Product discovery aims to point out the product's market fit, analyze industry demands, evaluate budgeting, and other available resources. It is intended to identify the main problems and risks that may arise when developing and launching a product on the market.
The project's discovery phase also helps the team draw up a step-by-step development plan and vision of the final product. Well-thought planning ensures cost optimization, thorough user research, and accurate process.
The absence of the discovery phase falls in one of five main reasons products fail. According to CB insights, in 35% of cases, poor market, product, development, and customer research resulted in product failure.
A step-by-step guide to product discovery
Emerging points throughout the discovery phase
Cost and team estimates for the discovery phase of a product
Detailed timeline and points that should be covered by the discovery phase