Product/Service Features and Benefits
Customers have wants or needs. In this section, you will determine how your products can be used to cater to customer wants and needs. This will help you better focus on what products/services will best suit your customers. When identifying what products or services you will sell, focus on the customer needs or wants that you wish to fill. What are they? How will your products/services fill those needs or wants? Try to stay focused on a few key wants or needs that you will fill. Some questions to consider:
- What customer problem are you solving?
- What’s in it for them?
- What do customers really buy?
- What is the difference between what you sell or do and what customers buy?
Customers buy benefits, not products/services; for example, when you purchase food from a restaurant you are purchasing convenience. You could buy the same food at a grocery store but without the convenience of it being prepared for you. You are buying convenience rather than the actual food.
The features of your product/service should deliver benefits. Features create benefits, and benefits give the customer a reason to purchase a product/service. A feature is a part or piece of your product or service (for example, a feature of a winter coat could be an insulated liner). A benefit is a need or want. You need food, transportation, shelter, etc. You want comfort, appeal, style, etc. Using the winter coat example, the feature of an insulated liner would provide the benefit of warmth or comfort which is what the customer is ultimately looking for in a winter coat.
When determining your products/services start with a few primary product/services, adding new ones based on your understanding of your customers and markets. Try to remember that working with too many products or services at one time can become complex and overwhelming.