I've worked in the software industry for a decade and a half as both a software engineer and software development manager. One thing that I've learned to do for the projects my teams work on is to anticipate and understand the possible trade-offs you're going to have to make downstream.
It's a given that something is going to change between the start of a project and when you actually ship that's going to force you to make a trade-off. As I've talked about before, Agile and LEAN allow us to mitigate the cost of making these changes by reducing the time it takes to get and incorporate feedback.
One thing I haven't talked about is how to make the right trade-offs for your product.
Minimal Shippable Product
Understanding your minimal shippable product is the foundation of any trade-off decision you're going to have to make. I'm not taking about a gut feeling about what you're customers may want. I'm talking about understanding what makes your product different.
Some questions to ask yourself to identify the minimal shippable product:
- Does the lack of feature X put my product at a significant disadvantage in the market place I'm entering or are already in?
- Will 80/90/100% of my customers use feature X?
- Will missing feature X make you look stupid? For example, a text editing product without copy/paste or an image processing app without the ability to adjust contrast.
- Is feature X a key differentiator for my product?
- Can your customers achieve feature X in some other fashion?
- Does missing feature X cause significant friction for your customers?
- Is feature X on the short list of reasons to buy your product?
Time To Market vs Feature Complete
Another very important thing to consider is how important is time to market vs feature completeness. Are you providing a service that no one else currently provides? Does the market you're entering have a sales cycle that requires you to make a specific date?
Being first to market has strategic advantages that cannot be ignored. But being first to market with a sub-optimal product may hurt you worse than not being first. Apple wasn't first to market with the smartphone, but they offered features that weren't available anywhere else. The converse is also true though, they were first to market with the modern day tablet and it took half a decade for anyone else to really break into that market because there wasn't a compelling enough reason to buy the alternative to the market leader.
Breadth vs Depth
The last major trade-off to consider is whether your product provides a breadth of features which are mostly polished or a sub-set of those features that are fully polished. I'm not talking about your minimal shippable product here. I'm talking about the things that didn't make your MSP list, but may be the right things to build for your customers. For example, if you're providing a parity product, you need to know how much parity you need to achieve to be relevant to your customers.