, brand awareness, and follower count, just to name a few.
At the conclusion of each campaign, take a look at what worked and what didn’t. You can use this data to guide the development of your next Amazon influencer campaign.
Small Amazon Influencers Can Have Big Results
When it comes to getting your Amazon products in front of the right audience to grow your sales, keep in mind that it doesn’t necessarily have to cost a lot to work with an influencer as long as you do your research and spend strategically.
Influencers with only a few thousand followers are affordable to work with and can have a massive impact. In fact, 82% of people who receive a recommendation from a micro-influencer are highly likely to take that recommendation and actually make a purchase, according to Jonah Berger, bestselling author of “Contagious: Why Things Catch On.”
So choose your influencers carefully, paying more attention to who they’re reaching instead of simply how many people they could reach to ensure your products are getting in front of the right people: the ones most likely to make a purchase from your Amazon store.
Author: William Harris
William Harris is the growth expert behind several ecommerce and VC backed SaaS businesses, helping them scale through intelligent application of modern marketing tactics. He's also the overworked founder of Elumynt,, a growth marketing agency.… View full profile ›
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