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Driven-based research=refinement of ideas

Driven-based research=refinement of ideas

You probably be amazed if you know that Amazon, one of the greatest companies, invested the most in research and development in 2020, about 42.7 billion dollars, and increased it to 67.712 billion dollars in 2022, showing the growth of the importance in a section like R&D.

In the software industry, research is the essential key to a business finding its way. It gives the ladder to rise above the competition and get the final idea of what a business offers. The project can be smoothly run with a sense of control, and the team focuses on what really matters instead of just relying on hypotheses.
Until the end of this article, we will discuss the importance of generating solutions with driven-based research and its effect on the MVP phase.

What is MVP?
MVP stands for a minimal viable product. It allows understanding better whether the product is interesting to customers without fully developing it. MVP is not necessarily the "minimum" functionality to be developed because it requires the least amount of effort. MVP has to be "viable" as well; a successful MVP is created by combining design thinking, lean UX, and agile. The whole idea of building an MVP is:

  1. Allowing businesses to identify the best marketing approaches and advertising platforms for advancing their products via surveys.
  2. Proof of concept, which is an opportunity for a business to gain valuable technical insights.

Rely on facts and research

Let's look at a project we had with stakeholders in the USA who wanted to invest in a telehealth product that connects doctors to patients while also enabling doctors to e-prescribe and view patient health records. After conducting months of research, we developed a roadmap to ensure the business could find its users and ensure it was viable before making significant investments. We also better understood the healthcare industry and guided stakeholders toward a more targeted approach.

Considering the complexity, length, and cost of the programming and coding process, it's advisable to conduct a thorough discovery phase before estimating pricing and planning.

By closely examining what this phase exactly involves, understanding the specific requirements gets better and arrives at a beneficial solution. To embark on a new round of research discovery, the client needs to immerse themself into the world of users. It is essential that we learn as much as possible about the users; our team will analyze competitors and their features, and after obtaining a report with a list of minimum requirements, we will then be able to have a viable MVP.

And soon enough, the research starts revealing some patterns and problems; by that, we can build a new product or feature.

The third step is where we would go about developing new features and products through a process called brainstorming. This process is a great way to get ideas to develop new features and products since different perspectives can be incorporated, for example, a designer's idea, a marketer's idea, and of course, a business owner's idea.

We search for the answers to some questions like these:

  • Is the research in line with your business objectives?
  • Do your target audience or potential users find it relevant?
  • Do people demand it?
  • Is everything matched and added up?

Many fish are in the sea; how can a business shine in the dark?

Looking deeply at the competitors' strategies and tracking their actions will give us valuable insight.
Understanding how a business's competitors work helps to identify opportunities to take advantage of.

Let's dive into more benefits:

  1. As a result, determining the product's unique value proposition and how it differs from its competitors will be determined, which can inform future marketing efforts.
  2. Through customer reviews, we will learn what customers need from a competitor's product and add features.
  3. It gives us a clear picture of where the competitors are lacking, allowing us to test new, unique marketing strategies.
  4. Identifies what the competitor is doing well. Information like this is crucial for keeping the product and marketing campaigns relevant.
  5. As a result, we have a benchmark against which to measure the growth.

In our approach, we begin by brainstorming with the client to get their ideas and some new ones. It
would be helpful to use tools for analyzing competitors, such as Alexa, Moz, or SE ranking. Ultimately, reading and studying about the industry will lead us to complete the research part successfully.

Collected information leads us to an answer

As a final point, research outcomes play a direct role in solution generation. Research data must be
adequate for solution generation, and the corresponding risk will increase if there is insufficient data. Consequently, conducting the discovery phase will reduce the risk involved. These all help to have more clear features for MVP.

The final goal is to understand users and the problem

One main goal ties all these researches together: attracting users. What makes our software product
valuable to users is its ability to solve their problems.
We may invest in the wrong way if we don't know if the users will use our product, and the investment's risk could increase if we don't fully understand the user's challenge. Once a business knows where its brand and competitors overlap and diverge, it can make better strategic decisions to grow its brand.

The Author
Wish Work Team
Wish Work Team
December 12, 2022

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