10 Things about Digital Product Development You May Not Have Known

Digital product development is essential to establish your brand in the digital ecosystem. Be the website, desktop apps, mobile apps, e-books, recipes, or templates; they can provide you a passive income in perpetuity. These products can be easily downloaded, sold, and offer an interactive value proposition to users. Hiring an esteemed and experienced digital product development company is pivotal for developing an efficient digital product.

Here is a checklist of some important lesser-known things about digital product development:-

1. Hard to Distinguish Digital Products and Services

   Insights gained from marketing data reveal that retaining existing customers costs five times lesser than acquiring new customers. The probability of selling a new digital product to an existing customer is 60-70% and 5-20% to a new customer. Hence, businesses offer a combination of digital products and services to sustain commercial relationships with their customers.

2. Three stages of Digital Product Development Cycle

   Each digital product development cycle consists of three stages- Ideation, Design & Development, and Growth. Ideation includes identifying problem areas, conceptualization, in-depth research and analysis, and estimations. Design and development include Prototyping, Pilot Testing, Alpha/beta release, MVP, and QA testing. The growth stage includes- Product launch, ongoing development, and Product evolution.

3. Digital Product Development- Approaches

   Based on the product requirements and one’s budget, a product owner can choose different approaches or blend them to develop the desired product. Some of the popular development approaches are Agile, Waterfall, Scrum, Lean, and Rapid Application Development.

4. Choosing the Right Development Approach

   Developers of any esteemed digital product development company know well that there is no one-size-fits-all approach for developing any digital product. Hence, they choose a blend of Lean, Scrum, and Agile or other hybrid approaches and make the most use of suitable development approaches for their digital products.

5. Major Challenges Each Development Process Faces

   With the advent of cutting-edge digital tools and technologies, product owners may find it quite difficult to choose the right technology stacks and tools to develop digital products. They should be aware of the challenges or pitfalls to avoid that will ensure their products' success.

6. Identification & Resolution of Problem Area

   A product manager ensures that their team develops the right product for the right people. It is essential to determine the problem area or the value your digital product will provide and build a strong strategy, roadmap, and quality for optimum satisfaction and value.

7. Product Management

   Managing the product development process through a well-defined approach, realistic objectives, and optimum resource utilization is crucial for smooth workflow and avoiding delays in product delivery. At times, product developers fail to manage the development process, leading to the stacking of needless features, inordinate delay, and disorganized user experience.

8. Marketing End Product

   Besides the product development, the product's success depends on its efficient sales and marketing. Product managers should draft a plan, do thorough and meticulous research, testing, and post-launch surveys to market the digital product.

9. Continuing The Growth

   When your product is ready to go to the market, you should not think that it is the end of the road. You need to check out the users' feedback and add new features to refine digital products and meet users' expectations. Your product gets more user-friendly with new updates and sustainable product engineering.

10. Product Evolution to Adapt to Changing Needs

    As the environment and customers' needs constantly change, your digital product needs to evolve to adapt to these changes. If you desire your digital product to stay ahead of the competition, you should ensure that the product evolves in quality, performance, security, pricing, and other facets.

Experienced software developers stay updated on the latest trends and tools and use them to their maximum benefit to develop highly efficient digital products.

This is Stephen Foster. I am a software developer and a professional writer.