Chapter 3: Product Features and Benefits: What’s your Company’s USP?

In the previous chapters of The Founder’s Guide to Building a Successful Business you deciphered your customer segments, named your customers and conducted customer interviews. In this chapter you will be able to:

  • Prepare a master list of features and benefits of your product.
  • Map your customer journey to know how your product will address customer pain points as well as provide greater onstage experience.
  • Design the value propositions to build a repeatable and scalable business model.

Master List of Product Features and Benefits

In the previous chapter, you have already discovered your customers’ pain points. Based on your observations, prepare a master list of all features and benefits that you should deliver in order to solve their problems in a more meaningful way. Apply the popular Who, What, Where, When, Why and How to process while preparing the product feature list:

  • Who? You already know the target customer for whom you want to build the product.
  • What? Keep in mind the key attributes dimensions, materials, product features, and functions while listing out your product features. Don’t limit your imagination by keeping a check on market realities (i.e. whether a specific feature is feasible or not).
  • Where? Whether the product will be used indoors or outdoors.
  • When? What are the situations under which your product will be used? Will your product be used every day, on a specific event or rarely?
  • Why? Why is your product better and more useful than those that are currently being used by your customers?
  • How? Consider the ease of use of your product and how it is going to provide a delightful experience to your customers.

 

Use the template provided below to fill all the features you should provide in your product in order to support your customer expectations, address their pain points and provide a competitive edge. While writing the product features, be creative. Think of ways to make it very exciting. How will you share with someone about your product in the most exciting manner? How will you get the attention of someone who you’ve just met? How will you describe it so that they will understand how great your product truly is?

Now that you’ve got your product features in place and you know your customer, you’ll want to look from a holistic viewpoint at what the customers are doing before, during, and after the time they use your product. This will add context to your project and highlight opportunities you may have otherwise missed. The technique used here is customer journey mapping which helps to document the customer’s experience from beginning to end, their service interactions and accompanying emotions in a highly accessible manner. This is what we’ll discuss in the next chapter.

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