Build what you can sell
9 out of 10 businesses price their offerings just a few months before the product launches which is simply too late to price the product because the offering is already built.
Monetization-first approach to product development begins with the buyer and their willingness to pay, and therefore it controls the limits of your cost structure. Only after determining to what cost structure to build, you can make the feature and functionality trade-offs, decide which features will provide value, and prioritize just those features that align with your customers’ willingness to acquire your solution.
Value-focused innovation gets you to MVB before getting to MVP.
While you have valuable products you also must have a viable business. And you simply cannot agile your way into profitability. While agile can get you to minimally viable product and beyond very effectively, it doesn’t actually get you to minimally viable business.
Value innovation enables your process to fail faster and to not fail at all by preventing you from making technology the focus of innovation. It replaces the internally driven cost structure and informs your teams with just the product choices that will help you to meet your revenue, segment growth and profit targets – before you write a single line of code. Value-focused innovation takes you from wishing to monetize to knowing that you will monetize.