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November 17, 2022

What makes a successful Digital Product? 3 Must-known factors when building a digital product

In the previous article, we mentioned why businesses are racing to build their own digital products. Once you know why you have to start building a digital product right now, you also need to know 3 points of view or 3 must-know factors that you have to keep in mind when building a digital product or in this case a mobile app or a website. 

These 3 factors are Business, Technology, and finally User. These 3 can't be alone or overlooked. Let's go through a few examples to make this point clear. Imagine you have a unique business idea for a product or service that no one else has, but couldn’t turn into reality because the development of technology does not allow it. And then when the technology finally meets the requirements, somehow users turn their backs on your product. Or when the product is loved by users and the technology is all good, your business still does not generate any revenue because you did not consider the business factor when building it.

Let's start digging deeper into each one so that you have the best preparation when building your own digital product.

Business 

Business is probably the element that you most easily see because who is in business without knowing a bit about what they are doing right? You can ask a few simple questions about your digital product to get started:

With this app how can I earn money? What's the cost? How long is the payback period? How the business and the market will change in the future? Where is the business going?

In general, this is an economic problem that you must solve before starting a business or starting anything, not just building a digital product. Business problems are very diverse and depending on the desires, goals, and context of each business or startup, it will change accordingly. Not listening to the business or making changes that don't work can destroy your business. The business perspective when building a digital product is a very important perspective and must be considered carefully when it is directly related to your mobile app and website.

Technology 

If the business perspective is too familiar and traditional, technology is somewhat new and unpredictable. The reason is because of its growth rate. Technology changes every day and if you want to survive in the market you have to change too. Not only does it grow fast, but it also creates trends and is easy for people to follow because of the FOMO (Fear of Missing Out) effect. This is a factor that you need to consider very carefully because every startup or business has its own unique and new idea. But no matter how good and creative the idea is, it will not be possible if technology does not keep up. Take for example the case of Facebook and its Metaverse idea. Helping people connect with each other through messages and statuses didn't seem to be enough for Mark so he decided to create a literal virtual world where people can interact with each other no differently from real-life. But after a period of development, everything was still a mist. The only clear thing till now is that  Facebook took a heavy hit as its stock plummeted 73% to its lowest level since 2015. I. Obviously, their business is affected by many factors such as fierce competition from TikTok, but we can also see that Mark's vision seems to be "far ahead" of technology. Therefore it will take some time for Facebook to perfect its technology. The reason Facebook can brace itself for losses and continue to focus on developing virtual reality technology is because of its already enormous resources. If put into a small business or startup, it is certain that they will not survive until technology catches up with their ideas.

Whether you like it or not, technology changes frequently and gets better every day. Understanding the technology perspective when building a digital product will help you make better judgments in the future. Furthermore, this ensures that the changes you make in the future as technology evolves are connected with the core values of the product ​​when you first start.

User

Last but not least, is the user. It is obvious that a product, whether in any form, physical or digital, must be born to serve the wishes of the user and must meet their needs. When building a mobile or website you must ask yourself these questions:

Who will be the user of this app or visit this website, and what do they want to achieve by doing it? What difficulties are users experiencing? Is there anything you can improve to make the user experience better? Delivering value to your users with your initial idea won't always succeed if your user experience isn't friendly on the website or mobile app that you worked so hard to create.

The User Perspective is where design often has the strongest connection. However, Sometimes, some products are designed without talking to real users or really understanding their needs on the mobile app or website. This can create a disconnect when

what businesses or startups think is important and what they want to push forward don't align with what users really care about. 

As I said before, all three of these factors must be done well and play an equally important role. So even though you have worked very hard and did well in the two factors above, but you do not pay enough attention to the user experience, there is a high chance that you will fail.

User Experience is they key to sucess of every digital product

Conclusion

The 3 factors Business, Technology, and User are not limited to digital products but to any product or service available on the market out there. In order not to make the process of building a digital product meaningless, you should not take any factor lightly. Whether your mobile app or website becomes successful depends a lot on whether you have really focused on these 3 factors or not.

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