What sets apart a successful product from one that fails in the market? It’s the underestimated significance of preparation and, most importantly, the discovery phase. Unfortunately, many companies fail to prioritize the crucial task of discovering their users’ needs. Consequently, they often end up developing products with mere „nice to have“ features rather than delivering something essential to their customers. It comes as no surprise that a staggering 63% of all new tech businesses in the US experience failure within the first 5 years.
Meeting Customers' Needs for Competitive Success
That may be unfortunate for them, but it presents a fantastic opportunity for you. Gain a competitive advantage by incorporating in-depth research and implementing product discovery into your decision-making process.
During the discovery phase, we identify the best value we can offer to your customers facing specific and significant challenges. This approach aims to minimize risks, accelerate time-to-market, and maximize your financial investment. How do we achieve this? By dedicating time to comprehending the market, trends, and most importantly, customer needs. We then pinpoint the major pain points and define an optimal solution that aligns with clients' expectations and budget.
Best Time for Product Discovery
The right time to consider the discovery phase is when your products and services no longer align with the company's mission or underperform. It's time to initiate a change by analyzing customer usage data, staying abreast of industry trends, and mastering the craft of delivering products on time and within budget.
Strategic companies proactively avoid pitfalls by prioritizing the implementation of the discovery phase before product development. By doing so, businesses can achieve significant cost reductions of 30-40% in development and operations. Gain valuable insights into industry best practices through our ebook, "The Digital Entrepreneur’s Holy Grail: Essential Topics for Startup Victory."
Key Learnings For You
By implementing the right discovery strategy, you can mitigate numerous risks through a well-executed discovery phase, such as avoiding misalignment with customer needs, streamlining user experience by eliminating excessive features and ensuring sustainable product growth.
To achieve this, prioritize understanding customer needs, staying informed about industry trends, engaging in meaningful discussions with your tech team, testing user prototypes, and establishing a realistic business model. And remember, you don’t have to face it alone. By choosing the right partner, you can simplify the entire process and pave the way for smoother execution.
What is next? Read our ebook, "The Digital Entrepreneur’s Holy Grail: Essential Topics for Startup Victory" or reach out to our team for more information.