Alon Ghelber is CMO at Revuze; an AI StartUp analyzing customer reviews & delivering product insights to optimize decision-makin
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If you want to make your business succeed, address a market that really needs your product. This is what a product-market fit is about.
Product-market fit means offering products that satisfy strong market demand. When product-market fit happens, your customers spread the word about your products, and the usage of your products grows fast.
So, how can you make that happen?
In this article, I will share five invaluable branding and marketing lessons I’ve learned from Fortune 500 companies to help your business thrive.
1. Understand the buying motives of your customers.
Why do consumers buy what they buy? Why do your customers want what you offer? These are the key questions you need to ask yourself.
Take athletic footwear for an example. As shown in my company’s “U.S. Footwear Market 2019 Recap and 2020 Projections” report, comfort is one of the most important features consumers want when it comes to athletic shoes. They want something comfortable and flexible to exercise in. Of course, most people also look for a stylish design, but this isn’t as important as the shoe’s comfort level.
Successful athletic footwear brands like Nike understand this and put a lot of effort into making their shoes comfortable — for example, placing air inside of shoes for cushioning. You must understand why your customers are looking for the type of product your brand offers, and then make sure that your product is able to stand out among its competitors.
2. Embrace e-commerce.
If you’re still in the mindset that e-commerce is a trend and finding it difficult to adapt, I’m telling you it’s not just a trend — it’s necessary.
When you move your shop online, you have more flexibility to reach out to your potential customers. You’ll no longer be restricted by geographical location or rental cost. Especially when anything unpredictable, such as Covid-19, happens, you’ll be able to continue to run your business as your customers can shop your products online.
While Amazon and Netflix, two online native brands, have seen increases in purchases and usage throughout the pandemic, other traditionally brick-and-mortar companies have increased their sales volume due to shifting to e-commerce. For example, Costco’s online sales have increased in recent months, with the company offering click-and-collect and same-day grocery delivery in most of its U.S. locations.
3. Be open to remote opportunities.
With so many project management tools available online, most people can work as long as they have access to a computer. In fact, remote work as a result of the pandemic has led to greater demand for various cloud services and workplace apps.
Allowing your employees to work remotely saves costs and certain management effort that’s required when you have an office. You can even open up opportunities to hire talent all around the world when they can work remotely. Furthermore, embracing remote opportunities encourages a dynamic culture with employees working from all around the world, providing their unique perspectives on how to improve products to fit the worldwide market.
4. Take action fast regarding the changing of consumers’ behaviors.
It’s not enough to just know that consumers’ behaviors are changing; you must react fast too.
For example, General Electric’s slow reaction to changing market demands for renewable energy has proven damaging. On the other hand, some companies have taken action fast to accommodate customers’ changing behaviors amid the pandemic, and they have succeeded in maintaining their businesses. For instance, Walmart allows curbside pickup for online orders for shoppers who want their orders quickly but don’t want to go into the store. Target is also a big winner during the pandemic, as it has improved its grocery offerings and built new online prowess.
5. Digital marketing will continue to be important.
Nowadays, half of the time people are on mobile is spent using social communication apps. If you want to reach out to your potential customers, social media platforms are still some of the best channels. Just look at the success of Facebook, which had $70.7 billion in net revenue in 2019, up from $27.6 billion in 2016 — you know that this is still an important marketing channel.
Besides Facebook, your customers might be on YouTube and Instagram, too. If you can make good use of these digital marketing channels, you can easily stay updated on your target customers’ needs. You can get instant feedback from them when you post about a product. You can even test the popularity of a new product by sharing it on your social channels and evaluating your target customers’ reactions. This is why promoting your brand and products through digital marketing will continue to be important for business success.
Bottom Line
These lessons I’ve learned from the Fortune 500 have reminded me to always stay alert to customers’ ever-changing needs. If you want to stay on top of the industry, apply these lessons to your business to keep it thriving!
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