Skip to main content

Defining your product's business value

What is in it for your customer and user to buy and use your product?

While we all would have answers for this question, we need to understand what the users think of our product.

When we started our product, this is what we came up with:


We were all excited and would roll our tongues and try to convince our prospects that this is the business value that it was providing.

Turns out we were wrong. While we are providing these value adding aspects in our product, these are not the real “BUSINESS" values.

Notice that the word business is in bold.

What they really wanted was a simple web page that tells them how their business is doing without jumping through hoola hoops.

The biggest business value for saving time on doing mundane calculations.

They did not want to manually consolidate sales of 3 stores every month or every time they needed to take a decision.

Once you have captured the business value, how would you track how you are doing on that business value.

That is a topic for another post.

Comments

Popular posts from this blog

Counterfiet goods and the fledgeling e-commerce market places

India has a nascent and a very active market place. With good interest, the right climate for growth and right product mix, the indian retail marketplace seems to be going places. However, there are some alarming signals that seem to be ignored for growth that have a good chance of being dangerous to all the stakeholders involved. The issue I am talking about is the sale of counterfeit goods in all the indian market places. India has not had a history of strong Intellectual property rights. This time it is getting messier. The Indian marketplace model is very interesting and suits well to a country as diverse as India. The market place model floated by all the major e-railers suits the fact that the seller and the buyer can be connected for serving the needs for every day goods that are not necessarily covered by IP laws. India needs more effective IP laws since it is struggling with some products like traditional indian products that cannot be covered by IP versus modern produc...

Organizational growth and turn over

Organisations need to grow. However, they should not grow for the sake of growth. That would be a virus. Orgs should not grow to survive as well. Orgs should grow with a purpose.

Finding your target audience

The biggest task of the product manager is to find your target audience. Typically it is a very tight rope walk. You define it too narrowly and you would struggle to generalize the product later. You define it too broad and you would struggle to satisfy a lot of people and the product might not take off at all. There is this awesome post by Dave Mcclure on why Niche target segment works. Blog link here . What he says is mostly right and that is what we did as well. We did it mostly by accident. We had to define our niche because we could only talk to those kind of retailers and get data from them to start developing the data. It did have its upside. We were very clear on what we wanted to develop and we are slowly talking to retailers and adding more scenarios. As we are doing this, we are also talking to a slightly different set of retailers. This helps us incrementally build our product while also generalizing the existing features. In our case, we did not fin...