What is Product Value?
Product Value, the benefit that a product provides to a customer to reduce their satisfaction gap, helps drive aspects like customer satisfaction, customer loyalty, brand reputation and the longevity of a business. It is important to know that the only way for a Scrum Team to deliver Product Value is to release a product Increment.
Teams and organizations should monitor and understand a product’s value in order to manage a product, product portfolio and business strategy effectively. However, they often lose sight of Product Value and don’t regularly validate whether their products are valuable. Often, it’s because they are in a rush to deliver products to market quickly and focused on their efficiency and speed. Other times, they may assume something is valuable to a customer, because the customer asked for it, or, maybe because internal stakeholders think they best know what customers need. In all cases, unless they measure and validate the value their products deliver, they may be mistaken and be producing waste.