How to craft your product story

THE INTRODUCTION

Hello 👋 Marketing Context Fam!! Welcome to this week’s edition.

In todays edition of startup marketing deep dive we unpack a critical startup marketing process of “craft your product story”. We will cover:

• Why a structuring product stories for startup matters

• Unpack the core concepts

• Look at an example

• Resources

THE CONTEXT

“For sale: baby shoes, never worn. “

A 6 word story ( attributed to Ernest Hemmingway)  is probably the most hard hitting short story for me. It leaves us with conflicting emotions eventually letting us find our interpretation.

I wish startup product stories were this powerful. Leaving their target audience with a message, strong, evocative , open to personalised interpretation

Great products don’t always sell on their own. They need a story to be told.

While it is almost impossible to create an extreme evocative story like the above, some startups were able to use product stories in a way that help them excite users to initiate certain desired reactions

Robinhood is one such example. Even before they had a product out in the market, the startup was able to drive huge signups

Why it matter?

Early startups most often face the unique challenge of not having a fully fleshed out product or a significant data sets to work with

Lack of a product to show can be compensated by a compelling product story can drive awareness, help users visualize your product and guide them towards an emotional reaction

THE DEEP DIVE

Lets deep dive into the process of crafting a great product story.

1. Know your whys & who.

Every story needs to have clarity about the whys and who before jumping into a narrative.

Why exists: Why did you decide to build the product? What purpose thus it serve?

Who matters:  Who is this product for? Who has the most pressing desire? Who gets the most out of your product?

Get the answers to the above through discovery interviews, surveys and market data to arrive at: 

1. ICP and the pain/gap that your product solve.

2. The contexts: Why your story matter?

2. Selecting the story structure

There are many storytelling structures. The one that I love the most and going to talk about is: “The Hero’s Journey”

This framework places the protagonist at the centre of the story. Everything revolves around this hero ( in this case the user)

Think of your user as the hero on a quest. Your product is the trusty guide that helps them overcome obstacles and achieve their goals.

Your product story then journeys through your user's world ( marrying their "day in the life of" & "the job to be")  through the following steps

Step-1. The status quo: Describe your customer's world. What are the frustrations and inefficiencies they face?

Step-2. The call to adventure: What event or realization sparks their need for a solution?

Step-3. Meeting the guide: This is where your product enters the scene, offering a solution and better outcome.

Step-4. Overcoming the challenges: Showcase how your product helps them navigate roadblocks and achieve success.

You product story should position your product as the trusted ally for the user.

 3. Proof points & the power of "Because":

Early startup product story needs to be compelling and also offer proof points and validation. How do you do that

• Dip into your early adopters: User your early adaptor’s story as part of your narrative, why did they select your product? What has been their biggest challenge being addressed by your product.? What has been their experience so far?. If you don’t have early adopters, use verbatims from your discovery interviews to make your product story believable.

• Data as your friend: Even at an early stage, leverage any data you have to showcase the impact of your product.

• The "Because' factor: Your story should explain why it matters. For example, rather than say " faster processing", say "faster processing (because) so you can get back to focusing on what truly matters”

4. Keep it simple & snackable:

Finally you now need to bring it all together. Unlike books or movies, product users have a very short attention span. So it is critical that you keep your product story short yet interesting

• Focus on the Core Message: Don't try to cram everything in at once.

• Soundbites & Taglines: Craft a concise elevator pitch that captures the essence of your product.

• Visual Appeal: Use visuals like infographics or explainer videos to make your story engaging.

5. Action: Refine your message ruthlessly.

Can you explain your product in a single, clear sentence?

Outcome:

The storytelling framework we've discussed is designed to achieve a specific outcome: to drive user action and propel your product towards success. This action can take various forms, depending on your stage and goals. Here are some common outcomes:

• Pre-Launch: Generate excitement and build a waitlist (Robinhood, Monzo)

• Product Launch: Drive initial product adoption and user acquisition (Harry's, Dropbox)

• Brand Awareness: Increase brand recognition and establish industry thought leadership

• Community Building: Foster a loyal user base and encourage user engagement

The final statement of your product story should encapsulate the essence of your narrative and reinforce your desired outcome. It's the call to action that bridges the gap between your story and the user's next step.

MARKETING MINDSET MOMENT

Let's illustrate the above with my own product: Marketing Contexts using the framework of the "Hero's journey"

• The status Quo: Imagine the early-stage founder or PMM, passionate about their product but overwhelmed by marketing options or lack of it. While juggling multiple priorities, they struggle to implement a working marketing strategy.

• The call to adventure: Haphazard marketing tactics aren’t cutting it. They need a structured approach to attract users, build awareness and achieve sustainable growth.

• Meeting the guide: Enter Marketing Contexts. The newsletter that offers actionable insights to build a successful startup marketing system.

• Overcoming the challenge: With each issue, founders, and marketers get access to practical insights to design and implement their startup marketing system to drive awareness, create traction and engagement.

The "Because" Factor:

• Early traction made easy: Marketing context removes the guesswork and provides actionable marketing strategies to founders and founding PMM to implement and drive growth.

The product story narrative: 
Great products don't sell themself, specially in early startups. They need the oxygen of an effective marketing strategy that excites and engages the users. But founders, are challenged by this situation, they usually do not have the expertise or the resources to implement an effective marketing system.

This is where Marketing Contexts comes into the picture.

Marketing Contexts offers the marketing system to drive early growth and traction. It provides the roadmap that cuts through the clutter, delivering actionable strategies designed specifically for early-stage startups. Discover effective messaging that ignites user engagement, and unlock a system proven to fuel growth and take the guesswork out of your marketing strategy..

Final product message:

Version-1: Stop feeling lost - take control of your startup's marketing with Marketing Contexts. Subscribe today and learn actionable tactics to drive your marketing strategy.

Version-2: Stop feeling lost- Take control of your startup's marketing strategy with actionable insights. Subscribe today to Marketing Context.

STRATEGIES IN ACTION

How Robinhood  got  1 million waitlist signup using a compelling product story to turn a landing page into a massive lead magnet.

The Context:

Frustrated by expensive and complex traditional brokerages, Robinhood promised a new era of investing. Their story centered on "democratizing finance" with commission-free stock trading, making it accessible and user-friendly for everyone.

This resonated with a new generation of investors, igniting a firestorm of anticipation through a gamified waitlist and fostering a sense of community that propelled them to a million signups before launch.

The game plan:

Robinhood's pre-launch ad focused on a clear value proposition - commission-free stock trading. This resonated with a new generation of investors who may have been priced out of the traditional stock market.

Robinhood packaged their story around a single landing page. The simple and actionable format (enter email address) likely aimed to capture leads and build anticipation for their launch.

The Hero's Journey:

• The status quo: Aspiring investors feel frustrated and excluded by the high fees and complexity of traditional brokerages

• The new adventure: Robinhood emerges as a challenger, promising a new way to invest- commission-free

• Call to action: Robinhood act as the guide, encouraging potential users to learn more and join the new platform.

Create tension leading to an action. ( Fear of missing out)

Robinhood cleverly weaves tension within its story by emphasizing on the barrier of high fees suggest which keep a larger audience away from trading and wealth creation compelling users to take action and join the waitlist even before a product is launched

The "Because" Factor:

Robinhood anchors its story on “ trading commission-free” implying a “because” that you should not be penalised for investing

The outcome:

Robinhood were able to pull of one the biggest pre launch signup campaign in startup up history, by the time their app was launched for public they had a million users signed up to their waitlist

The learnings:

Robinhood's pre-launch story, effectively captured the essence of the Hero's Journey and storytelling best practices. They addressed a pain point, offered a compelling solution, and hinted at a future community of like-minded investors. This strategy planted the seeds of excitement and anticipation, leading to their impressive million-user waitlist.

RESOURCES ON SPOTLIGHT

Implementation Tips:

• Define your who and whys

• Pick the storytelling framework that works for you.

• Keep it simple and snackable

Resources:

Startup Marketing Books: 

• Hooked by Nir Eyal

• Inspired by Marty Cagan

  (These books provide valuable insights on product-market fit and early-stage marketing strategies )

Blogs and articles: