Eyes on price: product strategy sharpens attention from idea to launch

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It all starts with ideas.

An idea for hosting collections of audiobooks and e-books that can be accessed to read and listen to online and offline.

An idea for highlighting and sharing things and events of personal interest on a map.

An idea to keep track of what homework the kids have to turn in, whose turn it is to cook (with recipes for reference) or use the Quiet Room for an online meeting or class, and easily see who must go where, when, at what time, with whom and what to bring.

These ideas are now a reality. Having a product strategy allowed them to move from mere ideas in mind and on paper to something real.

Source: Miquido

The product strategy gives a roadmap

Don’t plan or plan to fail, as the saying goes. A product strategy provides a roadmap to product realization from start to finish and beyond. It breaks the journey down into stages with clear outlines and expectations of what needs to happen and the timelines to achieve them.

It kicks things off and gives the impetus to realize a dream. Over the years, Technical HQ profiled several high-quality software development specialists.

Either way, these organizations have gone to great lengths to show that their process has a strong focus on product strategy, ensuring that every aspect of a project is validated, tested, and informed.

The necessary collaborative approach has been extremely difficult to put in place over the past two years. Yet one company we’ve written about before, Miquido, has gone from strength to strength, despite particularly difficult circumstances for everyone.

Custom software development company Miquido breaks down product strategy into five factors:

  1. Discover the problem to give more clarity to the idea
  2. Research more about the target audience, market and competition to shape the product vision
  3. Idea for defining product goals
  4. Prototype to test and refine before creating and releasing a Minimum Viable Product (MVP)
  5. Optimize through constant review and modification (and drive continuous discovery), so that the released product continues to evolve, improve and satisfy its users.

With over a decade of experience, Miquido has helped build over 150 web and mobile apps, so he knows more than a thing or two about the effectiveness of a product strategy for a business.

It served those who only had a germ of an idea, those who came up with a solid solution but lacked the knowledge to build and launch, and everyone in between at different stages of development.

Shaping the vision

Defining the idea involves clarifying its purpose and business opportunities. Getting more knowledge about the problem that the idea solves or how it is different and better than existing products would help the eventual product have a competitive edge and stand out.

Examination of technical feasibility is also essential to understand the risks and the viability of the project. It could take a lot of effort, time and money to create something new.

While every project is different, each will involve most, if not all, of the following:

  • A period of customer interviews and user testing, from start to finish and beyond iterative improvements.
  • Management of design and scoping sprints under the supervision of scrum masters, if necessary.
  • Feature prioritization and roadmap planning, with agile processes producing MVPs for critical testing.
  • Assessments of competitors’ products and customer/market expectations.
  • In-depth analysis of business needs, translation of these into technical needs, and vice versa.
  • Price and income modeling.
  • Predefine, agree and track success metrics.

Crystallize the concept

Once there is a better understanding of the product goals, the brainstorming session can begin. This is when concepts are developed and a prototype is created to demonstrate its functionality.

This is the first physical manifestation of the idea of ​​a test group to review and present to potential investors. Ideally, the reviews should come from the target audience and not from someone you can easily convince to do you a favor.

The goal is to see how the intended users interact with the prototype. Plus, learn from their feedback to mitigate issues and fix anything overlooked in the driver’s design.

Quick to market

Then it’s time to build the MVP. It’s not the final product, but it has enough features for a soft launch. By releasing it as soon as the app is viable to use, the company can start getting feedback from early adopters and continue to improve in areas where it can do better.

Getting the product to market quickly or on time can be a big plus. Along with having the ability to determine if the app is worth continued investment, producing an MVP gives the business the agility to hit the market when the heat is on.

Taking too long in development eats away at company capital and can cause you to miss the best opportunity to launch the product. And in the fast-paced world of technology, there is also a risk that the idea will become outdated because someone else came first and their solution is even better than yours.

Miquido

Source: Miquido

Adjustments, turns, forwards and upwards

The product release is just the start of a new journey. Sure, there will be hiccups and glitches along the way, but that’s part and parcel of growing up. Scaling is included in the product strategy. Learning with data accumulated from more people using the product helps measure the total user experience (tUX) and gives more information to improve the product.

While this can all be done on your own, of course, there are benefits to having a team of experts to provide advice, support and skills that may be lacking. This is where product consultants could turn an idea into a lucrative reality more effectively.

Strategic expertise

Miquido, for example, has strategic expertise to give relevant advice and recommendations, provide UX research, and run workshops to help you build your product strategy. It even has a product bootcamp that can prove a concept in just four weeks for those who need an extra boost to focus and get it done.

“At the start of the cooperation with Miquido, we had many ideas for product development, but no precise plan. The two-day workshop helped us broaden the perspective, sort out areas and create a backlog of tasks for further work on the mobile app,” said Michal Kiender, Product Manager at Empik Go, an app mobile to read and listen to digital books. which now houses the largest collection of audio books and e-books in Poland.

Teamwork makes the dream work when you collaborate with the right group of grounded people for your success. Not everyone can learn everything or access more extensive resources for better business competitive analysis and market insights.

“Miquido’s CTO suggested many cutting-edge ideas, which saved us a lot of time and resources. It gave us the impression that they weren’t trying to get as much money as possible from us, but rather seeing us succeed in a long-term partnership,” said Michael Milner, CEO of YouMap, which allows users to create beautiful personalized creations. maps in minutes through its app and website.

Yes, these apps are the first two ideas mentioned at the beginning of the article. The other two ideas are HelloFresh, the world’s first meal kit company offering healthy meals and named in Google’s Best Apps of 2016, and Picniic, the next-generation family organization and task management platform. , which has had over 50,000 downloads in Google Play.

It just goes to show that with the right product support and strategy, an idea can be so much more than a pipe dream.

If your organization is looking for a bespoke development partner, either as an extension of your existing team or as a standalone capability for a discrete application or project, Miquido’s capabilities and recommendations make it a worthy choice. be seriously considered.

Contact a product strategy specialist to discuss your needs in more detail, starting right here. Whether your first language is C or change management, there will be someone who can talk to you on your terms.

Miquido
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