Agile software development (ASD) teams show their relevance through the continuous delivery of valuable software. As part of the ASD, Product own-ers have an important role in four activities: determining most valuable backlog items, refining them, and in validating and measuring business val-ue. In this research we investigate how product owners operationalize busi-ness value delivery in these activities. We conducted 38 semi-structured in-depth interviews with product owners in the Netherlands. We overall found that 55% operationalize value using only two of the four activities, and that 11% apply all four activities. We furthermore found that only 26,5% of these product owners use a structured prioritization method, 47% prioritize based on individual preferences and gut feeling, and 26,5% do not use any prioriti-zation approach at all. We found five different approaches for refinement. The majority (84%) of the product owners state to validate business value delivery, while just 24% actually measures business value. Overall we con-clude that there are opportunities in bringing product ownership to a higher level on operationalizing business value delivery, and that there is a clear need for better structure and guidance in operationalizing business value de-livery to do so.