Digital product discovery is a significant phase in the product industry. As a business leader, you must constantly look for new ways to innovate and stay ahead of the competition. One way to do this is through digital product discovery. Digital product discovery introduces new products or features to the market and attracts potential customers’ attention.
Traditionally, digital product discovery was a siloed process within a single company’s confines, where you have to think or provide the above alone. However, there has been a growing trend towards external collaboration, where partnering with specialized agencies can bring fresh perspectives, expertise, and creativity.
Marty Cagan says in his book “Inspired, “at least half of your ideas will not work.” There is no denying how tough product discovery can be; one thing that improves the chances of success is external collaboration.
Here are five signs your business critically needs external collaboration for product discovery, development, and go-to-market:
Bureaucracy: Bureaucratic organizations often have siloed departments that work independently, making it difficult for businesses to be agile and innovative. External collaboration have non-siloed, cross-functional and collaborative teams that turns the cog wheel faster and deliver optimally.
Lack of speed: Struggling to make decisions quickly, learn from experiences promptly, and adapt rapidly to changes shows a lack of speed, and businesses need to be able to scoot to stay ahead of the competition. Partnering with an external partner can help you get your products to market faster and inject the needed momentum into your product development lifecycle.
Lack of agility: Agility is the ability to adapt to change quickly and easily. Businesses need to be flexible in response to changing market dynamics. If your company finds it challenging to navigate uncertainty, external collaborators are agile, which makes it easier to adapt to changes quickly, and share a diverse input that can help your company become more adaptable and open to different approaches.
Lack of technical expertise: Not all businesses have all the expertise they need in-house. External partners can help you to fill in the gaps in your knowledge and expertise and help you to bring your products to market successfully.
- Looking to innovate: Innovation often thrives when there’s a cross-pollination of ideas. If your business is looking to innovate, it may be time to consider external collaboration. External partners can help you to bring new ideas to the table and help you to develop and market innovative products.
The Power of External Collaboration :
Following a study by PwC, 82% of executives believe that external collaboration is essential for driving innovation. Why? External collaboration offers myriad benefits when it comes to enhancing digital product discovery. Companies can access a broader range of perspectives, expertise, and skill sets by working with external partners. This diversity of thought can generate the following;
- Accelerated product discovery process: Providing access to resources and expertise can save time and money and help them get their products to market faster.
- Break down silos: Bureaucracy often thrives in silos, where different departments or teams operate independently, with little communication or collaboration. External collaborators like Terrific Studio are characterized by a more horizontal structure, where different departments and organizations work together to achieve a common goal. This ensures non-siloed, cross-functional, and collaborative teams that are more agile and innovative.
- Reduced risk of failure: Providing feedback and validation throughout the product discovery. This can help businesses to ensure that they are developing products that meet the needs of their target market.
- Increased creativity and innovation: Businesses can tap into a broader range of ideas and perspectives, leading to more creative and innovative digital products.
- Access to specialized expertise: External partners can often provide technical expertise that businesses may not have in-house. This can be helpful for projects that require specific skills or knowledge, such as User Experience Design, MarTech, or Data Analytics.
- Accelerated time to market: External partners often bring their resources and processes to the table, which can help to streamline the development process.
Terrific Studio is a go-to external collaborator, empowering digital companies to drive innovation and achieve their product goals. We bring a unique blend of our services as a team, where we help companies discover, develop, launch, commercialize, and scale market-leading digital products and services. With a track record of successful collaborations with several companies in the Middle East, like Upskillable and Sitech.
Here is how we partnered with Upskillable:
Upskillable is a bilingual English-Arabic leading assessment platform specializing in psychometric assessments such as personality, leadership, cognitive, skills, and organizational capability assessments. Upskillable faced several complex challenges and partnered with Terrific Studio to develop an assessment platform that reaches a broader audience and improves their ROI. We worked closely with the team to understand their needs and goals, see things from a different and much wider angle, and develop new and innovative ideas.
We helped their product discovery process by understanding users’ needs and mitigating possible risks. With this, we clearly defined their strategy and identified and presented optimal solutions that will help streamline their product development process by finding a common language, eliminating unnecessary elements, and staying consistent. This enabled them to improve existing processes and pick up new ones to streamline their go-to-market process for a constant growth roadmap and adequate focus on a specific market.
Here is how we partnered with Sitech:
Sitech is a custom software development company specializing in experience-driven digital product delivery in Saudi Arabia. We partnered with Sitech to create a CRM system for Rekab – a ride-hailing service in Saudi Arabia, to help them track and manage customer interactions, identify trends, and improve their products and services accordingly. The CRM system also allowed Sitech to share data with its sales, marketing, and product development teams so that they could work together to create a more customer-centric business.
By working together, we were able to create a more customer-centric business better equipped to meet the needs of its customers in the digital age. Both parties gained a deeper understanding of customer needs, identified customer behavior trends, and developed products and services that meet customers’ needs.
Terrific Studio always combines MarTech solutions, user experience, and design thinking with sales and marketing solutions. You can be confident that your product will resonate with your target audience and drive revenue for your business. Book a free call to learn more about how we can work with you and take your business to the next level.
Our tips on Enhancing Digital Product Discovery Through Collaboration;
- Choose the right partners: It is important to choose partners with the experience and expertise to help you achieve your product goals. This is part of what Terrific Studio stands for.
- Set clear expectations: Always set expectations with your partners from the outset. This will help to avoid any misunderstandings, risks or delays down the line.
- Communicate effectively: Communication is critical to any successful collaboration. Ensure you regularly communicate with your partners to ensure everyone is aligned.