If you want to run an effective digital business, then you have to create innovative digital products. Sounds pretty straightforward, right?
Unfortunately, many business owners and entrepreneurs are not sure where to begin when it comes to the creation of a high-performing digital product that resonates with consumers. In order to accomplish this goal, your team must shift its focus.
Instead of having a narrow view that is set on the product, you must transition to customer-centric thinking.
During the design process, ask yourself what value your product adds to the lives of consumers. If you can confidently answer this question, then you are well on your way to building a great digital product.
Here are some of the other ways that you can work to build great digital products.
Form a Cross-Functional Product Team
It’s no secret that building a great digital product is a complex process. In order to navigate this process, you need a cross-functional product team.
A group that only incorporates a single discipline will not be able to handle every facet of digital product development. Instead, you need web designers, strategists, researchers, and developers.
Since every aspect of product design will be completed by a single, cohesive unit, the core goal of the project will not be lost in translation.
Each team member will be able to seamlessly share information, collaborate, and work towards a singular end goal.
Learn more about how to structure a digital product team for success.
Test Early and Often with Customers
No matter what industry you are involved in, digital products need to be created with the customer in mind. Unfortunately, far too many businesses neglect customer testing when they are creating a digital product. This is a grave and costly mistake that can damage a brand.
If you are serious about designing an innovative digital product, then you must test it early and often with consumers.
This process is often referred to as usability testing. As the name implies, you will be gauging how easy the product is to use.
During testing, one of your team members should act as an observer. They should oversee a series of preconceived tests. Prospective users will complete the tests. If they are able to perform each task quickly and easily, then your product will score highly in terms of usability.
The goal of this testing is to identify any significant usability concerns before your digital product makes it to market. These tests must be performed at various stages in the development process.
The earlier an issue is addressed, the less costly modifications will be in the later stages of your development cycle.
But even before validating that the product is usable, you can validate whether an idea makes sense to pursue.
You can do this through competitive benchmarking. See whether consumers of existing brands have any unmet needs.
Or, you can get a sense from potential customers whether they resonate with the problem you’re solving.
Survey consumers and see how many are affected by the problem you’re solving, and how severely it’s affecting their lives.
Track Against Metrics
Modern analytical tools make it easy for digital companies to measure the success of a product. After your product is launched, you must track it against key metrics so that you can further refine it.
We recommend tracking:
Downloads/Number of Consumers
Perhaps the simplest way to gauge the success of your digital product is to track downloads or the number of users. The more people that are using your product, the better.
Once your digital product has been on the market for a while, you can break this category down a bit further.
You should track both new customers and renewals. This will give you an accurate assessment of your product’s popularity and performance.
In addition to downloads and purchases, you can also track usage. This metric is especially important for a newly launched product.
Your product might have logged a large number of customers early. However, if those consumers are not regularly using or logging into your product, then it may not perform well in the long term.
As a business owner, it always comes back to dollars and cents. That is why tracking sales dollars and overall revenue is a must.
We recommend tracking new sales/revenue and retention sales/revenue separately. That way, you will know if your product is generating revenue due to a high number of renewals or new subscribers.
After you gauge the source of your revenue, you can adjust your marketing campaigns accordingly.
For instance, if your product has a high renewal rate, consumers are likely satisfied with the product. When renewal is high and new sales are low, then you need to do a better job of getting the word out about your product.
Focus on Workflow
Your first digital product might miss the mark. This is okay – it’s actually pretty common among first-time designers. However, if you create a great workflow during the process, then you can bounce back.
A good workflow allows your team to focus on deliveries. In short, they will be able to design and launch products efficiently. Efficiency in product development is hugely underestimated.
This efficiency means that they can learn from past failures and refine the design process until you have a winning product.
Leverage Digital Product Agency Firms to Accelerate the Process
Want to build a great digital product without trial and error? If so, then you need to leverage a digital product agency to accelerate the process.
With Pulp is an innovative digital product agency with a long track record of success. We design and develop digital products that people want!
If you are ready to learn more, contact our team today and book a free consultation.