What is value? Most people have only a fuzzy idea of what it is.

Yet the concept of value is critical to product management.

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Here is one try at a quick definition:

You create value by coming up with a more effective way of solving a particular task for a user.

Finding a date with a mobile dating app requires much less effort than finding a date at a bar. That’s how dating apps create value.

Spending an evening watching House of Dragons is more engaging and fun than watching Rings of Power. That’s how House of Dragons creates value.

Centuries ago, growing food required having almost everyone work in the fields. Thanks to efficient tools (mechanized equipment, fertilizers, robust crop varieties), a much larger amount of work gets done by just a few people now. That’s how modern agriculture creates value.

Value is all about solving problems more efficiently. This added value is why people decide to switch to a new product for getting things done.

What is your definition of value?

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