Expectations regarding future digital products can be really tricky, especially when the market is constantly expanding and the offers have a huge range spread. So how can you be sure you get the optimal result for your project? In this video, Teo presents the case study of one of the top competitors in the fintech field, Confidas. He explains how the project early discussions rolled out and what lines were drawn to make sure the project will be trackable and overall goals attainable.
The keyword for any project brief must be EXPECTATIONS. Even though the team built a strong and competitive digital product, the conversation all started at, you guessed it, expectations. The first question the team asked the client was strictly about what was expected of the product, so the estimation can be given accordingly. As Teo mentions, the first round’s conclusion was that the client’s expectations were a bit too unrealistic for the state of the product. But so is the case with most projects.
So, how exactly should you manage and adjust expectations throughout the development of a digital product?
The experience Teo shares with us in the video is one of client named Mark, who presented his idea of how he wants to change the face of fintech in his country. The idea was nevertheless a really good one, but the plan to put it in practice was more or less missing. Expectations cannot be built only on an idea. After developing a proper business plan, the team settled on features that were to be implemented in the MVP of the product. To be noted that in this phase the client’s monetary resources were pretty limited, so the features were cut down to the bare minimum strictly for the core of the project. No fancy UI/UX elements or integrations yet.
As the team was developing the product, the client focused on creating a marketing plan and attracting potential investors. Moreover, he started sketching some design elements, but don’t think of anything professional, just think of the digital equivalent of a napkin drawing.
Fast forward a couple weeks and the first round of delivery took place. The client wasn’t pleased with the design. He was expecting something else. The team’s expectations differed from the client’s expectations. He wanted way more, while the team thought he wouldn’t be to keen on a design hastily sketched on a drawboard by the client.
So, in order to align both parties’ expectations the team showed the client a couple of available design templates and applied it to the product. Now the product met the Mark’s expectations.
The product now had an MVP that looked and felt nice to the user, but it was missing features, which is a hard sell to potential investors. It was hard to differentiate the product from other competitors’ products without adding more features. Because of this, investors were reluctant in funding the product. The team expected too much from the product and now were faced with the reality of the actual market of their product.
It was time for a key meeting with the client to discuss the future of the product. The result of this meeting was deciding to have trust in Mark’s idea and become business partners in the fintech product. They studied the market, collected feedback regarding the features and the flow and offered to product to a limited number of users to spot overall improvements. After implementing the new changes, the team presented their project to a couple of conferences and successfully attracted investors. The received funds were poured into further development and marketing.
Now, the product is placed in the top-bracket in the fintech industry and is now meeting the initially unrealistic expectations that Mark had in the first meeting.
If you want to make sure your expectations are accurate or not regarding your digital product, here’s a quick list summary of all the steps the team went throughout the development of the project:
- If you have an idea but you don’t have an accurate plan, you’re probably expecting too much from your product. Having goals is great but you should also have a plan to execute it.
- Regarding the design part of your product, don’t expect the developer to create a design, help him, use a designer and the tools specifically for this task. You may think that it’s going to cost you more, but long term will be happier with the result and so will your clients
- Study your market and build the product around it, more specifically around the market’s needs. You might find yourself in the situation that you are expecting users to buy your product but they won’t because they can already use a different product that does the same thing.
- Don’t expect people to invest in your product just because you build it. Your product should be useful to them and should convince them they can make money by investing in it
I hope that now, after reading this, you will be able to have more realistic expectations about your product, it’s impact over the market and how far you can reach with it in comparison with the step that you are with.
Aim high, plan and execute!
If you want our input on any of your digital projects feel free to book in a free strategy call with Teo, Neo Vision’s COO.
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