How do you prioritize your product's value?

1 Validate your problem

Before you start building your product, you need to validate that the problem you are trying to solve is real, relevant, and urgent for your target market. You can do this by conducting customer interviews, surveys, experiments, or other methods that allow you to collect feedback and insights from your potential users. You want to find out if they experience the problem, how often, how severe, and how they currently cope with it. You also want to understand their needs, goals, motivations, and frustrations. This will help you define your value proposition and prioritize the most important problems to solve.

3 Validate your market

Finally, you need to validate that your product has a large enough and profitable enough market to sustain and grow your business. You can do this by conducting market research, competitor analysis, and financial projections to estimate the size, growth, and potential of your market. You want to identify your target segments, their characteristics, their willingness to pay, and their acquisition channels. You also want to analyze your competitive landscape, your unique selling proposition, and your revenue streams. This will help you prioritize the most attractive and achievable markets and customers for your product.

4 Use a prioritization framework

To help you prioritize your product's value more effectively and systematically, you can use a prioritization framework that helps you rank and compare your ideas, features, and markets based on various criteria and metrics. There are many prioritization frameworks available, such as the Kano model, the RICE score, the MoSCoW method, or the Value vs Effort matrix. You can choose the one that suits your context, goals, and preferences best. The main idea is to use a consistent and transparent method to evaluate and communicate your priorities and trade-offs.

5 Test and iterate

Prioritizing your product's value is not a one-time activity, but a continuous process that requires constant testing and iteration. You need to validate your assumptions and hypotheses with real data and feedback from your users and market. You need to measure your results and learn from your successes and failures. You need to adapt and adjust your priorities and plans based on your findings and insights. You need to keep your product aligned with your vision, goals, and resources, and deliver value to your customers and stakeholders.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?