The Cost of Software Product Discovery: A Small Initial Investment in Application Development Success
Owners usually want to accelerate every segment of their business trying to do everything faster. Go to market faster, develop a product faster, test it with the audience faster, make money faster. But, often, faster means the lowest quality possible. So, how can you make it work the right way? Software product discovery is your best friend, to be exact.
What is a Software Product Discovery?
Not all startups have same ideas. Their business goals are diverse, and technology stack usually different in each and every case. But even with such diversity, something should remain unchanged, and it is a discovery process aimed at very specific business value.
How Does the Discovery Process Go?
Let’s assume you address a professional software development partner to conduct a software product discovery phase for your product. From our experience in working with different businesses, software product discovery phase conducted by the trusted technology partner in 99% works better if compared to a self-conducted discovery phase.
Throughout the discovery, your ideas evolve with the help of a business analyst, UI/UX expert, project manager, and software architect with vast experience in launching software products. Irrespective of the scope and requirements, product discovery always results in a shaped valuable data.
Why is Discovery so Crucial?
On top of that, the whole point of discovery is in the least minimum effort. This stage will teach you more about the business niche you are going into, about the product you will be happily selling and about customers that will bring you prosperity. The Discovery phase concept is not exclusively about the product. It is also about finding your market niche with this product. So the ultimate goal of a startup’s software development partner is to make this product technologically perfect to fit the market as soon as possible and with minimal enhancements.
The Value of Discovery Phase for Your Product?
Too often, companies don’t see value in investing in design and development of a product at an early stage of their growth, considering it as excessive. Mistakenly, they might think that the brilliant idea is just enough. In fact, it’s nothing but a missed opportunity: false start in chase of building something new without proper validation of your idea. Only with the real product, you can test an actual value it will or will not bring for your users.
What do You Get Out of the Software Product Discovery?
From the point of view of your product idea, the logical outcome of a successful software product discovery phase is a set of documents (SRS, UseCases, SDS, estimates, PoC, etc.), a well-documented evidence that a potential product or service can be successful.
So, What’s Next?
The next step would be getting your MVP done. The minimum viable product you get will have smallest feature set but just enough to address the user needs and create the right user experience. The PoC helps you acquire the relevant knowledge and address key risks, primarily helping you avoid building the product no one needs.
A startup needs the MVP to reduce time-to-market not only helping you launch a product faster but launch it to the appropriate audience with relevant features.
Being a minimum, as to the time and resources you spend, it’s essential regarding of your market and audience.
Why is MVP Development so Important?
However for a startup, not only a market response is critical since nothing speaks better than a sale. Remember of potential investors. Bear in mind that you need to sell your idea to an investor. With MVP you will have more chances to attract investments persuading the investors in what way your idea will work.
From our experience in working with startups, here at Perfectial, we are sure that it’s comparatively easy to build a product prototype that is minimal, but it is more important and a much more challenging to make a product valuable. Perfectial has established its very distinctive approach to the software product discovery phase in software development, dividing it into Business Discovery, UX Research, MVP/PoC Development, and Requirements Engineering. Check it out below: