How Do You Decide Which Digital Product is Worth Developing?
Analyze Viability
It is recommended that stakeholders analyze the viability of producing the idea for the digital product. Some of the factors that they take into consideration are the required technological stack, the competence of the development team, and the available budget.
To establish whether or not the product idea can be successfully implemented within the capabilities of the business, stakeholders might benefit from conducting a feasibility assessment. When taking into consideration potential digital product concepts. Stakeholders give user-centric design and experience the highest priority.
To guarantee that the proposed solution properly solves the actual issues that users are experiencing, they take into account a variety of criteria, including user demands, preferences, and pain spots. Stakeholders can carry out user research, usability testing, and prototype validation to collect insights and modify the product concept based on the input received from potential customers.
Consider Security Risks
When picking a digital product idea, always go for one with security baked right into its core. First, assess the security risks. Ask, “Could this product bring new security headaches?” It is all about knowing the dangers upfront.
Next up, data security is king. We are talking encryption, tight access control, and solid data privacy rules because 63% of breaches happen due to stolen credits.
Privacy isn’t an add-on; it’s got to be part of the product’s DNA from the start. This means getting users’ okay for data collection and keeping their info on the down-low with anonymization.
Also, don’t forget about the long haul. Keeping your product secure over time means more than just upfront costs. It’s about clean code, ongoing checks, and having a plan for when things go sideways. Considering breaches can punch a million holes in your wallet, it’s worth it. Choosing product ideas with security front and center means you’re setting up for success in a world full of cyber challenges.
Faith Kubicki
Rely on Customers’ Input and Feedback
We use special interest groups or advisory councils to directly involve our customers in the process of deciding which product ideas are worth developing. Of course, we start with a general problem that we’re looking to solve and a list of business requirements based on our understanding, but from there, we take a customer-led approach.
Regular meetings – either weekly or monthly – with your advisory panel [will] let you ask customers how their manual, non-software-driven processes currently operate, which lets them share what they see as their most pressing problems. This is an important step if you have a diverse customer base with a variety of approaches. From there, you can show the features you have in mind and ask how those might impact their process.
Once those features are developed, the customers can test them in their real-life environment and share their feedback – not just on the functionality, but on the user experience. Is it easy to navigate? Does the workflow design make sense for their day-to-day end users? Does it do what you intended it to do? This makes sure what you were hoping to develop is suited to the way the customer wants to use your software. From there, you can be more confident that you’re building a product that delivers true value to your industry.
Evaluate the Target Market
To determine whether or not there is a significant demand in the market for the suggested solution, software stakeholders carry out market research, analyze competitors, and collect feedback from customers. They look at the potential of the product to produce money and achieve profitability within the target market.
An evaluation is conducted to determine the degree to which the concept of the digital product is congruent with the organization’s overarching business goals and strategic objectives. When making their decision, they consider a variety of variables, including whether the product helps to enhance the company’s brand, opens up new revenue streams, and complements existing services.
Ethan Keller
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