As a multifaceted CEO in a tech company, my key determinant on launching a digital product revolves around its capacity to sustain in the long-run. Here, we should consider not just the relevance of the software today, but its potential evolution over the years. With the technology landscape ever-changing, we need to ensure the concept under consideration has the flexibility and adaptability to morph as and when required, maintaining its relevance and usability over time.
When determining whether to build a digital product, you're always going to make a bunch of assumptions. If you can validate that you are solving a real problem in a way that a real user experiencing that problem will find value in your solution, the chances are it's worth development.
Feasibility At TrackingMore, the one critical factor that determines whether we push through with the idea of developing a digital product or not is understanding the feasibility dynamics around it. While some ideas are great and would certainly change the business landscape in which we operate, we must consider whether our resources can handle the development. We’ve outsourced capacity several times, but in other instances, further scrutiny of the idea has revealed that going ahead with it would result in losses for the company in the long run.
As a software stakeholder, one key factor that influences my decision on whether a digital product idea is worth developing is the market demand. It's essential to research and understand if there is a real need for the product in the market. If there is a demand, it increases the chances of success and profitability. Remember, it's not just about creating a cool product, but also about solving a problem or fulfilling a need for your target audience. So, always keep your customers in mind when evaluating a digital product idea.
One of the most dominant is whether the idea actually addresses a need or solves a problem for your audience. When developing a product concept for a recent project, extensive market research and user interviews helped to determine the viability of the product, and whether there was a demand to pursue the development. That means the company is investing in products where the market fit and path to success are clear, instead of vice versa – building solutions in search of a problem.