Do you know about Quibi’s $2 billion epic fail – a valuable lesson in product discovery? It is the story of a product that crashed and burned in less than a year without a trace. Quibi, a video streaming service, wanted to make short videos that you could watch in 10 minutes or less. But Quibi did not do their homework. Launched in April 2020 with high hopes, it quickly faded by December of the same year.
It’s not that they didn’t try their hardest or lacked the necessary tools. The problem was that they skipped the legwork of testing their business idea and ensuring that people actually wanted what they offered.
The result? In a world where there are already big players in the game of streaming services, Quibi just couldn’t keep up or hold onto its customers.
How can you avoid this fate for your product?
So, software product discovery is the sure-shot way to go. Product discovery, when done right, can help you create products that solve real problems for real people. Read on to understand why is product discovery important, key steps in the software product discovery process, best practices, business benefits, and more!
Table of Contents
A product discovery describes the iterative process of reducing uncertainty around a problem or idea to make sure that the right product gets built for the right audience. It helps product teams refine their ideas by deeply understanding real user problems and then iterating on the best ways to solve them.
It complements and precedes the steps of product delivery and requires the team to invest more time in researching and validating ideas upfront before sending them to delivery.
The product discovery process plays a decisive role in developing successful products with the perfect features and covers the following steps:
Navigating product decisions always involves uncertainties. We prioritize product discovery to mitigate risks associated with our digital product development choices. At Rishabh Software, we strongly advocate this approach because it helps to improve your product consistently and incrementally.
The software product discovery process helps validate product ideas before investing in development, which helps product teams build better products faster. Let’s have a look at key benefits:
Let us help validate your product idea before you invest your time and money into development with our proven product discovery process.
A product discovery process is required when you face uncertainty regarding what, for whom, and why you’re building. Assumptions can be risky, potentially wasting time, effort, and resources. You should consider having a product discovery plan in place in the following scenarios:
In the product discovery phase, teams uncover user problems and test potential solutions. This phase may lead to a decision not to proceed if there’s no user need.
Working through product discovery is by no means easy. Team has to overcome a lot of uncertainty while staying on top of all the pieces of evidence they collect along the way. So, how can you bring structure to this chaos? Let’s explore how you can bring structure and clarity into your product discovery process.
Product discovery has a simple structure: Start with an outcome, discover opportunities, and discover solutions.
Good product discovery involves two key activities:
When interviewing customers, the goal is to uncover their needs, pain points, and desires within specific stories. The opportunity space is always evolving, so continuous interviews are essential.
For discovering solutions, rapid assumption tests help understand which solutions have promise. These tests cover desirability, viability, feasibility, usability, and ethics. Story mapping and various testing methods further help collect the necessary data to evaluate different solutions.
In essence, product discovery process is about finding opportunities and validating solutions while adapting to evolving conditions.
Our process includes the identification of end-user needs and pain points, the blueprint of potential solutions, the verification of assumptions, and the assessment of outcomes. This software product discovery phase rolls over several product discovery steps:
In the initial phase, our primary focus is on identifying the end-user’s pain points or opportunities that need addressing. Key considerations involve defining the target market and understanding their objectives and motivations.
This stage follows the identification of problems and involves thorough research to collect and analyze data. We take the time to understand user behavioral patterns, analyze competitors, and understand the target market.
The existing lean canvas is revised to accommodate newly acquired data that includes market and competitor analysis report, functional competitors report, target audience analysis report & buyer persona documentation.
During this stage, we gather feedback and ideas from you, formulate a product vision statement, and finalize a feature breakdown list. Our emphasis is on prioritizing high-impact features for a successful Minimum Viable Product (MVP).
The fourth and final stage involves providing estimates for successful product development, shaping the roadmap, and defining optimal solutions to tackle end-user pain points and problems. The result is a roadmap for a ready-to-launch product with well-defined features.
This structured sequence of activities contributes to the overall progression of product development – from defining problems to generating solutions and eventually creating a roadmap for successful implementation.
At Rishabh Software, the product discovery process is driven by the collaborative effort of a cross-functional team. The team’s composition and involvement level may vary depending on the project’s complexity and objectives. This approach aids in efficient time management for synchronous meetings and helps prevent delays throughout the product discovery lifecycle.
The following key roles play an integral part in software product discovery:
A client who provides valuable insights during the research phase is an indispensable contributor to the product discovery process because they draw from their own experiences and expectations. Similarly, real customer feedback on delivered prototypes is equally pivotal for subsequent product development iterations.
When it comes to the product discovery process, there are several tools and agile discovery techniques that you can leverage. We’ve listed the top product discovery tools our teams use throughout the product discovery lifecycle.
While using the right tools, it is also important to avoid common mistakes that product teams make in product discovery process.
Product development demands a user-centered, data-driven, and ever-evolving mindset for effective problem-solving. Here are five common mistakes to avoid when working on your software product discovery plan:
Understanding your target audience is paramount in creating a commercially successful product, as it ensures you’re aligned with the market’s needs. At Rishabh Software, our seasoned team boasts extensive experience in product development strategy and have successfully delivered a wide range of software products across industries.
Our software product discovery services act as your compass as you journey through product development. It bridges the gap between your innovative ideas and customers’ real needs, enhancing your ability to deliver value and ensure long-term success in a dynamic market.
We will validate your software product concept, starting with a Proof of Concept (PoC) to gather user feedback and guide you in creating a Minimum Viable Product (MVP) without overcommitting resources. Our team excels at prioritizing features for MVP to align with your goals and selecting the right technology stack.
Together, we’ll engage in a close collaboration, strategically selecting the ideal technology stack to create that all-important feature set. We stay with you at every stage, testing your product thoroughly to make sure it’s ready for market competition. Explore our comprehensive Software Product Development Services to kickstart your journey towards innovative solutions and success.
Leverage our proven track record in creating successful software products to navigate the complexities of product discovery with precision.
A: Product teams can benefit from product discovery by:
A: The key elements of a product discovery process typically include:
A: The metrics and KPIs that should be measured for the success of product discovery efforts are:
A: To make your product discovery process end-user-centric, you should: