This is a crucial issue that numerous startup companies have been facing for many years. And it has less to do with how innovative the idea is and more to do with the lack of proper research before development begins. As a result, the business faces significant losses.
Startups tend to be more successful and validated when businesses have a clear-cut plan for their upcoming product. Regardless of their phases; whether it be in the initial ideation stage or the final development phase, product discovery is crucial for all entrepreneurs. It aids in putting thoughts into action and releasing products so they may effectively compete in the market.
There are many reasons why software product discovery is an integral part of software development. In this article, we will discuss the top 5 of them so that you can make an informed decision while planning your product development journey.
What is software product discovery?
One of the most crucial phases of a business is product discovery. This is further broken down into 3 separate stages: ideation, validation, and product development.
- Ideation: when business owners consider what they want to produce
- Validation: when they investigate and confirm prospective markets for their concept
- Development: when the final idea is implemented and processed through the system
So, you might be wondering what goes on in the discovery stage. For starters, your startup concept and the entire implementation process will be thoroughly evaluated. Afterward, a proficient team consisting of business analysts, UI/UX experts, and software architects will carry out the work together to provide
- A thorough and competent market research
- Product prototyping and proper wireframing
- Analysis of the features that will be implemented
- Outline of current business goals
- Size of the team
- Duration of the whole process
- Budget and other money estimates etc.
The discovery phase can seem quite daunting as it usually takes several weeks to end. But overall, it depends on how big the product is. Some businesses might deem it to be unnecessary but if you want to lower the probability of your startup failing, the product discovery stage will help in the following ways.
- To quickly assemble a team of experts that will swiftly comprehend your startup concept and create an MVP with the required capabilities
- Will establish multiple procedures which will yield effective results with the least amount of work
- Will analyze the acquired data and provide a thought-out plan for future expansions
- Will give an outline of the expected outcomes of the product
The anticipated results will help to diminish any final doubts that the business may face.
When do you need the discovery phase?
• The concept may be innovative, but hazardous
Most importantly, product discovery will provide an estimation of the time and expense required to introduce the product to your target audience.
• Unfinished technical and functional requirements
It’s always important to ascertain what clients desire from your product in terms of its function. You can spend all the time in the world figuring out what your client wants. But as time means money, this will be more expensive than going through the discovery phase.
Why do businesses still skip the discovery phase?
• Exuberance and exhilaration
• Excessive assurance
Furthermore, if a team exclusively consists of only technical experts, they are bound to undervalue the skills required for sales, marketing, and communications. But all these components are crucial to the whole existence of the business and its products.
5 Reasons why you need the discovery phase
1. Formulating a plan
You must also research your rivals and identify distinctive features or advantages that will set you apart from the competition.
2. Conditions for listing
3. Information structure
While the product is in its development process, you may discuss it with your customer and adjust the modifications accordingly. It’s always recommended that you have an overview of the tasks at hand so that you know that you’re following the right route.
4. The technology stacks
5. Price ranges
To sum it up
The discovery process may take a few weeks to complete, but that time is nothing in comparison to the difficulties you’ll be able to prevent once the results are out. Why not ascertain if your proposal will be implemented and successful before spending money on it?