How can one/organizations develop software that is different from others?
Disruption can come in many forms, whether it’s doing something no one else does, building a better version of a product, or providing a service that is more effective for the price. Organizations need to look at the problem they are trying to solve with software solutions, deeply understand what the pain points are, and solve for those challenges. At the end of the day, it all comes down to what you are providing to the end-user.
What does it take to develop this kind of software?
A lot of software companies get caught up with looking at competitors and saying, “we need to do that,” or “we need to have that feature.” While those observations are critical to understanding the market, laser focus on the end result for the user is really the bedrock of success in product development, not how you stack up with others who are doing similar things.
What is the current competitiveness level in the global market?
The market is more competitive than ever before, and that is largely due to the wide availability of technology solutions today. Because digital transformation is booming, funding is more readily available to solve problems using technology – investors are more willing to take risks and invest in disruption. This means that more and more companies are being created, and therefore more software solutions. This is a good thing as competition fuels innovation and keeps pushing software companies to be better, improve customer service, and provide more impactful solutions.
How does one identify a solution for the market?
Product market fit is the key to success. There is little reward in building software that no one wants or that doesn’t improve the current process. Ultimately, the process involves finding a challenge your target audience is facing, identifying the competitive landscape, evaluating whether people would pay to solve that problem, and testing your solution on a small scale to prove your hypothesis. This process can be implemented to both create a new product or company and to scale your current product platform. A great way for existing companies to identify market need solutions is to garner feedback from existing customers. Be a partner, not a vendor – trust me, it will be much more rewarding!
The ultimate sign of success in software development, though, is when your customers become your salespeople. You are solving a problem so well that customers are telling others that your product is a must-have.
How do you make your software standout amongst the competition?
To stand out amongst the crowd, companies can consistently add more features, create a better user experience, or find a pricing model that disrupts the norm, etc. All of these are valid methods, but in my opinion, the ultimate sign of success in software development is when your customers become your salespeople. You are solving a problem so well that customers are telling others that your product is a must-have. In industries where there may not be much room to differentiate your product or service from others, you have to make sure your customers love your solution.