Product Analysis Processes & Strategies | Torinit Technologies & Ventures
In our first Crash Course, we’re exploring how to conduct product analysis. This article peeks under the hood of the processes and strategies that have been central to developing, launching and sustaining some of the most successful digital products on the market.
Product analysis is an essential task that examines the core of what a product will entail. It’s a best practice by product managers, potential buyers, private equity investors, and venture capital firms. The analysis includes, but is not limited to:
Setting Up a Product Analysis
Get The Lay Of The Land
When running a product analysis, the first step is to get the full picture of the product, it’s market, the expectations, and who is involved. Answering these questions is paramount to uncovering relevant, actionable findings.
In this phase, the product analyst’s first requirement is to establish expectations. They must establish what their role is meant to entail, as well as what the client is expecting to receive from the analysis, and how that will be delivered.
Next, the analyst needs to know who they are working with. Determine who the primary stakeholders are, as well as any other specialists who may be required for consultation. This informs who needs to be contacted and/or kept in the loop. This expedites communication and prevents leaving out key personnel.
Finally, the analyst needs to conduct learning on the product-market fit. This requires research and understanding of the business, the product, and the marketplace. Once these are established, they must have a comprehensive understanding of where the product is meant to fit within the market.
Determine the Objectives & Scope
With the “lay of the land” phase complete, it’s time to determine the objectives and scope. This is where the goals of the product analysis are determined. Is the goal to determine what technology the product requires to succeed, whether it’s a viable investment, or something else?
With objectives decided, you also need to determine the scope of the analysis. Is it testing just the viability of the product itself, looking at costs and feasibility? Or does the analysis attempt to determine how the product will perform in the market? It’s important to determine whether the analysis must focus on immediate or long term goals.
The more specific the objectives and scope, the more useful the final results
Create an Analysis Plan
At the planning phase, the product analyst(s) should have all their ducks in a row, with a clear picture of the product, market, scope, and objectives. Planning varies depending on each of these factors, determining what areas to analyze, as well as the necessary depth.
Having a clear plan keeps the analysis on track, keeps stakeholders aware of what’s going on, and creates clear, actionable steps to move forward on. For each step, consider what question this stage is answering to ensure clear communication with the client and team members.
Run a Technical Audit
A technology audit is an essential part of any product or business analysis. This is the best way to discover whether or not the right tools are in place to maximize product success. A tech audit finds any gaps or glitches in the system and software that can hamper profitability, scalability, or functionality.
Not only do the right tools and software need to be in place, but they need to work together harmoniously. This stage discovers what integrates with each other, where tools need to be upgraded or replaced, and what still needs to be developed and implemented. This information allows the creation of a technology roadmap to address what software is and will be needed.
With these 4 steps in place, the product analysis is ready to run.
Post-Product Analysis: Next Steps
With the product analysis complete, it’s now time to implement any changes or additions that it has uncovered. Develop and integrate any required software, and put any necessary strategies into place.
Review & Refine
The most successful products never stop analyzing and adjusting. As your product grows in the market the insights, opportunities, and competition will increase. Ongoing analysis keeps your product ahead of any challenges and leverages every opportunity.
Reviewing the findings and refining your product accordingly is an ongoing step that is essential for long term success.
Product & Technical Analysis Services in Toronto
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