Blog

Go for Product Discovery Services When in Doubt

Go for Product Discovery Services When in Doubt

Trends are driving innovations in the world. Today, there are lots of trends that sparkle the attention of both people and investors. Some of the trends transform into successful startups (like NFT recently), and the others - fail. According to the research, approximately 21.5% of startups fail during their first year, 30% during the second year, and 50% after five years on the market.

Why does this happen? Businesses are often misled by the hype. And, as a result, rush into development before weighing all the pros and cons. How can businesses find out whether their product will be a success? Perhaps, product discovery services are just what they need!

What is product discovery?

The term “product discovery” points to a process, where your business idea is being refined. Conducting solid research, a product discovery team finds out the real user problems and tries to solve them as much as it is possible.

The purpose of any product discovery is to collect all the necessary information that can change the course of your future product. Everything that is being researched is documented. So, the documentation consists of two main layers: the business and the technical one.

Benefits of product discovery

An end result gives you a completed document with an analysis of your product idea, marked demand, features to focus on, potential audience, and things you should avoid. This document is a saving boat for any startup pressed for time, with a little budget and a couple of employees on board. So, with product discovery services you:

  • Get one document with numerous subsections (goals, requirements, solution, vision, scope);
  • Receive recommendations and planning of the best product delivery approach;
  • Obtain iterations on concepts, which lowers the cost of production;
  • Achieve precise project planning based on your budget and time.

Basically, product discovery is your investment in the future success of your project.

Who is on the product discovery team?

The team will include as many software development experts as you will need. But the basic composition offered by many service providers consists of:

  • Engagement manager

This manager works with the pre-sale of the project and activities. He/she organizes the needed team and coordinates the processes.

  • Business Analyst

This is the person, who does all the research and requirements analysis. Only the skills and knowledge of the business analyst can define concrete business and technical requirements for the exact product.

  • Solution Architect

This expert has a goal to analyze features of the solution, integrations of third-party services, and the relationship between these entities. He/she prepares the architecture of the product and ensures that it will be scalable and flexible. Here, a tech stack is recommended.

  • UI/UX designers

A team of designers focuses on showing you the visual prototype of the product. This means the product has to be aesthetically pleasing and also with smooth navigation across the pages. Having a prototype makes it easier to understand what will be the end result and whether it will be successful.

Inoxoft - your product discovery services partner

Implement your trendy business idea by consulting Inoxoft product discovery experts. By doing so you will get the best solution on the market. At least, we guarantee that it will be at its top. And, also you will surely satisfy your target users’ needs. For we understand how potential users are important to a business and what makes them loyal. This service comes with a reasonable cost estimate for further project implementation.

Both Inoxoft engineers and you can benefit from the product discovery services. Mainly, because of

  • set requirements
  • clarity of requirements
  • discussed features,
  • the predetermined  budget
  • the decided  timeframe

The smallest product features will be shown to you as well as the design, and its technical potential. The product discovery services can make you feel more secure about the outcomes of the product implementation. You don’t rush into the development, you discover your product potential first. And, only then you can decide whether you should proceed with the development. Besides, if the product needs improvements - you will have them described in detail.

Future results

Every product development can be either successful or bring you certain losses. The product discovery results in:

  1. Taking your business problem, estimating, redesigning, and improving it;
  2. Getting the structure of the architecture structure on all levels of the development cycle;
  3. Inoxoft’s offering of the precise cost and time estimate.

The product discovery can last for 2-3 weeks at its best. But, it depends on the complexity of the product itself. The final result is the document where you can spot:

  • Business requirements
  • Business analysis of background, goals, and risks
  • Solution scope
  • Solution strategy diagram
  • Functional and non-functional requirements
  • Specification of product features and how the system works
  • Technical vision and architecture
  • Applied technologies and effective technological solutions
  • Basic UX design

So, don’t underestimate all the advantages of the product discovery provided by Inoxoft. From the moment a business idea is presented to Inoxoft’s discovery team, we engage in thorough research. The request for product discovery is considered to be an urgent matter for the company and the client. Future cooperation highly depends on the product discovery outcomes. And, the way our skilled team can make a raw product into a successful unicorn.

Conclusion

To conclude, a product discovery stage is very important for you as a client. Especially, if you have doubts concerning your product’s future. To make things less vague and understand your project's worth, choose Inoxoft as your talented product discovery partner. With our sophisticated approach and team dedication, you will get a lot more than just a document with every detail and feature described. You will also get a team that already knows what has to be done and how to achieve all the goals for you and your audience. But the main perk lies in the ability to save costs and time that will be erroneously wasted if you choose to rush and get along with the hype.

Blog Categories

Recent Posts

mobile-text-alerts
mobile-text-alerts
flippa
nordvpn

Subscribe to my Blog
on Business Trends...




Enter Search Above

© 2021 Mike Gingerich    Contact   -   Privacy

magnifier linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram