Mitigating risk

A failed product has always been a risk product leaders hope never to encounter—and often worry about. But with uncertain economic conditions and concerns about inflation and recession looming, restricted organizational budgets and reduced consumer spending mean product leaders have even more at stake than usual.

Fortunately, product leaders can leverage customer insight to mitigating risk in their product decisions. According to the Harvard Business Review, one of the best ways to mitigate inflationary concerns is to reevaluate and improve existing product experiences based on customer feedback. And according to McKinsey, challenging economic times can be an opportunity for world-class organizations to build long-term customer loyalty by including their perspectives and feedback in the products they create.

The good news is that you can test any experience at any stage of its development, from concept to post-launch. The earlier you begin gathering feedback, however, the more informed each subsequent decision will be, effectively mitigating risk in your product’s development with each round of testing.

Whether it’s prioritizing what to build next to increase revenue and stay ahead of competitors, or optimizing your priorities and roadmap to reduce risk and cost, your digital product teams need access to fast customer feedback to build the right product at the right time.

To get started, depending on the template(s) you choose, you’ll need the following:

   - Names of your product and a few competitors
   - The activity your product supports
   - An image or publicly-accessible link of your product roadmap
   - A publicly-accessible link to a prototype of your product
   - Tasks that you’d like to observe contributors attempt to accomplish using each product