We covered what a digital product is, discussed the key features of the product development approach, highlighted its advantages for businesses - now let’s look at the topic deeper. First, we will talk about the most frequently used terms - just to make sure we’re on the same page.
Retainer fee means that the client and our team agree that one sprint costs a predetermined sum of money. The team we provide to our client consists of a fixed number of specialists.
We have a plan of development, we decompose it into smaller steps (= iterations). Each iteration needs to be planned, executed, presented to a client. Then the cycle repeats.
It means that we constantly improve the system functionality. Each sprint adds to the overall value.
Iterative & incremental development
We work in cycles and add value each iteration. The “iterativity” helps to accumulate experience. Incrementality helps to keep up with the plan.
If you want to read more, visit our new Medium article dedicated to fundamentals of product development approach. It reveals how product development is different from software development and what kind of values it can bring to a business. Click on the button.