What’s the difference between product features and benefits?
Product features and benefits differ in that a product feature is a particular attribute of a product that produces a favorable result for a customer. A product benefit, on the other hand, refers to how a feature impacts customers. Customers typically gain from features by improving how simple, effective, or secure a product is to use. Customers may benefit from increased safety as a result of a product feature like automatic braking in cars, for instance.
What are product features?
Features of a product are elements that set it apart from competing goods on the market and increase their value to consumers. Features can also be used to describe a product’s capabilities, parts, user interface, or performance improvements. Numerous features enhance the usability, effectiveness, and appeal of products for consumers. This may entice potential customers to buy products, assisting businesses in meeting their sales targets.
How to prioritize product features
It’s beneficial for businesses to prioritize features because doing so could potentially improve customer satisfaction and boost sales. The following four steps will help you order product features in priority:
1. Learn the business objectives
Understanding the company’s objectives will help you prepare to prioritize the features of the products you produce. Consider talking about potential goals with your coworkers, managers, or supervisors if the company doesn’t already have any goals relating to product features. By successfully attracting customers and other stakeholders, the development of pertinent product features can assist the business in achieving its objectives. According to the findings of customer feedback, a shoe company, for instance, might add particular components to shoes, such as arch support, in an effort to increase customer retention.
Product managers frequently consult the company’s brand identity and mission statement when choosing and designing features to ascertain which improvements, capabilities, or design modifications could more effectively align products with the company’s goals. A technology company that prioritizes modern design, for instance, might give top priority to a feature that improves the aesthetics of a technological product, like making a smartphone thinner and enlarging its screen. This may help the business draw in new clients who value product design in the same way that tech companies do.
2. Prioritize goals
Companies frequently have multiple objectives for their products, so it can be helpful to review the business objectives and identify the most crucial ones. These objectives may also cover areas where the business intends to make improvements, like an outdated product. You can also put time-sensitive business objectives first, like creating features for your products that coincide with holidays or other special occasions. You can concentrate on developing product features that address the company’s most pressing needs and its customers’ most pertinent desires by ranking these goals.
3. Create categories
Prioritizing the business objectives and requirements will allow you to group potential features into the appropriate categories. Consider categorizing the features based on the objectives the business hopes to accomplish or the advantages they might provide to customers. This can assist you in identifying features that might have a similar impact.
Comparing all the items in each category after you’ve created them will help you decide how much money to spend on each objective or advantage. For instance, you could designate categories for features that could lead to the objectives of raising brand recognition or luring new clients. You may decide on the most important objective and concentrate on developing features for that category after categorizing potential product features with the appropriate category.
4. Develop a ranking system
Consider creating a ranking system that takes into account the potential advantages and disadvantages of each feature once you’ve decided which category of features to concentrate on. You could, for instance, complete a product matrix that contrasts a feature’s potential to achieve a business goal with the cost of developing it. By doing so, you can rank product features in order of importance to maximize benefit while minimizing risk or cost. This can facilitate the quicker achievement of business objectives through more effective product strategies.
How to define product features
Your team can create products that align with the company’s vision by accurately describing the features of existing products. Here are three steps you can follow to effectively define product features:
1. Define the product user
It’s helpful to define the product’s target market for the development team to comprehend the feature the company plans to create. You can identify the type of customer the feature might appeal to and explain why they might think it relevant by creating buyer personas. Buyer personas can assist the team in focusing on the factors that might influence a customer’s value of a feature, such as their personality, purchasing patterns, or needs. The product development team can develop features that enhance a customer’s interaction with the business by defining the product user.
2. Create a customer journey map
Consider describing how the feature can enhance the target customer’s experience with the company after you’ve established who they are. You can accomplish this by developing a customer journey map that illustrates how customers might interact with your business at each stage of the purchasing process. the potential advantages of the feature should then be linked to each stage of the customer journey.
For instance, a car’s proposed backup camera feature might increase safety. This may be significant to a client who has kids or lives in a neighborhood where parallel parking is necessary frequently. By illustrating how learning about backup cameras might entice a customer to look at the company’s vehicles, you can tie this information back to the beginning of your customers’ journey.
3. Explain your vision
By making sketches and other visual representations of the product feature, you might want to consider clarifying your vision for it. The design team can develop the feature to meet the specifications based on the company’s goals and customers’ needs by showing them these images. For instance, you could draw a picture to illustrate your vision for the feature and demonstrate how you want your customers to use it.
Benefits vs Features | The Crucial Key to Selling More Of Your Product and Services | Adam Erhart
FAQ
What are product features give example?
Product features are the specific areas of a product’s new or improved functionality that provide value to your customers. You can think of these as little gifts. Features generally refer to capabilities, elements, UI design, and performance enhancements.
What are good product features?
Product features are characteristics or attributes that add value to customers and help a product stand out in the marketplace. An electronic device’s battery life may be regarded as a feature. The fabric or other components used to make a suitcase can also be used.
What are 3 different types of product features?
- Reliability.
- Safety.
- Quality of design.
- Proper Storage.
- Quality Conformance.
- Efficient marketing.
- Great positioning.
