Whether an MVP or a product upgrade, before every deliverable we must evaluate the value offered to the end users. The definition of value and the parameters to assess is, however, not constant. Valuing monetary assets is relatively straightforward. Non-monetary and purpose-based value estimations need deep understanding. To answer our customer’s needs, we must redefine our value definitions according to the domain, market conditions, allied latest innovations, technologies, etc.
Here are 10 questions we ask our customers to know if the products and platforms we’re building for them are helping their businesses in delivering value to their customers.
1. Does your product help its users reach their goals?
Quite often we think of goals in terms of technology upgrades, but thinking about solutions and the functions of technologies makes the products more purposeful. The goals of businesses are commonly about operational efficiency, a new feature that addresses changing needs, an upgrade that helps them expand their reach, etc.
2. Did your customers witness growth in customer base and customer retention?
Every B2B business agrees that ultimately an increase in the number of new and repeated customers is a good measure of successful product development. It is ultimately customers who bring revenue and profits.
3. Did your products add value to your customer’s brand?
Brand value is difficult to measure, especially in startups and scale-ups. Yet every new product that helps them run their business and serve their customers better is increasing their brand value. That is why collaborating with partners who share similar values helps you in carving a meaningful brand identity.
4. Is the relative value of your product good?
As technology changes fast, disruptive businesses may offer similar or superior solutions at competitive prices. To retain old and attract new customers you should offer better services at cheaper rates. This may sound quite difficult, but businesses increase the relative value of their products by offering many kinds of differentiations and providing customized or specialized solutions.
5. Do you have better metrics to calculate product value?
While there are many formulae to determine monetary values, non-monetary values are tough and ambiguous to measure. Every company, hence, creates its own definition of value addition. Defining it makes it clearer, but metrics to measure it makes it easier to achieve.
6. What is the social value of the product?
The Social value of software products is defined by the collaborations, communities, connections, and interactions the solution fosters. When digital innovations cement human connections, software products help in creating a truly collaborative digital ecosystem.
7. Do customers get better at using the products and with time find it easier to use?
Digital products establish connections and communication channels, provide insights from data, help with knowledge continuity, increase the efficiency of operations, etc. A well-designed product is easier to use and should be based on strong design principles.
8. How would your customers feel if your solutions are discontinued and unavailable?
This is a logical extension of the previous question. If the users find it comfortable in using a product, then they would usually get used to it, and would feel sad when the product goes unavailable. This is also true for non-essential products that seem good but are optional. After all, we realize the value of something only when we lose it or imagine that we’ve lost it.
9. Do your customers recommend your products to others?
Even in the current era of heavy digital marketing, customers value real experiences and recommendations of actual users. Hence, every product maker should make sure that their customers are satisfied, feel valued, and happy.
10. Does the value of your products increase with time and with upgrades?
With continuous innovation, products grow into more advanced versions or platforms. They extend their lifecycle beyond the intended domains and planned time periods. By incorporating newer technologies and functionalities, your products can become future-proof and handle disruptions effectively.
These questions are not exhaustive. However, they initiate the process of evaluating and enhancing the value of your solutions.
As a product and platform development partner, coMakeIT has been associated with digital innovations of businesses in diverse sectors and from many regions across the globe. We have been consistent in offering tailor-made innovation and offshore development services, and we’ve quite a few long-standing customers. For more details of adding value through innovation, please talk to us.