Product Value with Paul Jackson, Pivot Ventures – Pragmatic Talks

“Don’t create product jobs, but a product that creates jobs.”

~Paul Jackson

Paul Jackson has been building digital products and services for over 15 years and is the founding partner of Pivot, a venture services firm based in London.  We recently invited him for a Product Talk on “Product Value”- What is it, Why it’s important and How to measure it?
Paul has a vivid thought process and believes product value is quite hard to measure. He says, traditionally, product value has always been measured in the terms of the satisfaction (Utility Theory) a customer gets from using a product. However, all that changed when (Daniel) Kahneman and (Amos) Tversky published Prospect Theory, exploring this notion completely. Prospect theory proposes that a customer fixes the value of the product based on his perceived gains rather than losses.
Building on the theory, he says, when a user switches behavior in favor of another product and away from yours, it becomes imperative to recognize what are his ‘perceived losses’ resulting from your product and try and fix those pain points.
Paul believes that the product value chain cannot be viewed in isolation but as a cumulative value of all the different elements of the product. As a product manager, you must continually learn how to increase product value by introducing new features and intelligently deciding trade-offs between the existing ones such as speed, price, look & feel, etc. to achieve your product’s maximum value (or potential). For that, you need to perform constant product value analysis.
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Improvements don’t always guarantee success. You need to really understand the concept of values.

He adds, sometimes a perceived gain (improvement) in the product not only diminishes its value but destroys it. The best example is that of Snapchat and how they lost a considerable chunk of their customer base when all they were doing was improving their product. Instagram slyly slipped in to fill this empty market space by correctly understanding and translating customer behavior in their product design.
He says, ultimately the success of a product is defined by how you price, how you market, how you introduce the features and sticks behind the decision of which users you are targeting.
We delved deeper into the concepts and discussed- ‘What are the different value stages that attract users?’ And ‘What does product value mean in real terms?’
Check out our video of this exclusive AMA with Paul Jackson to know more here:

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