On Day 50 of the 90-Day Comeback Challenge, we discuss which point you should focus on in your further product development: The design? The UX? The functionality? Or something completely different? My thoughts and a nice quote from Steve Jobs in this article.
Design or User Experience: What’s More Important?
In product development, design and user experience (UX) often take center stage. Both are crucial for a product’s success, but it’s important to know when to focus on one over the other. An attractive design can draw customers in, but a good user experience ensures they stay.
Steve Jobs once said that product development is often more about what you say “no” to than what you say “yes” to. This is especially true for design and UX. It’s tempting to improve both aspects simultaneously, but this often leads to complexity and confusion. Therefore, it’s essential to set priorities.
Features vs. Costs: Where Should the Focus Be?
Another important aspect is whether to add new features or improve existing ones. New features can make the product more attractive, but they can also increase complexity and impact the design. On the other hand, improving existing functions can enhance the user experience but might not have the same wow factor as new features.
Then there’s the cost factor. In the world of cryptocurrencies, costs are important, but after a certain point, price often plays a lesser role than usability and the features offered. For example, our product is already very competitive in price, so our focus is more on new features rather than further cost reduction.
Our Decision: More Features Instead of Just Refinements
In our case, we’ve decided to focus on new functionalities. We’re working on enabling bank transfers for crypto purchases, adding new coins to our platform, and improving the tax handling. We’re also planning to add new cash flow features for various coins.
This decision is based on extensive research and customer feedback. We believe that these new features offer more value to our users than just small improvements in design or user experience.
Conclusion: Setting Your Priorities
It’s important for you as a CEO or product manager to weigh these aspects for your own business. What priorities are most important to your customers? Which decisions will bring the most value?
Remember, there isn’t always one right answer. It can also depend on your specific situation. Sometimes it’s necessary to increase security or add additional features that are significant for your specific product.
If you have any questions or comments, let me know. Tomorrow, we’ll talk about marketing and how to implement new strategies.
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Your Julian
Entrepreneur / Investor / Athlete / Father
