Delivering Value in Your Products

When considering or buying a product, consumers have several questions. What exactly is the value of the product? Is it a fair return in goods, services, money, or some other benefit in exchange for something?

“Value represents the ends and features are the means to those ends.”

Value needs to be clear, explicit, testable, and transparent to make smart product decisions.

As you can already tell, value is a key determinant of a successful product. What is value? Value is what we get in return based on what we give. For intangible goods and services such as software, value is often measured in the context of features.

Value changes can be impacted by several factors including, competition threats, market and economic conditions, and internal factors.

Features are a bundle of functionality that align goals with objectives. Features come in various forms and levels of granularity. This can include user stories, minimum marketable features, epics, minimum viable products, and so on.

Value can be tangible or intangible. An increase in revenue or customer base is tangible. Goodwill, brand projection, and a positive reputation are intangible.

There are two key elements that are always considered by product owners and agile product managers:

1. What is the value being offered by your product? Value lies in the eye of the beholder, who can be a consumer, business, or technology stakeholder.
2. Can the product adapt to changing market dynamics? With time, the value proposition changes. Value changes can be impacted by several factors including, competition threats, market and economic conditions, and internal factors (such as changing leadership, budget cycles, and the impact of customer feedback.)

Here are some common decision points that must be considered when considering a new product to be developed:

• Market — What is the market segment you want to play in and who is your customer? Who are your competitors? What are they doing in the market? What are the market trends? What advantage will you and your product bring to the market? These…