How to make a successful digital product?

Idea

The basis of every product is a good idea. And "good" means: needed, understandable and with revenue potential. When creating a product, first of all, answer the question: What problem will it solve? Companies that help to fulfil real needs all the time have a clear and transparent reason why they do what they do and not deviate from the set course. And that's what makes for successful development.

Simplicity

With most ideas, it's like with jokes - if you have to explain them to someone, it means they’re not good. Of course, this rule applies to your target audience. Digital products succeed virally - someone starts using something, recommends it further and suddenly you have a bunch of early adopters or enthusiasts. The condition is that users will understand the idea behind your product in a flash. They will hear about it and think "this is great/useful/brilliant" right away. If you have to explain to them why your solution is cool and useful, don't count on your target audience to make the same effort to convince others to use your app. 

People first 

The key to the success of your digital product is understanding the people who will use it: who they are, what they are looking for, and where to find them. Make your idea a vision of the future, and most importantly, make people see themselves as the heroes of that vision. In today's world, the audience is the core of your product, because the product itself is of interest only to its creators. The user needs to envision your software in their lives, so good insight and understanding are crucial. 

You might also like: Digitalization trends in 2023

Market knowledge

No market need is the main cause of startups' failure (49% of all cases). A necessary element for successful product development is therefore solid research of the market where you want to release it. First, know the market needs, especially if your application or software is dedicated to the B2B sector. To start working on the project, you need to know if it will be needed by anyone at all, and for this assessment, analyzing the business environment is essential. Second, identify your competition. This will help you assess how difficult it will be to break through with similar products. 

Besides, there is no better source of knowledge and inspiration than watching how your competitors are doing in the market, and learning why. Third, find your niche. The industry offers so many solutions and new ideas that yesterday's breakthrough is today’s standard, so try to find a segment whose potential has not yet been exploited or where your product can introduce improvements or innovations. 

Flexibility

A common mistake when working on a digital product is the lack of distinction between problem and solution. Startup founders or product managers, establishing cooperation with a software house, have not only the idea of a product, a specific problem they want to solve, but also the whole vision of a solution they want to use. Of course, knowing what technologies you have at your disposal is very important, but even more important is the flexibility to find the best one. Start working on your digital product with openness to different options, so you can find the perfect path for your idea. And who can help you with that?

Reliable partner

The success of a digital product is not only an idea and research but also execution, which should be entrusted to a reliable partner. Experienced software house will help you make the best use of your company's potential, optimize the budget, find solutions tailored to the requirements of your audience and market you work on. Knowledge gained during the work with many projects, a team of specialists with different competencies and a perfectly managed development process will make your partner a valuable advisor and executor.

Speed

Speed matters in releasing a digital product, even more than perfectionism. First, because with the current pace of technological development, many concepts become outdated quickly. Second, the faster you verify if our concept makes sense and what you need to refine, the more you can reduce production costs. In this context, it is worth considering two strategies that allow you to test your idea as soon as possible:

• MVP (Minimum Viable Product), which is the version of the product released to your customers first. It contains basic features that solve their problems and meet their needs, but the most important function of this tool is to gather information about the product: what is worth developing and what should be abandoned. 

• MLP (Minimum Lovable Product), on the other hand, is an extension of this concept. Its idea is not to provide only those functionalities that will meet the audience needs, but also to make the users enjoy it and, in an ideal scenario, to make them love it right away. Thus, in this concept, it is also worth focusing on design and UX, because an accessible interface and a nice look are colossal in a world of fast and visual stimuli. 

‍

Innovation?

For many founders and investors, the words "innovation" or "first to market" act as a magnet. Yet many successful companies that have become giants in their fields were not the first - look at Microsoft, Amazon, Facebook or Google. Often, it's not the pioneers who succeed in the marketplace; on the contrary, many of them have failed. Much more valuable is to carefully observe the development of business and learn from the mistakes and successes of others, so that your product, even if it will not be the first, has a chance to be better. Of course, innovation and modern technologies are still important - outdated solutions will also fall off in the race for customers. Usually, the winner is the best at bundling value that users crave, and is good at letting them in.

Budget management

29% of startups fail because they run out of money. Apart from passion and ideas, you also need to bet on a solid business plan, reasonable investments and prioritization. There are many tools and programs to manage and optimize your budget. Of course, we don't have to do everything ourselves - investors also have a huge share in the development of interesting digital products. And here the main role is played by....

Networking

How many great collaborations have started with "I know someone who knows someone who might be interested." It's hard to overestimate the value of a good cache of business contacts. Not just investors - but also partners who will help you promote your product by offering it to their customers, media, new employees, customers, and people in the industry who can not only try your product but also help you build social media reach.

How to make your application successful on the market?

First of all, you need to realize that it will not be easy: you need a good idea and research, discipline, understanding of the target group, great execution based on a trusted software company and effective budget management. However, if you get down to work consciously, following the tips above, nothing will stand in your way.