Have you ever hosted a dinner party? If so, you probably had an idea of what your guests like to eat and if they have any allergies or any other food restrictions. Can you imagine a successful dinner party where you cook something nobody eats? Product discovery is not so different. Let’s take a closer look at it.
Product discovery is important because it allows a better understanding of the needs of the target. Plus, it can help save time and money by simplifying the development work. Product discovery helps mitigate risks.
Although the dinner party metaphor might seem simple, there are many things to consider when it comes to the importance of product discovery. This article will cover everything you need to know about it. Shall we?
Why product discovery is important for your business
Product discovery allows you to be more certain about the effectiveness of your product in addressing the right problem. It also helps you refine the solution and address the right customer.
This process offers great value for money and provides the opportunity to validate your ideas before committing to development. Product discovery services are often 10x less expensive than product development.
This difference in price allows you to make a safer bet to validate your product idea. Once you have validated your hypotheses and created a clear game plan for your digital product, you can move to development with fewer risks.
Elements that make product discovery important
Here is a breakdown of the main elements that make product discovery important for your business:
It helps build successful products
It helps reduce risks
It helps teams build better products faster
Let’s take a closer look at each of them.
It helps build successful products
The sad truth is that many products fail because the hypotheses are never validated. Product discovery allows you to test the idea with real users as well as ensure your solution solves a real problem for a real market segment.
If you fail at solving a problem, then your digital product is virtually obsolete. Validated products enjoy higher demand and greater market success.
Moreover, product discovery allows you to start testing your product with real users without spending too much money and time. You can still change your business idea without hurting the project and without falling into the sunk cost fallacy.
It helps lowering risks
Building digital products is hardly a riskless endeavor. Many problems can bring a project down even before launching. Fortunately, product discovery helps mitigate some of the risks.
Software development can be expensive. And doing it without a process to validate hypotheses before spending all that money is not the wisest option. You would be spending time and money chasing unattainable or undesirable goals.
Conducting a product discovery process is paramount because it provides early validation, prevents rework and scope changes, and defines a clear UX/UI path from the beginning.
It helps build better products faster
Product Discovery also allows teams to deliver a product faster thanks to the several certainties it provides. The process identifies rabbit holes, clarifies the solution you are building, and allows you to perform rapid iterations.
Overall, product discovery provides a clear direction for the project. Since there is a path to follow, the team implementing your solution can work more efficiently, thus building your product faster.
As you have just read, product discovery is important when you want your product to be successful. Its many benefits can help you reach success and create a better product in less time. Less time and money? Why not?
Bixlabs is a software development company with a dedicated team of creatives ready to validate your ideas and bring them to success. We have worked with emerging startups and large companies to help them achieve product-market fit.
Sounds like something you could use? Contact us today!