Product-Customer Fit

In the odyssey of your startup, numerous factors will undoubtedly come into play. The list can be endless, and more than often, beyond inundating. It’s easy to be assailed with idle coffee meetings, vain pitches at meetups, foolish preparations for these pitches, despairingly gauging the fundraising climate, or naively worrying about extraneous factors that are just beyond your control.

Your time is limited. It’s vital for you to move swiftly, to test the riskiest assumptions you’re making, and compulsively validate whether your hypothesis even has legs. The best entrepreneurs have this uncanny ability to sift through the noise and discern for something I call the “limiting-factor” tasks. The term was inspired from my exposure to the hard-sciences in undergrad, and its definition can best be understood as the reactant in a chemical reaction that limits the amount of product that can be formed.

Within the chaotic, vast sphere of your startup, there will be certain undertakings that you just can’t move forward without, and they ultimately “limit” your ability to progress. These tasks are subjective and unique to each; it’s up to you to be due diligent. Competition is unforgiving in today’s brisk tech cycles, and you absolutely can’t afford for your team to work on something that no one will use, or on tasks that yield only marginal returns.

There is a popularized term in our industry that stems from the classic lean-startup school of thought called “Product-Market” fit. I personally think this term’s scope is a bit opaque, and prefer the word “Product-Customer” fit. I’ve opted for this because it places a substantial, dramatic focus on the only variable that truly matters — your customers.

The decisive limiting-factor is reaching this celestial destination of “Product-Customer” fit. If you’re not there, get there. You must ask the question– does this product I’m creating solve the problem of my customers? Do they like it? Even better, are they willing to pay for it? If not, you need to iterate on your product and fit it around your customers. Some of the best insight I can give is to get your customers involved as soon as possible.

“There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else”

Lovaash has two customers. First, we have Creatives. Some of the best painters, artisans, calligraphers, typographers, and cartographers from all over the world are creating Lovaash Online Stores by the hundreds every week in our private alpha. Second, we have consumers who own spaces— home-owners in the outskirts of cities, students with dorms, young professionals across San Francisco and Miami, owners of Italian to Korean restaurants, interior designers liable to enterprise clientele, and the list goes on.

My team and I are creating technology to solve the issues in selling the work of our Creatives through a SaaS (Software-as-Service) dashboard that manages transactions, real-time promotions, analytics, and more. And as a Consumer, you’ll be able to find exactly what you want through the lens of your personal space. The solution will be a 2-sided global marketplace with its foundation etched in inspiration, simplicity, and affordability.

Lovaash is where you “Enhance your Space”.

A New Crest of E-Commerce

E-commerce is evolving. Over the past decade we’ve seen two real crests of e-commerce. In the beginning, commodities provided the initial spark. Jeff Bezos and co. perfected the art as Amazon began bringing products from titans like Wal-Mart, Best Buy, and Costco onto the uncharted frontier of the internet. Selection, speed, varying price-points and transparent payments were the hallmark consumer value propositions. The bigger the catalogs, the larger the inventory, the better it was. Jason Goldberg, CEO of Fab, calls this age Commodity Commerce. With every crest, there is a trough, but its important to remember that these lows have hidden gems buried within them– they tacitly signal the next trend, the next big opportunity.

There soon came a time where digital media increasingly became more ubiquitous. Youtube, Netflix, Google and Apple began pursuing original content in the form of books, movies, music and more. The archaic traditions of purchasing hard-covers, DVD’s, MP3 CD’s from your local mall venues were soon cast away. This idea of Digital Commerce broadened the purchasing lexicon of your typical consumer. It was an experience elated and unseen. This era shed fears of brandishing your credit card to online venues and encouraged people to experiment with their purchasing habits. Most began owning intangible products at a remarkable velocity, and soon companies like Dropbox began offering cloud computing as a consumer solution for the first time.

The third crest will be something that industry leaders are calling Emotional Commerce. We are on the fast-track to this destination. Every person brings with them a unique background, a distinct taste and an exclusive niche. Marketplaces online will truly be defined by the products they choose to house. These products need to be exciting, riveting, and touching. Ultimately, this means that brand power will be of the utmost importance. Companies should be very meticulous about their marketing strategies. First impressions are everything. Your curation will define you.

Furthermore, this entails a purchasing experience at the other end of the spectrum. Before, in the bland-commodity era, speed was the pursued ideal, encouraging customers to be in and out of online marketplaces. In this 3rd wave, your platform should do the exact opposite. You want your customers to stay and spend time on your platform. You want them to explore it and make personal, intimate connections with your products. These bonds will enrich the word-of–mouth marketing strategy behind your platform creating a respectable viral loop engineered into your customer segments.

I think the most important and thrilling opportunity lay with merchants. The unspoken truth is that the creators of products are the only ones that can truly lead this emotional connection with consumers. It is only natural to allow merchants to sell, distribute, and adhere to their respective networks better. This is the fundamental obligation  of any marketplace. Thus today’s marketplaces have a burning responsibility to offer an unmatchable trove of merchant tools through developing technology. Allow your merchants to drive up sales and traction to your platform with original, heart-felt content only they can provide. Give them credit. As creators, they rightfully deserve it.

This is exactly the plan for Lovaash. We are Empowering Artists.

Mayer Zahid