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How Can We Create Value? Understanding the Customer Perspective

Hannah

Project Manager
March 6th 2024

How to create value? This is a question that we should ask ourselves before starting product development because it represents the target we would like to reach.

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When we speak about value, we are thinking about our customers or potential customers. They buy our product because it offers something important, something that can simplify their lives or solve an important problem.

To understand this concept, it is important to measure the product's value with specific metrics or KPIs in order to evaluate satisfaction levels. For example, if your product has a free version and some premium or extra versions for payment, it is important to understand how many users are registered or are joining your web app. Additionally, it is crucial to understand the types of activities they are performing on the platform.

If our product has already been launched and we would like to improve its value, we need to first understand which area we would like to improve and remain focused. Then, we have to understand the main metrics of that area for improvement because we need to understand our starting point.

After this initial analysis, we can introduce some improvements, perhaps by conducting surveys with our customers or analyzing the behavior of power users. Then, we can introduce added value to the product and check if our metrics are moving in the right direction. Of course, the expectation is that the improvements are well accepted by the customers, but what if this doesn’t happen?

Regardless, there is something to learn. Perhaps we didn't fully understand customer expectations or needs, or we didn't interpret them correctly. We should view this as an opportunity to better understand the right direction rather than as a failure. Let’s rethink and propose something different!



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