To create a ground-breaking digital product that upends the market hierarchy and sets your brand on the top of the market, you need to be extraordinary.
You need to think out of the box, come up with fresh ideas, and implement them. However, you can’t chase after every idea that comes to mind and hope it will be profitable.
So, how can you test your ideas before implementing them? As a tech-based business owner, how can you test the viability of your new ideas for digital products? The answer is a proof of concept for digital products and services!
What does POC mean?
Proof of concept (POC) is a term that is used in various fields and industries all over the world. However, a digital proof of concept is a vital part of the product life-cycle where a digital product or service is tested for its feasibility and efficiency in solving the problems it was designed to solve.
Benefits Of Proof Of Concept
Here are some of the benefits proof of concept would provide to the digital product management of any business.
- Proof of concept (POC) provides the much-needed data on what the market demands, the target audience, how to go about meeting their demands, delivering the optimum products to the target audience, and ultimately, how to develop a robust digital sales strategy.
- Before investors contribute to your business, they would require detailed data on the feasibility of your product. This would assure them that the digital products you are about to launch are not only viable but worth investing in. A proof of concept would show them that.
- A good proof of concept would help your business pick the best software solutions that not only align with your company’s specific function but also improve your productivity and profitability.
- A POC can also help you identify potential practical difficulties that could affect your product’s successful launch and, help you find workarounds for them before its launch
Goals of a Proof of Concept
The objective behind implementing a proof of concept might vary from company to company and product to product, but there are some general things that most companies aim to achieve if they implement a proof of concept.
The main goal that drives any implementation of digital proof of concept is to determine if the product can survive in the market and if the benefits it would offer after its launch would supersede the cost of implementing it.
In addition, a proof of concept might be implemented to determine ways to cut unnecessary costs and prevent waste of resources and time.
Furthermore, a POC can be carried out to help determine what is required for the digital product or service to succeed. This is especially useful because sometimes, it isn’t the infeasibility of the product that prevents it from succeeding in the market. It could be that the requirements for its success weren’t properly implemented at the right time.
Steps to Developing Proof of Concept for your Digital Product
Here are a few steps you must take to implement a proof of concept for your digital product or service:
- Firstly, you must determine what your proof of concept would be testing for i.e. the goal of your proof of concept.
- The next step is to define the success criteria. The success criteria would help you determine when the proof is to be deemed successful. It could be something as simple as the customers’ satisfaction.
- Next, estimate how long the digital proof of concept project would last and the resources it would take during this duration. This would help you plan how much you should dedicate to the entire project.
- You should also pay attention to the person or team you would entrust with the project. An incompetent team would hamper your progress. You might even lose confidence in a digital product that could have been ground-breaking and profitable.
In conclusion, there are a lot of benefits you can gain from implementing a digital proof of concept into your product development process. Do not hesitate to reach out to us at Tezza business solutions ltd for inquiries or consultations to determine the feasibility of your new digital product.