Do you know how many products see the light of day each year? Now, if you can't think of a number, it's perfectly natural. We can't either. Furthermore, we don't believe that there are people out there who actually have the answer to that question.

But what we do know for once is that around 4k apps are launched in the app stores each day. Add the other software, services, and physical products to that, and you get a pretty big figure.

Another fact that we know, thanks to Harvard Business Review, is that more than 80% of the products fail to see success. And the reason for that is very easy to understand. These businesses fail simply because they don't get the correct product discovery path they deserve. 

Unfortunately, many startup founders refuse to believe that what in their minds sounds like a successful idea is not perceived the same by the market. Simply put, they blame their failure on anything. They blame it on anything from the lack of proper funding to the consumer not understanding the importance of their product. When in fact, in most cases, all it needs is to shift things a little and find the right journey for their product or service. 

And that's exactly what the term product discovery is all about. So, yes, the product discovery process is the key aspect of scaling up a business. Why? Because it allows business owners to identify and understand the needs of their customers. It allows them to find the exact market opportunities available to them. 

By engaging in a continuous process of discovery and learning, companies can create products that are more likely to be adopted and used. They can create products that drive growth and success in the marketplace.

As a matter of fact, there are several reasons why the product discovery phase is so important for each business. So let's take each advantage at a time and understand them better.

1. A more realistic picture

First, thanks to product discovery, companies can identify and validate customer needs. How? Well, it helps them fully grasp the pain points. Thanks to that, organizations can ensure that they are developing products useful and desirable to their target market.

2. Understanding competitors

Second, product discovery helps companies understand their competitors and the broader market landscape. By analyzing the products and strategies of their competition, organizations can identify areas where they can differentiate themselves and gain a competitive advantage. Additionally, product discovery allows businesses to spot trends and shifts in the market. The result? Having all this data helps them to stay ahead of the curve and anticipate changes in consumer preferences.

3. No more unnecessary risks

Third, product discovery helps companies to manage risk and uncertainty. By conducting extensive research and testing, organizations can have a clear view of potential problems. And this is even before they launch a product. 

Doing that allows them to adjust or pivot their strategy before they invest significant resources in development. This can minimize the risk of failure and ensure that products are more likely to be successful in the marketplace.

4. Increased customer satisfaction rates

Fourth, product discovery can help companies to increase efficiency and effectiveness. By understanding the needs and wants of customers, businesses can develop products that are more closely aligned with their requirements. This leads to faster adoption and greater customer satisfaction. 

So, as we said earlier, organizations can save time and money in the development process. And this can be easily done simply by identifying and mitigating potential issues before launch.

Therefore, it is safe to say that overall, product discovery is a critical aspect of the whole development process. It is safe to say that it's an aspect that allows companies to develop products that are more closely aligned with customer needs. 

However, it's important to note that it's not just about conducting research and analysis in a vacuum. It's also about continuously exploring new possibilities, listening to customers, experimenting, learning, and adapting as you go.

In the end, our advice to you, the entrepreneur with high hopes and the desire to succeed, is simple. Don't be blind or deaf to what the market tells you about your product. Instead of that, start engaging in continuous processes of discovery and learning. Only by doing so, you can create products that are more likely to be adopted and used. Only by doing so, you can create products that drive growth and success in the marketplace.

Want to learn how to do product discovery in a professional manner? Let us guide your steps.