How Launching a Digital Product Will Benefit You
With society moving toward a predominantly digital landscape, innovation and success opportunities have grown exponentially. Now, more than ever, is the best time to capitalize on this transition. Creating such products used to be reserved for the technical individuals who learned the rare skill of coding, making it unattainable for creative entrepreneurs to launch their idea. However, with no-code technology, anyone can now create anything, allowing you to effectively capitalize on the opportunity at hand.
While launching a digital product is simpler than ever, launching a successful one still remains a challenge. Yet this difficulty does not stem from technical limitations, but rather the neglect of various critical components. This guide provides a comprehensive overview of these factors, providing you with the necessary information to successfully execute your next launch.
Critical Factors You Must Consider
- Market research
- MVP utilization
- Speed & cost
- User experience
- Testing & adaptation
Market Research
Market research is a critical component that helps you properly position yourself when launching a digital product. In doing so, you can better understand your target audience, potential competitors, and the overall nature of this market, ultimately setting you up for prepared success upon release.
By identifying your target audience, you can precisely tailor and enhance your product toward the specific demographic consuming it. To obtain such information, it is essential to consider various factors such as age range, location, gender, interests, occupation, and more.
The next step in this component is researching your competition. By doing so, you can understand what is working, what is not, and any potential gaps you can fill. In gaining this insight, you can maximize the outlook of your product. In addition to understanding how your competitors operate, looking at their pricing models can help inform your own structural decisions.
MVP Utilization
In many cases, creating a finalized product is expensive and time-consuming. In the past, individuals seeking investments felt like they had to commit to this process and build out their product entirely. However, with the time and money saved through no-code development, you can now build a minimal viable product (MVP).
An MVP is a product with enough features to display your idea, attract customers, and receive investments without committing an entire burden of resources. In addition to scoping prospective interest, an MVP allows you to collect valuable feedback to eventually implement into your final product.
In the words of Eric Ries, who created this concept, "it is the version of a new product that allows a team to collect the maximum amount of validated learning about customers with the least amount of effort."
Ultimately, an MVP is a valuable tool that allows you to release a product to market as quickly as possible, test an idea before investing a large budget, or learn what works and what doesn't among your target audience. These benefits can be crucial to the success of your digital product, making it wise to utilize an MVP.
Speed & Cost
The time and money spent on your digital product are critical to its ultimate success. In the past, taking a huge financial risk was the only option, making it challenging to maximize your ROI. When using traditional methods, it can take anywhere between $40,000 and $700,000 to launch your digital product successfully. Additionally, average projects will take 9+ months to complete.
So, how can you avoid this burden and ensure the optimization of your resources? The answer is simple: no-code. In recent years, this form of product development has gained widespread popularity, offering significant reductions in both cost and time.
Research shows that no-code development tools, such as Bubble, can provide the same product result roughly 70% cheaper and 80% faster than traditional development. These efficiencies can provide enormous flexibility when launching your digital product.
Spending too much time and money upfront on traditional development frameworks limits the capacity for other critical components, depreciating your future budget for marketing, growth, scaling, and more.
User Experience
Regardless of how great your idea or design may be, the success of your product will ultimately come down to the user experience (UX). UX entails how a user interacts with and experiences a product.
A good user experience creates a feeling of ease and enjoyment, leading to customer loyalty, positive brand identity, and product success. On the flip side, however, a bad user experience creates a feeling of frustration or confusion, leading to customer dissatisfaction, negative brand perception, and product failure.
To further illustrate the importance of UX, here is some data to depict its impact:
- Focusing on customers’ experience increases their willingness to pay by 14.4%
- Focusing on customers’ experience increases their reluctance to switch brands by 15.8%
- Focusing on customers’ experience increases their likelihood to recommend your product by 16.6%
- 88% of online shoppers won't return to a site after a bad user experience
- For every dollar spent on providing a good UX, businesses receive $100 in return
The user experience can make or break a product. You must focus on this step to ensure sustained success.
Testing & Adaptation
When launching your digital product, expecting a perfect trajectory is unrealistic. Even when doing everything correctly, users will run into bugs, interfaces they don’t like, frustrations they experience, and gaps in your available features. These are inevitable outcomes that will occur with every product. While you may be unable to avoid this, there are optimal practices to prepare and adapt.
A great way to effectively test and adapt in these situations is through the use of MVP’s. As discussed above, an MVP is a great way to collect validated learning with minimal effort. By utilizing these practices, you can start drawing patterns from user data and return to the drawing board to master your final product.
Because traditional development is so costly and time-consuming, this component can seem impossible to achieve logistically. Luckily, by using no-code development, your product can easily test, adapt, and pivot without wasting extra resources.
Achieve All Five Components With Creme Digital
When launching a digital product, there are many vital components one has to consider, and achieving them all can seem like a daunting task. Through traditional development, accomplishing each component is nearly impossible under a reasonable budget. Fortunately, by working with our no-code agency, you can focus on your strengths while we take care of successfully launching your product. Click here to learn more about our process and take the first step to world innovation.
