Nov 12 - 4min readGet the Ball Rolling on Your 2021 Digital Product StrategyBy Jennifer Green
When it comes to creating a digital product strategy, it’s important to recognise how it can be beneficial for business opportunities going into 2021. The global pandemic has seen businesses pivot towards enhancing their digital presence for survival. Now is the time to strategise incorporating digital tools into your business structure to facilitate the pivot towards digital transformation. With 7 years’ experience in industry analysis as well as our experience and knowledge we have gained over the years, we are able to identify emerging trends of the market.
At Borne, we not only form strategies on how to reach your customer base, but also define and track these processes by facilitating your digital product strategy.
Hang On, You Haven’t Created a Digital Product Strategy?
A digital product strategy is an undeniable necessity for every business. At Borne, we created the service to make sure our clients provide not only innovative products, but products that are useful in the long run. The benefits of strategising your product’s future include:
– A Clear Vision of User Needs and Business Opportunities
By identifying the specifics of the market and finding your niche, you can take a customer-centric approach. This can help your business reach your target group more effectively.
– Clear Project Phases That Can Be Broken Down into Phases
It is beneficial to know in advance what initiatives and objectives you’re planning on introducing. Establishing the timeline for your digital strategy enables the optimisation of work and planning your project’s budget. This way, you can effectively pitch your ideas to potential investors.
– High-Level Architecture
Investing in the right solutions and emerging technologies pays off in the long run. It can ensure the long-term security and effective performance of your products.
– Aligning Your Business with Your Product
A defined strategy helps you keep in mind your business focus and holistic goals to get precisely what you need.
– Reducing the Risk of Building the Wrong Product
Defining your business goals at the very start and keeping your customer preferences in mind can help you prevent product failure.
At the end of the day, it all comes down to saving you time. This way, you can increase return on investment and maintaining strong client loyalty.
How Can You Create an Effective Digital Product Strategy?
At Borne, we offer strategy services and product design to help our customers shape their product vision and create original digital products. If you have a digital product idea in mind, we can assist you in validating in through our processes.
1. Strategy and Business Opportunities
The first step when creating a product strategy is to provide you with recommendations on market needs, business goals, and the scope for your minimum viable product (MVP). At Borne, we look for emerging technologies, look for trends, and benchmarks. We consider a brand’s story and narrative as crucial in developing a product aligned with their business idea and mission statement.
2. UX Research – Defining Your Target Audience
Target market review and user research enable us to find out what the challenges of your users and how many people can benefit from your digital product. By exploring the market, we can identify the value proposition, key features, and differentiators that will help you stand out from the competition.
3. Digital Sprints – Finding the Best Way to Develop Your Product
During workshops, we can answer crucial business questions together, plan essential features and analyse technical opportunities. Thanks to brainstorming, we can bounce off each other and come up with innovative solutions for your business. By doing this, our team can minimise the risks when bringing a product to market.
At Borne, we make use of different types of workshops depending on the needs of our clients:
Product Strategy: Verifying a product idea. We are focusing on Product-Market fit, defining risks, goals and user needs.
MVP definition: Generating ideas for the best solution to your product. We choose the tech background, prioritise features and define the MVP. At this stage, we also present our workflow so the clients can better understand our way of thinking and move towards integrating our strategies.
Design: Gaining knowledge about your user’s needs. Together, we can create user stories to define essential MVP features. Prototyping ideas by sketching helps us to verify them in a fast and effective way. Because of this, we can QA test a prototype of the main features or one main flow of the project.
Scalability: Reviewing and planning for the future of your digital product. Our team revises assumptions and define improvements as well as discover scalability opportunities.
For our clients to gain the best possible outcome from these workshops, we conduct design sprints to verify your business ideas quickly. Our team can assist companies to understand the problem, generate ideas and sketch solutions, discuss and define the main goal, create a prototype, and finally test the product. We also make a point of making sure that the idea is feasible and profitable. We are also happy to adjust our processes or tools to your digital product specifics.
Our service product design and strategy is a coherent process. We advise our customers before building a digital product. We build the vision of a product that people need by aligning your business needs with the user’s expectations in mind. Give us a shout to create a digital product strategy for you in just a few weeks.