What makes a product valuable?
A product is valuable in three ways.
- It helps a customer achieve something that they want to achieve, some positive outcome that they desire. (e.g. satisfied and happy customers)
- It creates a positive impact for the business in money terms when customers use it. (e.g increases in revenue, profit, and market share)
- It creates a benefit for society, not necessarily represented in money terms. (e.g. aid delivered, community engagement)
Positive Outcome
A positive outcome is an experience that helps to make a person’s life better. Positive outcomes help people to achieve their goals. A product that enables positive outcomes helps customers to achieve things that they could not otherwise achieve without your solution.
Business Impact
Business Impact refers to the impact that actions have on a business' sustainability. A product can impact a business in many ways, such as revenue generation, market positioning, brand reputation, compliance and long-term growth strategies.
Benefit to Society
In simple terms, benefits to society are the positive effects that something can have on society as a whole, such as health, education, community, and the environment. Products that are focused on benefitting society are used to help an organization fulfill their mission and can contribute to initiatives such as capacity building, developing partnerships, fundraising, and building awareness.
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