An interesting study by Gartner reveals what successful tech companies do BEFORE building their digital products. If you're not doing these things, it could be slowing your growth.
Here are a few to think about:
1. High-level development/engineering sizing/estimation
This is basically just figuring out how big a project is before you start. 61% of growth-oriented companies do this, but only 42% of non-growth companies do. It's easy to do if you have some past data to work from.
2. Market sizing
This is about figuring out how many people will use your app or feature. 57% of growth companies consider this important, but only 36% of non-growth companies do. For new apps, you can use tools like data.ai, Semrush, and Google Trends. For existing apps, you can also use your existing knowledge of customer segments.
3. Solution validation with customers
This is about making sure your app idea is actually useful. We sometimes get so enamoured with a single idea that we build it, but validating it could save you a fortune. 68% of non-growth companies don't prioritise this, but it's super easy to do using prototypes, competitor analysis, or user research.
4. Problem validation with customers
This is even better — before you even make a prototype, make sure you're investing time in a problem that actually exists for your audience. If you're a startup founder or business leader looking to innovate, you need to ensure you're not investing millions in something nobody cares about. User research and desk research can help here.