4 Q's - Rethinking Value

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Quintessential Thought

Recognizing and delivering value is the cornerstone of successful products and services. The concept of "value" is multifaceted and can be subjective, as it often lies in the eye of the beholder. It's crucial to remember that perceived value can differ between creators and consumers. Just because something seems valuable doesn't mean the end user will perceive it the same way.

Warren Buffett once said, "Price is what you pay, value is what you get." Drawing parallels with Maslow's hierarchy of needs, organizations should move beyond the fundamental attributes of products and target higher, more transformative purposes. Consider the difference between Planet Fitness and CrossFit; while one offers a basic fitness environment, the other provides a sense of community, hitting higher on the "value pyramid."

It's a prompt to reflect: Where does the value of your product or service lie? Beyond mere functionality, how can it resonate on a deeper level with consumers? Take a moment, evaluate your offerings, and align them with the true needs and desires of your audience. Only by understanding and embracing this perspective can we create solutions that truly matter.

Quotes

"Price is what you pay, value is what you get." - Warren Buffet

“Value is not made of money, but a tender balance of expectation and longing.” - Barbara Kingsolver

“Once you pull the trigger, you have to realize that the current value is not the price that you paid, but rather the price that you would realize upon sale. It's what the next investor is willing to pay you for the asset.” - Jonathan Heller

“The cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run.” - Henry David Thoreau

Quick Step

Get clear about where you provide value to your customers - is it convenience? Motivation? Cost savings? Dedicating time to think about this can reshape how you deliver value. Join us in an upcoming Backlog Management workshop on rethinking how to deliver value.

Question

Is what I say is valuable for our product matching what my customers say?

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