Product Managers - "Adding Value"
I have a goal this year to write more often and in shorter lengths. Here is a piece of my brain that I'm chewing on at the moment that relates to defining Product Management, and the commonly used phrase of "adding value":
"Adding Value"
- What does it really mean to add value to your customers or business?
- How do you measure the value that you are adding, and how far out is it measured?
- Which one do you focus more on, customer value or business value?
- How do you reconcile adding customer value that decreases business value?
- How do you reconcile adding business value that decreases customer value?
Consider the following: A product solution could aggravate users, and yet drive measurable business value. Real life example - an interstitial page for a mobile site is cumbersome to mobile site visitors based on survey results and bounce rate, but it leads to a measurably higher conversion of mobile app downloads and higher near-term revenue (over the last 6 months). Is this sacrifice to customer satisfaction acceptable? Does the annoying experience erode brand value over-time? Should the measurements for success include longer-term views?
Comments with your thoughts are very welcome and appreciated!
President @ HRforGrowth | Global Chief Human Resources Officer
9yJosh, I'm thinking of a brand like apple and it may only apply to brands like apple and the others that rule the universe with impunity, but I do believe that customers "get used to" the changes and over time forget the "old method" they loved. Maybe they don't feel like they have a choice or that everything else the product does is too valuable to cause them to vote with their feet (by walking away). For less dominant brands, I do believe that customers will leave to explore their options.