Successfully plan product Roadmap for Startup
Planning to launch a new product and need some good plans?. Confused what to do, how to do it and when to do it. So you have come to the right place. This article will explain and help you how to plan a successful product roadmap and how to launch a product.
You have heard earlier that any product life can be divided into two parts first is market fit and another is product strategy.
What is Product/Market fit Roadmap
A product roadmap is a plan for your product. It is a strategic document that aligns product teams, key stakeholders throughout the organization and customers. So, it is important to keep a product roadmap for the successful development of products.
The 5 metrics for PMF:
- User Lifetime Value: It captures how much money each customer generates for your firm.
- Pages per visit: It tells that the user’s experience with your product on the page is good or not.
- Retention Rate: If the retention rate is high it means the user comes back to your product.
- Average time spent on the website per user: If it is higher indicates user experience was fine.
- Bounce Rate: A high bounce rate means users most likely to encounter some problem using your products.
So, these are the 5 metrics, if these metrics are above your industry average, your startup most likely to achieve product-market fit(PMF).
Now, Some of the keys to successful plan product development.
- Product Vision: Product vision aims to set a goal: what we do want to build, for whom, why, what is the place where a product is delivered, what will be the impact it should have. Gal should be clear to achieve successful product development.
- Persona: It is important to understand for whom and why we are developing a product. This is done using personas research. Personas help in building empathy.
- User story mapping: It is a great tool to frame the journey, identify key activities and organize the execution with user stories and can be done at any stage of development of the product.
- User Flows: User flows is used to describe user experience, explaining the team how to get there. This allows great product visualization and understanding while reducing a lot of risks of logic mistakes or forgotten stories.
- Customer Journey: It allows mapping the total experience in which the digital product takes place.
- Epics: Epics allow a better understanding of the product vision and its alignment during the sprints with proper prioritization.
- Roadmap: Roadmap helps to communicate where the product stands today, the direction in which it’s moving and how you expect to get there. It includes business goals and objectives, product areas, an order of priorities and scope.
- Release Map: The release plan provides a clear timeframe, objectives, and KPIs. The release plan is built based on:
- user stories and their time evaluation,
- your team and its expected execution velocity.
It is important to build a roadmap for the successful development of the product.
Jaiinfoway, we pay the highest attention in succeeding in developing a great product.
It doesn’t matter if a project is small or big or if it is very complex or not.. the right amount of preparation will always result in a more focused and efficient development with an increase in the quality of the actual digital product/application.
We take your ideas and forge them into user-focused products ready for market validation. For more details please visit our startup solution page .
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