(2018-11-01) Rosenfeld Lean Product Development And How To Choose The Right Value Proposition

Jordan Rosenfeld: Lean Product Development And How To Choose The Right Value Proposition. While the MVP is important, Lars said they spend the vast majority of their validation on their product cycle, particularly on what he calls “positioning.” In a nutshell this comes down to: “How are we selling? What is that core headline, that core value proposition…they’re going to get when they buy it?”

In fact, Lars has found that getting that value proposition right can generate as much as four times the revenue. “I strongly advocate that you spend the bulk of that product cycle time getting that value proposition, even on a single feature, right.”

Lars has learned to put a lot of faith in the customer’s ability to determine what products or features are good. He utilizes A-B testing, putting a couple of different options in front of customers, and asking them which ones they’re most excited about and willing to pay for.

Lars has had a lot of success offering what he calls “ranking surveys,” which he called a “really easy way to get real data behind these value propositions.” In them, they offer 5–7 options of value propositions for new features they’re considering.