However, an idea is great only in an initial stage of a startup. The consequences from good Startup Product Idea will feel in all stages of the development of a company, but also in substantial part will depend on other entrepreneurial activities.
Developing a new product for your business needn’t be a meticulous activity. If you’ve got an exciting and potentially profitable product idea, the last thing you want is to be constrained by an outdated product development process that stunt the speed of getting the product to market.
In order to combat those challenges, a structural roadmap requires to give you and your team a clear route to market. Well, we have a startup product idea, and now the most important question is: what’s next? In this post, we summarise what you as an entrepreneur will need to exercise when you have a good idea.
Idea Generation: Define Your Startup Product Idea
You see, when the innovating startup was launched in the market, it took time getting a hold of the whole idea by the people. Establishing a digital product is not much different from representing a physical product. Yes, it might be a bit more complicated, especially nowadays. In short, it’s a whole, long process, which starts from one concept and along the way, everything looks to become clearer.
Every business relies on something that will sell to consumers. That could be a product or service. Until now, you as an entrepreneur have a startup product idea that covers some product or service for your startup. The next thing that you need to do is to define those products as a result of the initial idea. How can you do this? By screening questions.
Here are some of the questions you must screen initially when you are defining your product process:
- What is the real demand, or problem your product will solve?
- Does anyone have any of that?
- Can you target the number of people to whom this solution would solve their want?
- What are the current options that solve the need?
- How your product will create value for the customer?
- How your product will stand out and be unique than the existing choices?
Taking into account how many good startups fails, here at Zignuts, apart from actually building top-notch products, we believe: “what if we help startups define their product? and avoid startups failure” And we did so, in a process that we’ve analyzed a number of times and which gives certainty and solid results. It’s “Product Definition Phase” that help to take you from an idea generator to a proper product creator. In other terms, a product creator that might have a future in a growing business.
What is Product Definition Phase?
In essence, Product Definition Phase is a method that takes early startup product idea stage products to a point where it’s completely clear what needs to be developed as a product.
Throughout this process, we work directly with the entrepreneur and support them both define and determine all the core details of their products, up to a point where a technical team would be able to estimate the amount of work required to launch the startup product idea and the major tech assumptions of such a product. In another way, we take an idea that is choked with possibilities to a point where a single product is decided, it’s easy to know and express you what kind of experience it will create for the user.
Here are a few steps to this process:
We like to keep our workflow using lean startup methodology, therefore we work iteratively. Here, the entrepreneur involved in the whole process actively, in every decision. Still, our technical team challenges their hypotheses every moment, this way thrusting for better-validated decisions.
The main objective is to define all the major viewpoints of your product before entering in development, especially because in the idea stage, modifications and decisions are faster and cheaper. In brief, it’s the smartest way to develop products altogether.
1. Outlining the business case
Without a bit of research first, nothing can be done, especially when the product is just in the “idea stage”. This is why the initial step of “define your product” is important. Here, we coordinate straight with the startup entrepreneur to understand their concept, their business model that have imagined around the solution and ultimately, what the solution will be.
As soon as the product concept test completes and refine, we need to outline forecasting if it is profitable enough. The business analysis phase should feature an accurate marketing plan, identifying the target market, the different marketing ways to gain exposure. In result, the outline will have to scale up the overall costs incurred in creating the product, the competition, cost-effectively.
2. Wireframing and UI development
After the outlining business case is over, we are going to stage to of the define your product process i.e. Wireframing. Here, our team creates a first a wireframe, where all the product mapping is done and defines the user flows. Coordinating with the client, we work on improving it and adding some of the finishing touches on the flows. Usually, wireframing takes up to 3 to 4 weeks, depending upon the product size and the speed of the feedback.
This phase is very significant since here we will finally have an idea of how the product will actually look after we built it together. Then, we decide how the final product will look like at the end based on the wireframes.
As soon as the designs are correctly done, we add them together to make a working prototype. This validates your idea, by sharing it with your team or for market analysis or to increase your opportunities for investment raising.
When our customer determines this is what they want, we start the final development phase. And, of course, we can say by now that the “Define your product” process is completed.
Summarizing it, it takes a lot of time and efforts to define a product. Obviously, not all products will be the next Instagram or Facebook, but you don’t know unless you take the dive deep into the ocean. No one guarantees that your product will become a successful startup, but if choose to go the startup way, well defining your product is one of the basic steps you require to start with.
In the end, the most common and essential entrepreneur activity is to take action.