The process from idea with prototype, product testing with MVP, to finding product-market fit and finally scaling is called full cycle product development. The full cycle consists of four main phases that can be followed to create a new product from scratch, as well as improve existing software on the market.
Bringing a valuable project to market – what is worth bearing in mind?
Over 40% of digital products fail due to a lack of product-market fit. Your product must find loyal users and grow with your customers’ needs. When describing the strategies used by companies, you can rely on the product development cycle to distinguish its different phases according to it. In a global economy, you must release your product quickly and find unique differentiators to conquer the market. Finally, the numbers need to add up, meaning you want to deliver the product within your budget, but also maintain flexibility to adjust the scope of work if your company’s funding changes. Launching a product that is expected to be highly successful in addition is no easy task, so it’s worth looking for companies that can professionally guide you through each stage. Skipping even one step may result in disappointment and failure of all previous efforts.
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Lean startup approach and scrum framework, prototyping
In full cycle product development, the approach is very important. At Boldare, one of the best digital product development companies, lean startup and scrum framework methodologies are used. Whether you want to develop e-commerce, a SaaS platform, an enterprise solution or a mobile app, the lean startup approach will help you deliver the product your users want and find the right business model to develop. As for scrum – they ensure that we deliver real value usually in a fortnight and that every increment we present matches your expectations. Additionally, you can control the budget and change the scope of work with each sprint. The next phase is prototyping. This phase verifies that there is a real and current demand for the software in the market. It also verifies that the user’s problem can be solved with the proposed digital solution. Prototyping allows you to visualize and test software concepts at low cost before investing in the development of a complete product. Prototypes can be created using no or low-code solutions in as little as 1-2 weeks.