Is product discovery software a good investment?

Use our ROI calculator to find out if product discovery software is the right investment for your team.

Table of contents

What’s product discovery software?

The goal of product discovery software is to help teams kill assumptions by validating day-to-day decisions and big-picture ideas with customer insights.

Product discovery software enables teams to better understand their customers' needs and wants, and to develop products that users love. By collecting, consuming, and acting on customer insights, product teams can avoid the risks of investing time and resources into products that fall short of delivering the usability and value customers expect.

How can product discovery software benefit my business?

Your products are the source of value you delivers to customers. How quickly and precisely you identify new customer needs and ship products ultimately determines your success. To develop product ideas faster and get shorter time to product market-fit, you have to rapidly define, test, and validate the right path parallel with users, and then focus engineering efforts on the winning direction (or at least, the direction they think is most likely to win).

Build better products

  • Gain a deeper understanding of customer needs and wants

  • Refine product ideas through research and iteration with real users

  • Ensure a better user experience by designing products that better meet customer needs

Faster time to product market-fit

  • Identify and validate opportunities quickly

  • Prioritize features based on customer insights and data

  • Make informed decisions about which ideas to pursue to ensure success in the market

Spend less on development costs

  • Avoid investing in features that won't resonate with customers

  • Streamline the development by reducing mistakes and rework

  • Build only the features that will drive value for your customers

Who benefits from product discovery software?

Th roles impacted are Product, UX & Research, Design, Engineering, Sales & Marketing, Customer Success & Growth, Support, and Stakeholders:

Product — Make informed decisions by quickly validating day-to-day decisions and big-picture ideas with data, feedback and insights from customers.

UX & Research — Maximize your impact by aligning research with the way your team build product — that is, continuous, fast, and iterative. Bring the customers into every decision by continuously sharing customer insights.

Design — Validate design ideas with real users and ensure they are aligned with customer needs and preferences.

Engineering — Develop better products, faster, by gaining a clear understanding of what features to build and how they will be used.

Customer Success and Growth — Delight your customers by rapidly idetifying new opportunities to drive user engagement and retention, whcih will increase customer lifetime value and revenue.

Support — Increase customer satisfaction by sharing common customer pain points and issues with development to proactively address the issues in future product iterations and improuvements.

Sales and Marketing — Identify new market opportunities and develop messaging that resonates with customers, helping to drive sales and increase market share.

Stakeholders — Gain an informed view of the product and the market, which will help you make better decisions about resource allocation and product strategy.

What’s the ROI of product discovery software?

Sure, product discovery software will make your life easier, but what about the return on investment? Glad you asked. After all, revenue and efficiency is the goal of any organization. So if you’re not getting significant ROI, why bother bringing in new software?

But the exact ROI of product discovery software all depends on the size of your team, the type of product (software, hardware, or physical), and the time for each iteration.

How do I pick the right product discovery software?

There are two main categories of product discovery software:

Qualitative discovery — We’ll admit that we’re biased. We believe NEXT is the best product discovery software. AI-powered, NEXT is loved by teams building products for the user, with the user. We're highly ranked for ease of setup, ease of use, the efficiency we unlock, and quality of support.

Quantitative discovery—This category consists of survey-centric software, such as Maze, Sprig, or Typeform. They allow product teams to gather quantitative insights from inside and outside the product. They surface "what" customers need and want and are followed by qualitative tools to find out "why" they need and want it.

Before NEXT, we made product decisions on gut feeling — not customer insights.

— Adrian von Mühlenen, Product Owner, BASF

Watch this walkthrough video to see NEXT in action. To learn more about how NEXT can improve your product discovery and a more detailed ROI study, book a time to speak with our team.