Title: Measuring the Value of Your Product | Phase2 Technology
Headings: Measuring the Value of Your Product
Measuring the Value of Your Product
Measuring Value by Profit
Measuring Value by Market Position
Measuring Value by Utility
Measuring Value through Customer Perception
Defining Value Collaboratively
Define Value Based on What Matters to You
Metrics to Start With
Revenue
Cost Savings
Customer Acquisition
Customer Retention
User Engagement
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Tags:
Application Development

Content: Value is not a constant and needs to be continually re-evaluated. The value your product delivers to your business and its users may change over time as the market evolves. Image
Metrics to Start With
If you have not invested in measuring the value of your product to date, here are a few metrics you can start with: Revenue
While revenue can be deceptive when viewed in isolation, when overlaid with other metrics like market share and customer satisfaction this can give you a good indication of whether you are delivering value to the market. Cost Savings
Some products, such as internal systems, don’t generate revenue. One way to measure the monetary value of the product is looking at how much it saved your organization over time. Customer Acquisition
Look at the rate at which you are gaining new customers. If you are delivering value consistently, this number should steadily increase. Customer Retention
The number of customers you are able to keep is also a strong indicator of value delivery. If you are losing a large number of customers, this is a clear indication users do not think highly of your product or find utility in it.