API strategy has become an effective avenue of growth for companies of all sizes and niches. APIs offer a lot of benefits, which is why many industry standards are based on them.
Before your company ventures into the world of APIs, it is important to plan meticulously. An effective way to do this is to understand how others did it and to learn from their costly mistakes so you don’t repeat them.
Implementing an API-first approach involves both technical and cultural shifts. Many businesses are accustomed to working according to a specific model, so transitioning may require a lot of changes, especially if the current model is the complete opposite of API-first approach.
Stakeholders must thoroughly plan the set-up of an API ecosystem, and understanding the following API mistakes is essential in building a successful strategy.
Learn from These 5 API Mistakes
- Unclear Goals
Similar to most business initiatives, an API strategy should begin with goals in mind. A few of these motivations include:
– Increasing the revenue
– Making processes more efficient
– Acquiring a better competitive advantage
– Building a bigger partner base
Identify your goals to know what you will enable with APIs, how you can achieve them, and how to market them. A lack of goals and poor planning can lead to catastrophic results, so be sure to outline a roadmap towards your goals with API in mind.
- Poor Developer Communication
Developer onboarding is a crucial part of an API strategy that most businesses overlook. Developers are the primary consumers of APIs so it is extremely important to always keep them top of mind. Release alpha and beta versions to obtain developer feedback, then fix issues and adjust accordingly based on comments and suggestions that make sense.
- Lack of Business Involvement
Like any business initiative, an API strategy is measured by its impact on the bottom line. Include the business in the strategy and estimate a decent return on investment (ROI). Developers are the consumers of APIs so determine a way to market the strategy around them. Lack of business involvement can lead to failure in monetizing APIs and proper handling of developer payouts.
ROI should not be only about monetary gains. It can also be the intangible parts- like developer engagement, thought leadership, customer mindset, and branding.
- Incorrect Traffic Projection
A proper API strategy involves a durable infrastructure that can handle loads of live traffic. Incorrect traffic estimation can result in service disruptions, loss of data, loss of revenue, and loss of trust. Before implementing an API-first approach, make sure that you can handle the traffic- be it through a cloud service provider or an on-premise data center.
- Waiting Too Long to Implement
Any form of change has its own risks, but don’t be scared to take them and learn from your mistakes. API strategy is about quick execution. The biggest mistake of all is waiting too long due to the fear of messing up. Move now and if you break something, learn to adapt quickly and make adjustments.
Define a Good API Strategy for a Successful Digital Transformation
Take time to design your strategy and learn from past mistakes to get a better chance at running a successful API program. Implementing a well-thought-out API strategy prepares your company for a successful digital transformation. Don’t rush it but don’t overthink it.
If you’re ready to start, but not sure how, simply set-up a time to meet and Profound Logic’s staff of experts would be glad to offer any advice. We would be honored if Profound Logic can assist with your transformation initiatives, but we’d be happy to simply have a conversation if that is what you prefer.
To learn more about Profound API, Profound Logic’s API solution, please visit our website here.
