Your story is your product.
One truth deeply understood by early-stage operators is that Plan A rarely works out as planned. This unpredictability is the birthplace of the “pivot.” When you hear this term, it's probably in reference to the product or go-to-market strategy. Perhaps the company encountered a stumbling block with customers, saw a competitor overshadow their opportunity, or faced a feature that didn't perform as expected. The response? A pivot. A strategic change in direction towards achieving product-market fit. It's a hallmark of adaptability, and something at which adept teams excel.
Product-Market Fit
Marc Andreessen defines "product-market fit" as being in a good market with a product that can satisfy that market. It's about reaching a point where your target customers are not only buying and using your product but also advocating for it. This advocacy is crucial, especially as it fuels organic and non-paid growth, vital for acquiring consumers cost-effectively.
But here's a critical question: What happens to your brand story when your product pivots? If the change is minor, perhaps your existing narrative remains relevant. However, what if the pivot is significant, pivotal, or even iconic? Such shifts offer an opportunity to evolve or elevate your company's perception among customers or within the industry.
As your product grows and adapts, so too must your brand story. It's a delicate dance of ensuring your narrative aligns with your product at all times. Sometimes, the story may lead the product development; other times, it follows suit. Regardless, it must always be [re]fit for purpose to support your GTM and growth objectives.
Story-Market Fit
This brings us to the concept of “story-market fit” (SMF) – a term we use to describe the synergy between a company's narrative and its target market. It's about defining a story that resonates with your audience's needs, aspirations and challenges. When you achieve story-market fit, it means your brand narrative doesn't just describe what you do, but why you do it – the motivation, the mission and the vision that propels your company forward. This kind of storytelling can significantly enhance your brand's resonance with its target market, making your company's purpose and aspirations clear and relatable.
Navigating Pivots
When your product pivots, assess the impact on your brand story:
Minor pivots: If the pivot is slight, your current story might still be relevant. Monitor customer feedback to ensure continued alignment.
Major pivots: For significant changes, it's crucial to reevaluate your brand story. Ask yourself: How does this pivot affect our company's purpose, positioning and promise?
Achieving Story-Market Fit
Story-market fit is about synchronizing your brand story with your evolving product and market. Here's how you can achieve this:
Identify Your Core Message: Understand the core of what your company stands for. What is the motivation driving your product? This should remain consistent even as your product evolves.
Engage with Your Audience: Gather insights from your customers. What do they value about your product? How do they perceive your brand? Use this feedback to refine your story.
Communicate the Why: Clearly articulate why your company exists and why your product matters. Your brand story should convey your passion and purpose, connecting emotionally with your audience.
Lead with Value: Highlight how your product's evolution benefits the customer. Focus on the value you provide, not just the features.
Stay Agile: Be ready to tweak your narrative as your market and product continue to evolve. Regularly review and adjust your brand story to ensure it remains relevant and resonant.
Your brand story is a living entity, just like your product. It should evolve alongside your product, reflecting changes and staying true to your core mission. It's not just about adjusting to changes but about seizing the opportunity to strengthen your connection with your audience. It ensures that as your product finds its place in the market, your brand story does too, authentically and impactfully.
By actively seeking story-market fit, you ensure that your brand remains dynamic and resonant, perfectly in tune with both your product's journey and the market's needs.
