Students in the Entrepreneurship Study Program at SBM ITB had the opportunity to learn directly from Muhammad Adzwin Perwira Putra about building Walts Wallet Goods, a wallet and accessories brand based in Bandung. During his guest lecture on Tuesday (August 5th), Adzwin shared insights about his business journey and strategies for finding product-market fit.
Adzwin began selling custom pants in 2012 while he was still in his first semester of university. He tapped into the prevailing trends at the time and addressed the needs of his friends.
However, without a clear brand identity and differentiation, his business faced challenges in growing. This experience taught him the vital importance of brand building.
So, in 2015, he founded Wallts Wallet Goods, a brand selling canvas wallets as a distinct alternative to the leather wallets commonly found on the market. Although unique, Wallts launched without research or supporting data, making it hard to attract repeat orders since wallets are not frequently replaced by consumers.
Improvements were made in 2016, when he realized that Wallts needed a unique selling proposition (USP). He then came up with the idea that Wallts wallets could be positioned as a product suitable for gifts. By changing the packaging and encouraging consumers to buy not only for themselves but also as gifts, sales and repeat orders increased. According to him, a USP is a crucial element for the sustainability of a business.
A few years later, trends began to change. He realized that if Wallts continued selling the same products, the business risked stagnation and losing customers. Furthermore, he observed that people were carrying wallets less frequently due to the growing popularity of digital payments.
In 2023, Wallts conducted research which revealed that 42 percent of the workforce in Indonesia was employed in formal occupations. Data validation showed that, among the products already sold (wallets and lanyards), the lanyards had outsold the wallets. Based on this information, Wallts decided to narrow its target market to office workers, particularly those just starting their careers.
The findings from this research prompted Wallts to transition in 2024 to become a brand that supports office workers with organization solutions. Their segmentation, targeting, and positioning became much clearer as a result.
According to Adzwin, this clarity is crucial for achieving product-market fit. He emphasized that finding product-market fit is not just about creating a product and differentiating it from competitors; it requires a thorough understanding of the market, effective segmentation, well-defined targets, and strong positioning.
According to Adzwin, aspiring entrepreneurs and entrepreneurship students should prioritize finding product-market fit rather than just focusing on creating a product or identifying a unique selling point. Even established businesses can shift their target market or market segmentation, so it’s essential to continuously refine and deeply understand the target market, especially in the early stages of launching a business.