As a business leader, you understand the importance of staying ahead of the curve and adapting to evolving market and customer requirements. However, when it comes to scaling up your product, doing “more of the same” just won’t cut it.
Expanding into adjacent markets or internationalising by using the cookie-cutter approach is not enough to ensure growth. Even staying in your core market runs the risk of actually standing still and not remaining competitive.
That is why it is essential to make informed decisions about how to make sure your product evolves. Determining the choices on what to add, what to renew, what to withdraw; and for who, where and when may be daunting, but applying something called the Product Value Creation Plan (VCP) provides a clear approach as a framework for bringing clarity, efficiency and accountability to your product process.
The Product Value Creation Plan (VCP) was developed by friend of the Frog team, Dave Martin at RightToLeft, to support continuous learning and development of customer value. It focuses on guiding teams to prioritise value and overcome the product momentum gap for Scale-Up companies. It provides a framework for product teams to comprehend how customers perceive value and how it can be incorporated into product development for a particular market.
By adhering to the plan, product teams can adapt to changing environments, and successfully address customer problems.
The Product VCP is a concept that ties together product strategy, business objectives and roadmap with a focus on customer value. It enables you to execute the strategy by answering ambiguous questions and refocusing on customers. The VCP is not a replacement for the product strategy but an articulation of it, providing measurable goals for teams to work towards. The VCP is made up of four parts:
