Discover the Crucial Factors That Drive Product Success
Distinguishing between a product that soars and one that flops can be perplexing. Pouring in resources and time is no guarantee of success; 4 out of 5 new products fall short. This is where a professional approach becomes indispensable. Discover the fundamental product success factors that truly matters to avoid the obstacles.
How can you know if a product is successful? A successful product meets the goals of its designers and makes users happy. Specifically, it fulfills the market's needs, attracts visitors without effort, engages customers effectively, is regularly used by them, and keeps users for a long time. For a product to succeed, it must meet what users want, providing valuable solutions. When done right, the value and message of the product will naturally attract customers. The product experience also matters in deciding its long-term success.
The Role of Desirability in Product Future
A product's fate hinges on being embraced by necessity and desire; without these, failure is inevitable. For desirability, a product must be a solution in itself – tackling a specific challenge or ushering in clear advantages. It's a subjective quality, one that dances with personal taste and aesthetic appeal. When a product or brand becomes desirable, it sparks a magnetic pull for users. This matters – it's the spark that ignites engagement right from the start. It beckons users to delve into the product's offerings, uncovering its utility and user-friendly features.
Building Foundations through Feasibility
Feasibility is all about ensuring that company can create and develop the product – the technology is either ready or can be brought to life. When a fresh solution can tap into around 80% of what you're already great at, and can nurture new strengths in strong areas, that's how you fortify your company's foundation and surge ahead in the competition. Moreover, you can always rely on partnering with companies that have the right individuals possessing the required skills. However, if a solution demands entirely new abilities, it's a bigger gamble. It requires more resources and might even alter how the market perceives you – and that outcome doesn't always align with a company's favor.
The Ethical Approach to Product
Introducing a new product means safeguarding users and the environment. It shouldn't negatively affect people's mental well-being, avoiding addictive or harmful content like disinformation, self-harm, or violence. Additionally, ethical products make a positive environmental impact. They're considerate in every step – from product development and provision to manufacturing, distribution, and disposal. Your users value the future and prioritize sustainable and ethical choices.
Mapping Viability for Success
Assessing your innovation centers on your solution's value chain, ensuring its viability now and ahead. We ask: Does your business model match how customers want to use and pay for the solution? Is crafting your solution and partnering with suppliers profitable? Viability goes beyond profit – it's about sustainability and positive impact on society. This can mean revenue growth, cost reduction, improved productivity, and a stronger brand. Avoid products with low demand or slim profit margins.
Cracking the Code of Product Launches with Cleevio
Behind the apparent simplicity lies the reason for numerous new product failures. However, by comprehending and tackling these factors, companies can enhance their likelihood of introducing a successful mvp and finished product. Ultimately, success is born from a remarkable product concept executed flawlessly.
Cleevio delivers a powerful and compelling product strategy, steering businesses toward the right path. Leveraging our expertise and industry understanding, we offer a winning strategy aligned with your objectives, ensuring your chances of success are maximized.
Cleevio Recognized as a Clutch Global Leader for 2023
Prague, 15th November 2023 — Cleevio, a software development and product growth company, today announced its recognition as a 2023 Global & Clutch Champion Award winner for custom software development services on Clutch, the leading global marketplace of B2B service providers. Honorees are selected based on their industry expertise and ability to deliver scores calculated based on client feedback from thousands of reviews published on Clutch. For the sixth consecutive year, Clutch has honored its top B2B companies with the Global Award designation.
Cleevio is honored to be recognized as a 2023 Fall Clutch Global & Clutch Champion Award winner. This award is a testament to the excellent client work we have delivered this year as recognized through the voice of our customers in their reviews on Clutch. We are proud to be recognized as a custom software development leader on a global scale. Clutch Global Awards showcases the very best in the B2B services industry worldwide.
"This recognition is a testament to the unwavering commitment of our team to deliver exceptional solutions, and it reflects the trust and satisfaction of our clients as voiced in their reviews on Clutch. Thank you to our clients for their trust, and kudos to our team for their exceptional work," says David Bezděka, Cleevio CEO.
“We are thrilled to showcase the incredible success of leading companies worldwide on our platform,” said Sonny Ganguly, Clutch CEO. “Their dedication to delivering outstanding services has not only contributed to their own success but has also empowered countless clients to thrive. We aim to highlight this year's industry frontrunners and facilitate connections for Clutch users seeking top-notch services tailored to their specific needs."
View our recent work and reviews on our Clutch profile.
Today, with revenue over CZK 180 million and rapidly increasing annual growth, Cleevio belongs among the top custom software development companies in the Czech Republic. Cleevio focuses on bringing new business opportunities to its partners via digitalisation and innovation. During the 15 years on the market, its team grew to more than 120 skilled professionals, and Cleevio developed more than 150 products across the industries. Its largest clients include Deloitte, Rohlík, GoPay, CNC, McDonald's, Zásilkovna, Prima and SuperZoo. In 2022, Cleevio became the 17th fastest-growing tech company in the Czech Republic through the Deloitte Technology Fast 50 program.
Clutch empowers better business decisions as the leading global marketplace of B2B service providers. More than 1 million business leaders start at Clutch each month to read in-depth client interviews and discover trusted agency partners to meet their business needs. Clutch has been honored for the past 6 consecutive years as an Inc. 5000 fastest-growing company and by the Washington Business Journal as one of the 50 fastest-growing private companies in the DC metro area for 2023.
Cleevio is Giving Beck
We appreciate the diversity of experience and big complex projects like GoodTrust or Driverama are just one part of the equation. From time to time, we like to mix things up with projects interesting with the size of its impact, not necessarily its scope.
Several months ago, Jaroslav Beck, one of the founders of Beat Saber, approached us with a remarkable idea for a foundation, and upon hearing his vision, we knew we had to lend our support.
Our Way of Giving Back
We set out to create a presentation website for The Giving Beck foundation, a platform encapsulating Jarda's inspiring vision, allowing visitors to learn about the foundation's work and actively get involved. The technology solution we've provided plays an important role in connecting potential donors and volunteers and promoting this noble cause.
"Cleevio's unwavering support and expertise have been instrumental in turning my vision for The Giving Beck foundation into a reality. Their commitment to empowering orphaned children through music is truly exceptional." Jaroslav Beck, Giving Beck
What Sets Giving Beck Apart?
The Giving Beck foundation's dedication to providing musical instruments to every child in orphanages stands as a testament to its unique mission. The foundation is fostering creative talents, and their unwavering commitment sincerely resonates with us at Cleevio - as we deeply believe in using technology to create positive change.
At Cleevio, our goal is not only to excel in our industry and pursue business endeavours but to contribute to the society that has supported our growth. We view these contributions as investments in the improvement of communities, striving to make a meaningful impact that extends beyond the borders of software development.
We eagerly anticipate the future of The Giving Beck Foundation and its potential to bring the joy of music to countless young people.
Building MVPs That Actually Work
Imagine a world where you can test your ideas safely and without risk – that's the power of MVP development. In this article, we'll walk you through the steps of creating a minimum viable product, highlighting its practicality and potential to turn your innovative concepts into reality.
But first things first, no matter how brilliant your idea is, comprehensive market research is a crucial starting point. Once you've identified the core idea behind your product, MVP software development comes into play, allowing you to gather valuable feedback from your target audience.
Accelerating Product Launch with MVP
Within just a few months, you can launch your product into the market and obtain feedback from early users. The feedback from your target audience wields a direct influence on the product's evolution and future direction.
MVP app development streamlines the process of creating a solution and launching it into the market. Rather than committing all your resources upfront to build a fully developed product, you can construct an MVP and progressively invest in its development as needed. This approach minimizes risks and curtails costs since investments are made judiciously.
Efficiency and Cost Savings
The step-by-step approach of MVP software development significantly minimizes the need for extensive revisions and complete feature overhauls. This means you won't suddenly encounter a situation where the development has veered off track, requiring a comprehensive rebuild of components and features.
MVP software development enables you to create a product without the need to assemble a massive development team. Fewer resources translate into reduced expenses and enhanced cost-efficiency.
Navigating MVP Development
MVP product development closely aligns with standard software product development, albeit with a faster pace and specific objectives. Let's take a closer look at MVP development through these five important steps.
Step 1: Identifying the Key Problem
To start, let's identify the core problem your product aims to solve. Validating your idea before diving into development is key to resource conservation and confirming the demand for your solution. While industry expertise is valuable, it's equally important to verify the existence of the problem you aim to address. Write the problem down and use your MVP to assess its viability.
Step 2: Discovering Market Insights
Next up, we'll dive into market analysis. Comprehensive market research, competitor analysis, defining your target audience, and assessing market size are critical steps. One common reason for startup failures is running out of funds. Therefore, it's essential to ensure there's a genuine demand for your product and a sufficient number of potential customers willing to invest in it.
Step 3: Defining the Value Proposition
For a successful MVP, it's essential to understand the value your new product offers its users and how it can enhance their lives. This understanding forms the basis for your app's value proposition. Similarly, it's crucial to outline the core assumptions that drive your product. As the MVP concept suggests, your product should provide value in its most basic form. Begin by identifying your target users and build the MVP around their essential needs.
Step 4: Crafting a Prototype for Your Vision
Imagine the creation of a prototype and an MVP as a superhero team-up. The prototype assumes the role of the visionary hero, aiding in the visualization of design and functionality with all the innovative gadgets and capes. Meanwhile, the MVP serves as the practical sidekick, a stripped-down product version designed for specific tasks. Together, they form an unstoppable duo.
The prototype showcases your grand vision and gathers early feedback, while the MVP refines the product using those insights. Then, the MVP steps in, harnessing these insights to refine your product, much like a superhero and sidekick turning your idea into a reality, one step at a time.
Step 5: Constructing the Feature Set
Crafting a product that caters to people's needs hinges on their active participation. In MVP product development, the importance of collecting feedback cannot be overstated, and initiating this process as early as possible is crucial. Begin by gathering insights from potential customers to compile a list of essential features for your MVP.
To streamline the development process, categorize the remaining MVP features into high, medium, and low-priority segments, organizing them in the product backlog according to their priority. This feedback-driven roadmap should serve as your guiding light throughout development. It's important to note that the research stage should continue in parallel with MVP development, ensuring a dynamic and informed process.
Finding the Perfect Partner
Having covered the initial steps, let's now explore development partnerships. MVP development offers several paths, each with distinct advantages and disadvantages.
- In-house MVP Development: If you're skilled and resourceful, you may choose to develop an MVP independently. Keep in mind that this path entails shouldering all development, management, technical, and organizational responsibilities, but it can result in significant cost savings.
- Freelancers: Another viable option is assembling a team of experienced MVP developers. Costs depend on the country of choice and your hiring model – project-based or hourly rates. While it may involve a higher investment and require time to find the right talent, engaging skilled specialists can significantly enhance your chances of success. It's important to acknowledge that there may be variations in the quality of work.
- Software Development Agency: Consider this option the pinnacle of reliability. A software development agency, while potentially more costly, provides an all-inclusive solution for your product's development. Project managers adeptly translate your vision to the development team. At Cleevio, we specialize in product development, offering you a dedicated team of experts in testing, design, UX, and project management for a streamlined and efficient process.
There are various ways to go about it, and the choice is yours. You don't have to go it alone – turn your idea into a winning reality with Cleevio at your service. Take the first step towards your success and get in touch with us today!
5 Critical Product Development Mistakes to Avoid
Product development is an intricate process that demands careful planning, effective communication, and a focus on delivering value to the target audience. However, many businesses make avoidable mistakes that can lead to costly setbacks and compromised success. Today, we will explore five common product development mistakes you could steer clear of for a smoother and more successful development journey.
Mistake #1: Starting Before Product Discovery is Finished
One of the most significant missteps in product development is rushing into the actual development phase before completing the product discovery stage. Product discovery involves understanding the market, identifying customer needs, and refining the product idea. Skipping or rushing through this phase can lead to building a product that doesn't meet the customers' demands or lacks a competitive edge. Thoroughly research your target audience, gather feedback, and validate your product concept before moving forward to development.
Mistake #2: Unclear Development Plan
A lack of a clear and well-defined plan is a recipe for disaster in product development. Without a roadmap, teams may lose focus, encounter delays, and struggle to allocate resources effectively. A comprehensive plan should include specific goals, timelines, resource allocation, and a detailed breakdown of tasks. Regularly revisit and update the plan as the development process progresses to keep the team aligned and on track.
Mistake #3: Lack of Communication During the Process
Effective communication is essential for successful product development. When there is a lack of clear and transparent communication among team members, stakeholders, and customers, misunderstandings can arise, leading to errors and wasted effort. Encourage open communication channels, conduct regular meetings, and ensure that all stakeholders are kept informed about the project's progress and any potential roadblocks.
Mistake #4: Skipping Minimum Viable Product (MVP) Development
During the pursuit of delivering a perfect product, some companies make the mistake of skipping the crucial step of creating a Minimum Viable Product (MVP). An MVP is a scaled-down version of the product that includes only its core features. Launching an MVP allows businesses to gather valuable user feedback, identify areas for improvement, and validate assumptions before investing more resources in full-scale development. Neglecting the MVP phase can lead to a flawed final product that misses the mark with customers.
Mistake #5: Neglecting Post-Delivery Support
Product development doesn't end with the product launch; it extends into the post-delivery phase. Failing to provide adequate post-launch support and updates can disappoint customers and result in negative reviews. Regularly gather feedback from users, address any issues promptly, and continuously work on enhancing the product's features and user experience. Demonstrating care and dedication to your product's success will help build customer loyalty and boost your brand's reputation.
Remember, successful product development requires a mix of thorough research, effective planning, clear communication, iterative development, and ongoing dedication to the product's success. By avoiding these common mistakes, businesses can increase their chances of creating a product that resonates with customers and achieves long-term success in the market.
Having the right partner by your side can significantly enhance the product development journey and help to avoid potential pitfalls. At Cleevio we specialize in product discovery and development, offering invaluable expertise and support throughout the entire process.
Here's how working with us can help:
- Expert Product Discovery: Benefit from our guidance in conducting market research, understanding customer needs, and refining your product idea for a strong foundation.
- Streamlined Development: With our support, create a clear plan, set realistic timelines, and allocate resources efficiently, avoiding the mistake of starting without a clear roadmap.
- Effective Communication: We foster open communication among all stakeholders, keeping everyone informed about the project's progress to minimize misunderstandings.
- MVP Development: Rely on our expertise to develop a Minimum Viable Product, gathering valuable user feedback before full-scale development.
- Post-Delivery Care: Our commitment extends beyond launch; we help you address feedback, make improvements, and continuously enhance the product.
By collaborating with Cleevio, you gain a strategic advantage in navigating challenges and maximizing the potential for a successful, customer-centric product. Our expertise and support complement the crucial elements of successful product development, ensuring that your product not only avoids common mistakes but also resonates with customers and achieves long-term success in the market. Let's create something remarkable together!
European Crypto Asset Regulation 101: The Implications of MiCA for Your Business
As a forward-thinking crypto business navigating the ever-changing landscape of digital currencies, staying abreast of regulatory developments is crucial. Despite cryptocurrencies being an established concept, the regulatory framework has struggled to keep pace with this phenomenon, exposing users and businesses to potential risks.
European legislators are proactively addressing the challenges posed by cryptocurrencies through various legislative packages. As a crypto business, understanding the implications of MiCA Regulations is necessary for compliance and shaping a prosperous future in this dynamic field.
Common Crypto Business Models
For crypto businesses, two predominant operational models are at the forefront. The first involves users entrusting their funds to third-party platforms that facilitate cryptocurrency trading. However, this practice raises concerns about ownership, as those who lack control over their wallet's code may not have complete ownership of their cryptocurrencies. The second model revolves around investment in projects introducing new cryptocurrencies to the market. Unfortunately, the allure of promising high returns often overshadows the importance of conducting thorough due diligence on such ventures.
The Czech Republic's Approach to Crypto Business
Crypto-business in the Czech Republic is known for its "wild west" nature. Today, various aspects like exchanges, trading, wallets, ICOs, NFTs, and token issuance largely lack regulation. Since the end of 2020, conducting business in virtual currencies has become more accessible on a freelance basis. All you need is an LLC with a trade license, entrepreneurial courage, and technological expertise. It's a straightforward process with no unnecessary complications.
Introducing Passporting for Businesses Abroad
In the international landscape, legal regulations for cryptocurrency businesses vary significantly. Some countries adopt a tolerant approach, allowing operations similar to the Trade Licensing Act. Countries like Estonia, France, and Malta impose stricter authorization requirements, posing challenges for crypto businesses seeking to expand abroad.
To address this, the new legislation aims to simplify the process by introducing passporting. This solution seeks to streamline the international expansion of crypto businesses, offering a more accessible pathway for growth.
About MiCA Regulation
The 2019 European regulation, MiCA ("Markets in Crypto-assets"), is a pivotal legislation to ensure transparency in crypto-assets issuance and regulating their operations. It covers critical areas such as distribution, public offerings, and transaction oversight. To comply with MiCA, businesses need to obtain authorization from the national regulator (e.g., ČNB in the Czech Republic) based on the activity carried out, either as an asset-linked token issuer (e.g., cryptocurrency issuer) or a crypto asset service provider (e.g., exchange).
When a License is Required
The MiCA Regulation classifies crypto assets into three sub-categories based on their value stabilization approach, imposing specific requirements for each group:
- E-money tokens: Crypto assets pegged to an official currency to maintain stable value can only be issued by banks and e-money institutions.
- Asset-linked tokens: Crypto assets referencing any other value, including combinations thereof, can only be issued by licensed banks and CNB-approved issuers.
- For other crypto assets: Such as NFTs (unique and non-interchangeable), no license is required.
However, if your business falls within the mentioned categories, particularly asset-linked tokens, obtaining a ČNB license becomes essential.
Enhanced User Protection
Under the MiCA Regulation, crypto asset issuers will be obligated to notify and publish a transparent white paper detailing the project. In some cases, the white papers may require approval from the ČNB. This crucial requirement empowers users to conduct better project analyses before making investments. Moreover, a ČNB-approved white paper can enhance credibility and trustworthiness, fostering a safer environment for investors.
Understanding MiCA's implications and prioritizing user protection is crucial for crypto business owners. Navigating complexities and embracing best practices empower businesses to thrive in this rapidly growing industry. Stay agile, compliant, and innovative to seize the exciting potential ahead. Success awaits in the dynamic world of cryptocurrencies.
This article was created in cooperation with HAVEL & PARTNERS.