Every startup founder should know how to develop a digital product that meets and satisfies their target market’s needs and wants. The rules are outlined below.
Create an MVP
If one has a business idea, they need to first test it on real consumers to see if the market needs it. To get the first traction and funding, one can develop an interactive prototype to show what the design would be like without touching any code. And another strategy in product development that startups use most often is to develop a minimum viable product (MVP) that is programmed with minimum features to be usable by early customers. For example, the MVP could have an admin console, member area, billing, user rights management etc. MVP can be launched on such platforms as IOS, Android, Web or all of them. Also one can use a special calculator to estimate how much the app development would cost.
Assemble your core development team
If one don’t have a team to implement their product idea, or there is not enough local talent, they can hire a remote full-blown team or extend your in-house team. Statista reports that having the wrong team is the third most frequently cited reason for startup failure; so they should think about getting the right people on board at the very beginning. This approach would allow to build a product in the most efficient way.
Decide whether you need outsource or stay in-house
Some development tasks are accomplished faster and cheaper when outsourced. According to US government statistics, 300,000 American jobs are outsourced every year. App development in the U.S. is more expensive than in Eastern Europe, where development teams are just as experienced. They can use outstaffing or outsourcing services to hire developers, managers, UX/UI designers, QA testers, and so on – people who can build your digital product from scratch and then support and maintain it.
Create a successful product focusing on innovation and trends
42% of startups grind to a halt because they make digital products that don’t fit the market. The consumer wants not just a product that is in line with trends and an existing business niche, but one that innovatively solves their problem. If we take blockchain development and Web3 as the main software development trends in recent years, there are many fields, such as smart contract, DeFi, ERC20, DApp, crypto exchange and DAO, where experienced engineers are needed. Because of the rise in online trading, one can launch an ecommerce business or even come up with an innovative idea for an NFT marketplace.
Scale the product
Once you have tested your business idea and brought the product to the market, the next thing is to transition from MVP to a full-scale product. As an initial scaling step, they can optimize the functionality of your digital product and improve its performance. This can be done by rebuilding or refactoring your app. If they want to clean up dirty code to reduce technical debt, then they can go for code refactoring. It involves making the code more efficient, improving testing and other manual procedures, network security, optimizing databases, and restructuring app modules. If the software is solving business tasks but has some fundamental flaws, one can rebuild the product with the latest tech stack to give it a second life on the market.
If one wants to develop a digital product from scratch and need Web development, Mobile development, MVP development or Blockchain development team, schedule a call here.
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