Building a software product requires more than just skill. Great products require deep consideration of user requirements, engineering, customer feedback and revenue generation. The product might also be required to integrate, addon or customized to various applications depending on the use cases.
Even experienced developers can get lost when building products to address the market. As a team, developers have a unique and tough path to take in the product development lifecycle. This article guides the developers through this particular journey using six time tested strategies.
Six key strategies to launch amazing products to market
Starting from recruitment of developers to user retention, the success of a product development depends on collaboration of various stakeholders. We have listed the six crucial strategic areas that determine the success of any product.
Understand your users
Take every effort to understand the user as deeply as you can. This includes all their pain points caused by the current problems that you are trying to solve. The success of any product depends on the user’s trust towards your solution. Thus the product team shall collect periodic user feedback, maintain a cohort of active participants, and perform market fit at every stage of the development.
The user base who collaborated during the development phase has a high retention rate. When your product goes live, testimonials from this user group gives you the maximum leverage for sales.
Developer friendly culture
Product development lifecycle might extend to many years depending on the complexity of the product. An atmosphere of sharing and learning ensures that developers stick to the objectives and stay around in the team. Majority of the developers will love to stick around when the team is accommodative for their ideas and personal necessities.
Developers that lead in challenging roles and solving new problems often stay motivated without any external interference. This culture sets the standards for newcomers and mid-level members to plan their future within the team.
Success is high effective recruiting tool
Recruitment of team members with preferred skillsets is the greatest challenge. An effective way is to talk about your successful products to potential recruits. Thus they get a chance to check with their areas of interest and technology stack to align with your team goals.
You cannot develop competent products within the timeframe without outstanding talents. Your successful products are the best brand ambassadors for your recruitment activities.
Your first version is the baseline
First version of the majority of products are fuzzy. There might be gaps in user interfaces, backend engineering and overall performance. Take this version as a baseline to address the pain points of your users, improve further on user experience and functionality. Formulate a detailed plan to take your first version to the next level after taking feedback from various stakeholders.
We have found multiple teams losing their momentum due to the glitches in the first release. There is always a room for improvement. Focus on the timelines to fix those issues based on priority.
Build evidence for Proof of Concept
A lightbuild of your product can gather evidence for PoC by checking the market acceptance before actual building. After prototype, you can create an illusion of the product by manually operating processes at the back to gain insights from customers.The user data and feedback generated through light build helps you to understand market acceptance and decide on engineering to build the product.
Proof of concept build based on the acquired data gives reliable insights to decide on engineering, market fit and revenue channels. The users acquisition activities could be started even before the actual product is released.
From a single product to product ecosystem
A suite of products built for a user community shows high usage as well as retention rates. Small to medium businesses often prefer a single product with multiple features due to ease of use and cost effectiveness. From a revenue perspective, the dependency of products that work in combination with multiple products are higher compared to individual products.
The bundles of products help the companies to gain control over a market segment. The revenues can be generated using different plans of individual products as well as bundled offers, thus creating a higher entry barrier for other companies to enter your segment.