How to Run a Great Product Discovery

Pablo Baldomá JonesPablo Baldomá Jones

Pablo Baldomá Jones

How to Run a Great Product Discovery

Most new products tend to fail on the first encounter with their users. This is due to the lack of focus on a stage preceding product development: product discovery.

Product discovery is an essential part of the software development process. It helps teams identify the right product to build and validate that it meets customer needs.

A successful product discovery process involves researching the target market, understanding user needs, and exploring potential solutions.

In this article, we will explore the process of validating an idea regarding the market and product users as well as discovering products in software development teams.

What is Product Discovery?

Product discovery is the process of identifying and evaluating potential products or services that can be developed to meet the needs of a specific customer or market.

It involves researching and analyzing customer needs, business trends, and competitive offerings to identify potential opportunities. Product discovery aims to uncover new products or services that can be created to address customer needs and provide a competitive advantage.

Through product discovery, companies can gain insight into customer needs, industry trends, and potential market gaps that can be filled with new products or services. Additionally, product discovery allows companies to assess their current offerings and determine if any areas need improvement or expansion.

What does Product Discovery Involve?

This process often involves researching customer needs and preferences by collecting data from surveys, interviews, focus groups, and other sources.

Companies may also use analytics tools to analyze customer data and gain insights about what customers want from a product or service.

This data can then be used to create prototypes of potential products or services that can be tested with customers for feedback before launching them in the market.

Product discovery is essential to developing successful products or services for any company.

It helps them better understand their customers and identify opportunities for creating innovative solutions to meet customer demands.

Companies can develop products that stand out from their competition by conducting thorough research on customer needs and analyzing industry trends while providing practical value to customers.

When do you Need Product Discovery?

Product discovery should be conducted when a team develops or modifies an existing product. Companies may use this approach when attempting to introduce an existing product into a new market.

Additionally, it can help determine if a new idea or concept has potential before investing too much time and resources.

Product discovery also helps ensure that the final product meets customer expectations by allowing for feedback throughout the development process.

Furthermore, it can help minimize risks associated with launching a new product by providing insights into how customers will respond.

Ultimately, engaging in product discovery benefits any organization looking to launch successful products and maximize its return on investment.

How to Run a Great Product Discovery

The product discovery process can be divided into multiple stages. Each stage is part of a path that allows the development of a suitable product for the audience. Also, it helps to avoid making mistakes in the advanced stages of product development.

1. Identify the problem that your solution will solve (what need exists and is not being met)

Before you can start running an excellent product discovery, you must first determine what issue your idea can help with and how it can improve things. This is the most crucial step in the process, as it will help you identify your target audience’s needs and how your solution can meet those needs.

To do this, you should ask yourself questions such as: What problem does my product solve? How will it make people’s lives better? Who are the people that need this solution, and why? What features or benefits will they get from using my product?

Once you have identified the issue that your idea can take care of, you should then look into what still needs to be met that your solution could provide. This could involve researching competitors, talking to potential customers, and conducting surveys to gauge customer interest in your product.

It is also essential to consider any legal or regulatory requirements that may need to be met before launching a product. Additionally, it is vital to think about the cost of developing and maintaining the solution over time. All of these factors should be taken into consideration when running a great product discovery.

2. Determine the Objectives and Principles of Developing a Product

Objectives and principles of developing a product are essential elements that need to be considered when creating a new product. They guide how to create a successful product that meets customer needs and expectations.

They should include the following:

  1. Objectives of a Company or organization.
  2. Product principles

The objectives of the company, as well as the principles of the product, are fundamental in the development of any product discovery. Having these clear objectives avoids future conflicts. It also allows the development of ideas that are adapted to these objectives.

3. Evaluate the Capabilities of the Product

A series of evaluation questions can be answered to evaluate a product's capabilities. Some of them are as follows:

  • What specific problem does the product solve? (Value proposal)
  • Who is solving the problem? (Target market)
  • How will we measure success? (Business metrics)
  • How significant are the opportunities? (Size of the market)
  • What are the current competitors?
  • Why is our product the most suitable to solve the audience’s problems?
  • Why is now the most appropriate time to launch or update the product?
  • How to launch the product to the market?
  • What are the critical factors of your success?

4. Prioritize the Core Problem that the Product will Solve

The discovery process helps to find the main problems that users have. Solving any problem generates value for the user, the product, and the business.

Products fail when they fail to solve a real problem for their users. They can also fail when the team creating them tries to offer too many solutions. Therefore, prioritizing the core problem the product will solve is essential.

Prioritization is often tricky, as many issues are intertwined. A critical factor in prioritization is ranking people's problems and giving them a relative value to the business.

5. Identify Specific Customers and Key Users

Identifying specific customers and key users is an integral part of any business. It helps to ensure that the products and services meet the target audience’s needs. Knowing your customers’ needs and how they use your product or service can help you shape a successful strategy.

Businesses should start any Product Discovery process by understanding their target market to identify specific customers and key users. Researching customer demographics such as age, gender, location, and income level can help to narrow down potential customers. Businesses should also consider what customer relationship they want to build with each target market segment.

6. Conduct User Research

Doing research on what users want before building a product is super important. It helps make sure that the product you build will meet people's needs and expectations.

User research can involve gathering data from surveys, interviews, focus groups, usability testing, and other methods to gain insights into how people use products and what features they would like to see. This data can then inform decisions about the product’s design, features, pricing, marketing strategy, and more.

User research can also provide valuable feedback on existing products to help identify improvement areas or innovation opportunities. By understanding user needs and preferences early in the process, companies can save time and money by creating products that meet user expectations and are likely to be successful in the market.

7. Build a Roadmap of User Interaction

Building a roadmap of user interaction is an essential step in product discovery. The roadmap should focus on the user’s journey from start to finish, outlining all interactions with the product or service. This includes every page, feature, and step in between.

Consider how users will move from one page to the next, what features they will use, and how they will interact with them. Think about how users might get stuck or need clarification along the way. This will help you determine where additional instructions or guidance may be needed.

Creating a roadmap of user interactions can ensure that your product or service meets customer needs while providing an enjoyable experience that encourages repeat usage. Additionally, this process can help identify areas for improvement before launch so that any issues can be addressed ahead of time rather than after launch when it may be too late to fix them properly.

In Conclusion

Running a Product Discovery is essential for creating a solution that meets users' needs. Validation of ideas and gathering user data are critical components of this process.

The insights and findings from Product Discovery will be invaluable during product development.

If you would like assistance taking your products to the next level by making a Product Discovery, please do not hesitate to contact us; we would be delighted to help.