How can your product stand out in a crowded market? How do decide which features to focus on? That’s where the concept of “value innovation” can help you!
Here’s how!👇
#value #productmanagement
Here’s how!👇
#value #productmanagement
Value Innovation is the simultaneous pursuit of differentiation and low cost, creating a leap in value for both buyers and the company.
Because value to buyers comes from the offering's utility minus its price, and because value to the company is generated from the offering's price minus its cost, value innovation is achieved only when the whole system of utility, price, and cost is aligned.
Take a good look at your competitors and ask yourself the below four questions. 👇
REDUCE
Which factors or features do your competitors have that can be reduced well below the industry standards without much customer dissatisfaction?
Which factors or features do your competitors have that can be reduced well below the industry standards without much customer dissatisfaction?
IMPROVE
Which features do your competitors have that should be raised well above the industry’s standard?
Which features do your competitors have that should be raised well above the industry’s standard?
ELIMINATE
Which features has the industry long completed on but should be eliminated?
Which features has the industry long completed on but should be eliminated?
CREATE
Which factors should be created that the industry has never offered?
Which factors should be created that the industry has never offered?
The answer to these four questions is your product strategy! If you found this thread useful please share it and like it!
@threadreaderapp unroll
• • •
Missing some Tweet in this thread? You can try to
force a refresh
