The Markademics Podcast Episode 5
Topic: “E-commerce Product-market fit disasters”
Special guest: Jem Bourouh
In the fifth episode of the Markademics podcast, our host Viktor has invited Jem Bourouh to share his knowledge on product-market fit and how to find the product that will turn into a successful e-commerce business.
Who is Jem Bourouh?
Jem Bourouh is a serial entrepreneur from Germany. With his Google Ads agency Adcubator, Jem and his team have spent more than $318M profitably. After being in the DTC space for more than 4 years, he’s decided to not only bootstrap his own e-commerce brands but also to invest and acquire other businesses such as marketing agencies and e-commerce brands.
Product-market fit
Today’s topic is product-market fit and how to achieve that. Jem shares his experience in meeting the needs of the customers and providing them with valuable products.
We hear from Jem about his experience in achieving product market fit, as he delves into the importance of understanding the needs of the customer and how to create a product that fulfills them.
The serial entrepreneur shares his personal anecdotes about his journey, including the trials and tribulations of creating a product that initially didn’t resonate with consumers. He explains how he adapted and made changes to the product, eventually finding the perfect balance between product and market demand.
Throughout the episode, listeners gain valuable insight into how to navigate the often challenging process of finding product-market fit. Jem provides tangible tips and strategies for entrepreneurs looking to take their e-commerce business to the next level.
Jem Bourouh shares the 3 main principles of starting a new product
Starting a new product could be tempting, but you should consider what the market wants instead of choosing a shiny product you like. Jem Bourouh shares that as an e-commerce business owner, it’s important to understand what motivates people to buy from you. There are three main principles that drive consumers to make a purchase:
– Мass appeal for the product – Consumers are attracted to products that are widely popular and meet their needs. If your product is in high demand and satisfies the needs of your target audience, it’s more likely to be purchased.
– Еmotional impulse – Many purchases are made based on emotions. Consumers are more likely to buy a product if it makes them feel good, satisfies a desire, or solves a problem they’ve been struggling with.
– Urgent Need – In some cases, consumers make purchases out of necessity or urgency. If a product meets an immediate need or solves an urgent problem, it’s more likely to be purchased.
Other topics discussed in the episode
- Common mistakes in achieving product-market-fit
- Great examples of successful business
- Mistakes to avoid in product development
- Raising venture capital for your e-commerce business
- Mistakes in raising capital
- Markets around the world
- Differences between Europe and the USA
- Entering a new country
- Things that could be stopping your e-commerce growth
- Turning a dying product into a profitable business
- The importance of selling the benefits, not the features
- Systems vs People in the e-commerce industry
- Valuable tools to use for your e-commerce business
- Operating and Scaling systems
- The problem with agencies
Few words about our podcast
The host of the Markademics podcast is Viktor Stoilov – an advertising strategist, Founder & CEO of Markademics, and co-founder of a 7-figure e-commerce store.
The podcast’s goal is to give the spotlight to specialists in the marketing industry who make great things happen and provide a place for them to share their experience and knowledge. The podcast explores many different topics such as general marketing, advertising, supply, and logistics.
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