Product development is very important for technology startups. Due to their budget constraints, the right product development decisions could be the difference between failure and success. Many startups realise too late that they have created a product that has no market need, or it is not user friendly. This article explains how Agile Product Development can help startups create the right product.
Product risks faced by startups
Product risks arise when the product is poorly defined or poorly implemented. If the design is poor, then it does not matter how well the startup implements the product. Similarly, if the design is brilliant but the implementation is not upto the mark, it does not do any good. A great product definition can be achieved by having a Minimum Viable Product (MVP) which truly addresses the customer pain points. Great product implementation can be achieved through agile engineering. The top product risks generally faced by startups are:
1. Over-engineering the product
It is important not to delay the release of the product just to get more and more features added. Instead, build a version of the product with some features and release it to the market to get the initial feedback. Then based on the feedback, you need to adapt and iterate. Build important features fast and have frequent releases of the product versions.
2. Misinterpretation of user feedback
Even if a startup takes care of the over-engineering risk and releases an initial version quickly for getting feedback, another risk could arise: misinterpretation of that feedback. Startups usually treat their product as their precious baby that they are sure is ‘perfect’ in all respects. This blinds them to negative feedback from customers, while paying more heed to positive feedback. This is called confirmation bias. To be objective and avoid this bias, it is important to have a product performance measurement framework in place to evaluate the product based on hard data coming from the market.
3. Disruption of product implementation due to scope expansion
Startup founders often get ideas at the spur of the moment, which they are often eager to implement right then and there. While doing so, they make the mistake of not prioritising the idea implementation, which disrupts the execution of the development process. To avoid this risk, it is better to add new ideas to the queue of ideas for future implementation and go ahead with the pre-decided scope.
To mitigate these risks, agile product development can come to your rescue.
Prototyping is a form of build-measure-learn process, which enables a company to get early feedback which can be utilised to build the best final product. Conditions which are suitable for prototyping:
- Prototyping process must be fast and inexpensive
- There must be real unknowns about the product, else it will only confirm what we already know.
Agile methodology and experimentation
Prototyping should not be a standalone activity. Experimentation is also necessary. Feedback must be gathered and converted into actionable insights, which need to be implemented into the product development process and create better versions of the product. A/B testing needs to be performed.
If you need some more about Agile Software Development, then ensure you consult with a trusted Custom Software development company. We at Acropolis can be your trusted advisors and provide our Agile Software Development and Prototyping expertise for your projects. Contact us right now to have our technology experts at your service! All you need to do is have a detailed discussion with us about your needs, and upon your approval of the project scope, we will develop a great product that will help you achieve your business goals! And at affordable rates too! Even better, our services are available to businesses anywhere in the world! We have served over 700+ clients from 21 countries!