Short summary
Mastering digital product development is essential for Mittelstand companies to unlock growth opportunities and enhance efficiency. In this whitepaper, we share insights on building successful digital products and services, covering key topics like the MVP approach, team structures, and aligning business with product goals.
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Developing an idea based only on gut feeling or assumption is risky. It usually results in abandoned initiatives, drained resources, and demoralised teams. At wattx, we believe that in order to reduce these risks, it is essential to test ideas before moving further with developing them into products or ventures.
Numerous Mittelstand clients have come to us to voice their anger at the internal failure of their product building efforts. After going over these projects, we saw that many of these concepts weren't properly validated. This is why we only start building digital products or services after validating that they are desired by customers, technically feasible, and have an underlying viable business model.
When building digital products, we follow the Lean Startup methodology of Build-Measure-Learn (BML) Feedback Loop to keep testing and improving the product upon receiving feedback. This method is particularly suited to today’s fast-paced, highly uncertain business environments as it allows to continually steer the development process towards the creation of valuable, relevant, and highly tailored products.
How Mittelstand companies can benefit from MVP building:
1. Risk Mitigation: Reduces risks and costs by validating each development phase with real user data.
2. Speed to Market: Accelerates product launch, providing competitive advantages and quicker investment returns.
3. Adaptability: Allows for dynamic refinement of the product in response to user feedback and market changes.
4. Customer Focus: Ensures development aligns closely with user needs, increasing the likelihood of achieving product-market fit.