Explain how this idea can be applied to product management

The concept of focusing on the customer's willingness to pay (WTP) and customer delight can be applied to product management in several ways.

Firstly, product managers can focus on creating value throughout the customer journey, not just at the point of purchase. This could involve enhancing the product's features, improving customer service, or offering additional services that complement the product.

Secondly, product managers should prioritize value creation over sticking to a current business model. This might mean pivoting the product or its features based on customer feedback or market trends.

Lastly, the concept of customer delight, which is the difference between WTP and price, can guide pricing strategies. If the perceived value of the product is higher than its price, customers are more likely to be satisfied and become loyal to the brand.

Remember, a higher WTP doesn't guarantee success, but a focus on customer delight throughout their journey can lead to a competitive advantage.