As a project manager providing development support, you notice several long-standing customers are switching to a competitor because that product appears to deliver more value. What should you do first?

The product owner is responsible for maximizing the value of the product and managing the product backlog. If customers are leaving due to perceived lack of value, the first step is to consult the product owner, as this falls directly under their purview. They are best positioned to understand the current value proposition, recent changes, and competitive landscape. Increasing product focus or pausing development without understanding the root cause or consulting the product owner is premature. Requesting a product change without a clear understanding of the competitor's offering or the product owner's strategy is also not the initial best step.