In this section, we will discuss the product discovery definition. We will also learn the key elements of the product discovery process. So, read on to learn more.
What is the Definition of Product Discovery?
The product discovery is a mini-pilot that helps to validate the idea. It helps you to learn more about the customer’s needs and pain points.
Product discovery also refers to the iterative process to reduce confusion regarding a problem or idea. It is to ensure that the right product is built for the targeted people.
What are the Key Elements of the Product Discovery Process?
Following are the key elements of the product discovery process:
Product discovery is an experiment where you can test your idea with actual customers. It is the first step of the product development process. This process helps you to learn more about customer needs and expectations. It also helps you to validate if your idea is worth pursuing or not.
Product discovery helps you to find out if your product or idea will be successful or not. You can use this process to measure your success by using metrics like customer feedback, surveys, interviews, A/B testing, etc. All these metrics will help you to understand your audience better and help you to deliver them what they want.
Once your product discovery experiment succeeds it’s time to scale up your business. You can do this by following some of the strategies like adding new features, adding new customers, adding new channels, adding new markets, etc. After that, you can start building your MVP or Minimum Viable Product (we will talk about that later)
What Are Some Famous Examples of Product Discovery?
Some of the famous examples of product discovery are as follows:
Airbnb’s founders started with renting airbeds on their website called AirBedandBreakfast.com. Later they removed ‘bed’ from their website’s title and focused on renting out air beds only. This was their first version of Airbnb which was called ‘Air Bed & Breakfast’ or ‘A2B’ for short. It helped them to gain more knowledge about the customers’ needs and pain points which led them towards creating a new business model called Airbnb.
The founders of Amazon started selling books online via their website called “Amazon Books” in 1995. They learned so much during this time which helped them to create a better website called Amazon in 1997 which was completely focused on selling books only through the internet which led them towards creating one of the biggest e-commerce websites in the world today i.e., Amazon which is worth $250 billion today!
The founders of Snapchat started with an idea called ‘Picaboo’ which was a free app available only on the Blackberry platform. Later they realized that this app wasn’t working for them. So, they decided to remove the ‘Pic’ (picture) part from their name and focus on creating an app that can send short video messages instead. This step helped them to become popular all over the world. It is one of the biggest messaging apps in the world today. They renamed their app to “Snapchat” in September 2011 which was a big milestone for them.