As you can understand from the term, product discovery is analyzing why you should work on a product, let alone provide its offerings. The more the end-users resonate with your product, the more sales you would have. So, how to perform product discovery? In his blog article, Roman Pichler shares key features of product discovery.
Gauging Product Discovery
You must have satisfactory answers to the following questions to perform useful product discovery:
- ‘What is the specific value the product should create for the users and customers? What problem should it solve, or which benefit should it create?
- Which market and market segment should the product address? Who are the users and who are the customers?
- What makes the product stand out? How will it differ from competing offerings?
- What are its business goals? How will it benefit the company? For example, generate revenue or meet a profit margin, reduce cost, or develop the brand?
- What business model will it use in order to achieve the business goals, including revenue sources, cost factors, and channels?
- Will the product make a positive impact on people’s lives, the wider society, and the planet, or will it at least not cause any harm?
- How might people use the product? What are the major touch points? What kind of user experience (UX) should the product give rise to?
- How can the product be built? What architecture patterns and technologies may be used?’
Analyze the patterns, conduct user surveys, build working models, develop strategies, and more to quickly answer these queries. You must have real-time feedback to find out what your users want.
Product discovery usually happens in two ways—time-bound and constant.
Are you making a product that you have not developed before? Or, are you conducting a massive revamp to the current one? For either of the case, have a time-bound product discovery period preceding the product development lifecycle. Do not forget to include UX design, functionality, and technicalities. You can save yourself from confronting related risks. Once you understand the what, why, and how of the product, you can have a framework based on which you can support the team’s task. At the end of the product discovery phase, you should be ready with the following items:
- Product strategy
- Business model
- Initial backlog
- UX design concept
- Software framework
Typically, teams go for the minimum viable product (MVP) when they are developing something innovative. To make the market resonate with your prototype, you need to focus more on project discovery. New customer demands, emerging technologies, rival offerings, and new ideas always keep you on your toes. For continuous project discovery, keep these things in mind:
- Leverage KPIs to understand your product performance.
- Be aware of industry trends.
- Keep a close watch on your rivals.
- Stay abreast of company changes.
To view the original article in full, visit the following link: https://www.romanpichler.com/blog/a-brief-guide-to-product-discovery/