June 23, 2017 Joaquin Corrales

Risk Mitigation & Your Minimum Viable Product (MVP)

Managing risk mitigation.

In tech, MVP is known to stand for minimum viable product.

When you first get the idea for a new product or service, you usually start to think about all the cool new features and offerings you are certain your product can bring to the market. However, the real question at hand is relatively simple-will the market care and how do you know?

When it comes to mobile apps, websites, or custom software… here at Joaki, we make sure that our action strategy is always consistent with one key phrase. Managing risk mitigation.

Understanding both the incredible opportunity and the risk that comes with getting a technology product off the ground, risk mitigation is a topic that is at the forefront of all of our initial interactions with our clients.

When understood to its core, it could save them hundreds of thousands of dollars and even months of product development.

Risk Mitigation

The initial conversation with every single one of our clients goes like this. It starts off with our client giving us some insight into their way of thinking as it relates to their new idea. Why they think it will be successful, how long they have been planning implementation and how they have more than likely had a bad experience with outsourcing their development out of the country.

After that, we move into the segment of the meeting in which we go over all of the carefully thought out features that the application will be made up of. This is where our topic of risk mitigation begins to make its appearance. By this point, the excitement builds as we’re more than likely about to teach our client a strategy that they will be able to use for the rest of their lives. The strategy of less.

Our strategy for risk mitigation and coming up with the perfect concept for a MVP is easy. We will take all of the information the client has given us and start doing market research.

Together, we look to answer:

  • Which of the mentioned features have been done in other apps and are they still relevant? If no longer relevant, why?
  • Do the features bring value to our specific niche?
  • Are we looking to implement features that will create the core of our app and give us enough data to proceed?

By answer these 3 simple questions, we’ve found great success in strategically dismissing a big majority of the initially suggested features. The MVP-as these questions show… can include features that exist before.. but only if they bring actual value to the niche that we’re trying to penetrate. If they are features that used to exist in other apps but no longer do.. we must know why they don’t exist and how that relates to our industry. Most importantly, we must ask ourselves whether we are building core features and not features that are considered add-ons and nice-to-haves?

Add-ons and nice-to-haves are great, but not for our MVP.

Rather than spending resources on nice-to-haves, on add-ons and on features that may sound cool but really bring no value to our industry, we divert a fraction of our resources to putting in place an analytics system. One that will track key actions in our users behavior. By measuring where they are spending their time, what they are doing in the app and how they are doing it, we get to make data driven decisions that make our next round of development much easier.

Next time you’re looking to build an MVP, ask yourself these three questions and remember the important of risk mitigation by focusing on the core features that will set your app apart for the rest!

 

 

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