Remember that famous quote from Alice in Wonderland: “If you don’t know where you’re going, any road will take you there”. Now let’s translate its meaning into business. If you don’t understand the value and essence of your product, the core of your brand, then you can’t build a clear strategy to achieve your goals. Wouldn’t you agree that doesn’t sound like an effective plan? In terms of marketing and the rest of your business processes, it’s important for you to understand what your company is all about. What gives life to your product and makes users like it? A product thesis will help you clearly define the answers to these questions.
The product thesis is a fundamental concept in product development and management that is a guiding principle for creating successful and impactful products. In this article, we will explore the basics of product thesis, analyze some cases and share useful tips on how to create an effective thesis for your product.
What is a product thesis statement?
A product thesis statement is a concise and focused statement that outlines the core purpose, value proposition, and strategic direction of a product. It provides a clear and compelling description of what the product aims to achieve. Every feature of the product is designed to support that aim and thereby reinforce the thesis. Every item, whether it is hardware, software, or a physical object, has a thesis.
The product thesis statement typically includes key elements such as the target market, customer pain points, unique selling points, and the desired outcome or impact of the product. It encloses the essence of the product and communicates its value to both internal stakeholders and external audiences.
A well-crafted product thesis statement helps align the product team around a shared vision, informs decision-making throughout the product lifecycle, and guides the development of features and functionalities that deliver the most value to users. It serves as a reference point to ensure that the product remains focused, relevant, and aligned with customer needs and market trends.
Tips for formulating a product thesis
Formulating a strong product thesis is crucial for guiding the development and success of a product. Here are some tips to help you formulate an effective product thesis.
Understand the target market
Gain a deep understanding of your target market, including their needs, pain points, and preferences. This will help you tailor your product thesis to address their challenges and provide a compelling solution.
Identify the unique value proposition
Determine what sets your product apart from competitors. Clearly articulate your product’s unique value proposition and how it solves a problem or fulfills a need better than existing solutions.
Focus on the core purpose
Define the core purpose of your product. What is the primary goal or outcome it aims to achieve? Keep the product thesis focused and concise, highlighting the primary purpose that drives the development and positioning of the product.
Consider the desired impact
Think about the impact you want your product to have on users and the market. How will it improve their lives or address a specific challenge? Articulate the desired impact in your product thesis to create a compelling vision for the product.
Be specific and measurable
Make your product thesis statement specific and measurable. Avoid vague or generic statements. Instead, use clear language and define measurable goals or metrics that can be used to evaluate the success of the product.
Iterate and refine
Formulating a product thesis is an iterative process. Continuously refine and iterate on your thesis as you gather feedback, conduct market research, and gain insights from users. Adapt the thesis to align with changing market dynamics and emerging opportunities.
Align with business goals
Ensure that your product thesis aligns with the broader business goals and objectives. It should support the overall strategy and contribute to the growth and success of the organization.
Test and validate
Test your product thesis with stakeholders, potential customers, and industry experts. Seek feedback and validate whether the thesis resonates and effectively communicates the value of the product.
Product thesis case studies of famous brands
Many companies have long gone the route of formulating a product thesis. But did they find it so easy? Let’s look at a few examples of the history of creating a thesis statement for well-known brands.
Amazon, Alexa
Amazon’s home voice assistant — Alexa, was launched in 2014, three years after the introduction of Siri. The original thesis of Alexa was that the best place for a voice assistant was in the kitchen workspace, as it had many functions that were considered useful for chores.
As more and more people started using Alexa in their homes, some clear patterns began to emerge. Rather than using Alexa to make purchases, people were most likely to use it to listen to music, set a timer, ask factual questions, and check the weather forecast. Unlike Siri, which was designed for personal tasks such as calling friends and adding events to the calendar, Alexa was designed to be used by everyone in the family at the same time. The focus on helping everyone, rather than just one person, seems to have led to some of Alexa’s unique features, such as reading stories, jokes, and news summaries. Over time, Alexa’s product team also invested in what its users felt was important: great sound quality at an affordable price to help with simple tasks. This changed the “kitchen assistant for grocery shopping” thesis to “an affordable speaker that helps the family”, making it a market leader.
Apple, Apple Watch
The first Apple Watch came out in 2015 without any explicit thesis. Smartwatches had emerged long before Apple introduced its product (e.g., Pebble watch for showing notifications, Garmin for a physical activity tracker). The Apple Watch seemed to include everything — apps, notifications, and heart rate measurements. However, none of it worked perfectly. They also connected to the iPhone, so users had to carry both the watch and the phone, which was inconvenient when going for a run. The thesis of the third series of Apple Watch was already solely about health. With each subsequent iteration, Apple added more and more health-focused features, from recording electrocardiograms to detecting irregular heart rhythms. The company has decoupled the watch from the phone, improved the accuracy of its health monitoring, and brought a new interface to the forefront of the product.
Final thoughts
The product thesis serves as the foundation of successful product development, providing a clear and concise statement of purpose, value proposition, and strategic direction. By defining the product’s core objectives and aligning them with customer needs and business goals, the product thesis becomes a guiding force throughout the entire product lifecycle. It brings together stakeholders, aligns teams and drives the development process forward with the subsequent growth of the company, audience, and profits.
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