- Definition. Product benefits are the things a product offers to satisfy the needs, desires and wants of a consumer.
- Relation between product benefit and product feature. Product benefits can hardly be spoken of without mentioning product feature. These are two very close yet very different terminologies.
- The general. When there is talk of product benefits, people think of how a benefit can solve an actual tangible problem.
What are some examples of product benefits?
Software Cost Savings
- Another one of the typical benefits in an IT Project and are part of the IT project plan.
- Many IT Projects are formed to get migrate old software which needs high maintenance.
- The new software can save costs as it could be low maintenance.
- The project could replace two similar software to reduce the licenses costs.
What are the features of a product?
- Feature (a product attribute that strategically serves an epic or theme)
- Story (usually a subset of a product feature; it might take several stories to build a feature)
- Task (a discrete job required to complete some portion of a story or feature)
What should your company offer in benefits?
What Benefits Should You Offer Your Employees?
- Employee Assistance Programs (EAPs) For many, telecommuting and self-isolation is a tough transition to make. ...
- Health Benefits. ...
- Telehealth. ...
- Family Medical Leave Act (FMLA) The Family Medical Leave Act (FMLA) was expanded on March 18. ...
- Certified Public Accountants and VCFOs Available to Answer All Questions Regarding Your Business and Finances. ...
What benefits can you bring to a company?
Guidelines of Answering This Question
- Do Not Be Vague About Things. Whenever someone asks you this question, you need to be very specific regarding the skills you have and what you are willing to do ...
- Try to Answer with Logic. ...
- Give a Details Account. ...
- Be Confident. ...
- Your Capabilities. ...
- Keep It Relevant
What are features and benefits of a product?
Features are characteristics that your product or service does or has. For example, some ovens include features such as self-cleaning, smooth stovetops, warming bins, or convection capabilities. Benefits are the reasons customers buy the product or service.
How do you write the benefits of a product?
How to Write a Benefit Statement in 5 StepsIdentify the Problem. If you're having the right conversation with your customer, this should be the easiest step. ... Highlight a Feature. Which aspect of the product or service is going to alleviate their problem? ... Spotlight the Benefit. ... Present an Action. ... Share the Result.
What are the benefits of new products?
Developing new products provides a means to target new markets, increase market share, sell more and increase revenue streams. Meanwhile redesigning existing products enables costs to be cut, margins to be increased and ultimately more profits to be made.
What is the main benefit a consumer gets from a product?
What is utility? The usefulness (benefits) that a consumer receives from buying and using products or services is called utility.
What is an example of a benefit?
An example of a benefit is the payment you receive from the insurance company if your house burns down. An example of a benefit is a dinner intended to raise money for the Susan G. Komen foundation.
How do you explain benefits?
How to describe features and benefits on your websiteHighlight a key benefit (or problem you avoid) in your headline or subhead.Use bullet points to list a series of features and benefits, because they're easy to scan; mention the most important points first or last.More items...
What are the benefits of a strong product launch?
If your company is a startup, a successful product launch can lead to larger companies making offers to acquire your company. Others might want to invest in your company, based on your new product, or might want to form a business relationship to sell your product to more people in a revenue-sharing model.
What are benefits of developing new products for a business?
Benefits of development sell more to existing customers (making the most of existing relationships is cheaper than finding new customers) spread fixed costs like premises or machinery across a range of products. diversify the products you offer so you're less reliant on certain customers or markets.
What is the benefit of being the first to introduce a product?
A first mover is a service or product that gains a competitive advantage by being the first to market with a product or service. Being first typically enables a company to establish strong brand recognition and customer loyalty before competitors enter the arena.
What is a benefit in marketing?
In marketing, the word benefit refers to some advantage or positive outcome for the consumer. That is, the consumer is better off due to the purchase/consumption of the product.
What does benefits mean in business?
Define Business Benefit A business benefit is a tangible outcome of an action or decision that contributes towards reaching one or more business objectives. That definition serves well for many business planning, decision support, and other analysis needs.
What are the types of benefits in marketing?
The 4 types of benefits are as follows:Core Benefits – These are the main functional benefits of your product. ... Expected Benefits – These benefits are often unstated. ... Augmented Benefits – These are benefits beyond the expected, and may offer added value, surprise or excitement.More items...•
Objectives
A product that allows a customer to achieve an objective. For example, a refrigerator that makes small ice cubes allows a customer to make their favorite iced beverage at home.
Cost
A product that saves the customer money. For example, a parent who is looking to save money on batteries for children's toys finds that rechargeable batteries have a lower lifetime cost than disposables.
Convenience
A product or service that saves the customer time or makes things easier such as delivery of groceries to your door.
Productivity
Professional software that saves an architect time in developing concepts for a client.
Efficiency
An electric car that can make it from one city to another on a single charge.
Sustainability
An electric bus that helps a city to achieve its sustainability targets.
Risk
An airline that has a good safety record and reputation makes a customer feel safe on flights.
What are the actual benefits of a product?
Actual benefits – these include the performance of the product, its design as well as its cost-effectiveness. Perceived benefits include the products popularity, its image or its reputation.
What is product benefit?
Definition. Product benefits are the things a product offers to satisfy the needs, desires and wants of a consumer. They are what a consumer hopes to get, feel or achieve when he/she uses a product. Product benefits can either be actual or perceived.
Why are benefits better than features?
Although they all work together in a bid to get consumer attention, benefits outright tell the consumers how exactly the product will change their lives.
What happens if a company cannot connect a feature to the benefit?
A company can go on a promotional roll, telling the customers about the great features its product contains, but at the end of the day, if the customer cannot connect the feature to the benefit, then they don’t really get why they should buy that particular product over another.
Which is better, car brand A or B?
Although car brand A may have better features, car brand B will most probably record more sales. That is the power of showing customers the product benefits as opposed to the product features.
Can product benefits be emotional?
But product benefits can also be emotions. Although there are products whose sole purpose is to bring emotional satisfaction to the user, more and more products are looking to give their consumers emotional satisfaction on top of the actual benefit.
What is product feature?
This comes from a fundamental misunderstanding of the differences between features and benefits. Product features are the characteristics of your product . These are the plain facts about the product – its size, weight, and functionality. These are elements that are more important in the production stage. But when it comes to the selling stage, ...
What is benefit in marketing?
Benefits are the outcome and result that the customer will experience by using your product – the reason why a visitor converts into a custome r. Remember, consumers don’t buy things for the sake of buying them – they want to solve their problem. Get out of the product bubble.
What is the idea behind the statement "You shouldn't tell the customer what you've produced"?
The idea behind his statement was that you shouldn’t tell the customer what you’ve produced, but instead the value they will gain from your product. And, although this is a simple idea, many marketers fail to apply it. Many businesses describe their product in the way that they see it, not in the way to attract a customer.
What is product benefit?
Product benefits, on the other hand, are the features that are most important to the customer. More often than not these are conceptual and change according to the individual shopper or customer segment. For the example above, this would be: Water Repellent: Shoes that can bear any weather rain or shine.
Why are product attributes and benefits important?
Product attributes and benefits are important because they optimize your customer-centric approach by using theory and research. And by technical I mean all the ins and outs of your eCommerce offering that product attributes and benefits will help you optimize. Let’s take a closer look. 1.
Which eCommerce store has product descriptions that highlight both product attributes and benefits?
Amazon, perhaps the most dominant eCommerce store at the moment, has product descriptions that highlight both product attributes and benefits: Each product attribute is followed by a product benefit: compact and lightweight (attribute), perfect for travel (benefit), etc.
What are product attributes?
Product attributes are the components of a product that describe its features. Product attributes are concrete, objective, and can be observed. The attributes of a product don’t change. But which attributes you choose to show will vary depending on campaign, customer, or brand.
What are the attributes of sunglasses?
Next to this, you have to dissect and analyze your products. If you’re selling a pair of sunglasses, its attributes are its colors, size, fit, frame, and any special characteristics like polarized lenses that differentiate it from others:
Why is it important to understand benefits?
Given that benefits are ultimately more important to your customers than features , it is imperative that you understand the benefits your products and services provide, emphasize these benefits in your sales efforts, and update your products and services when new or additional benefits are desired by your customers.
What is the difference between benefits and features?
The distinction between the terms benefits and features is an important concept in developing and marketing a product or service. Features are characteristics that your product or service does or has. For example, some ovens include features such as self-cleaning, smooth stovetops, warming bins, or convection capabilities.
Why do features matter?
Features always matter because they provide your customers with hints about how well your product or service will deliver its benefits. Although benefits are generally more important than features, there are some times when features make all the difference: 1 When all the products in a category provide the same basic benefits, a unique feature may provide a competitive advantage. For example, when all boom boxes played tapes and CDs, the one with the bass booster stood out even though the benefit to the consumer was minimal. As another example, when all leadership consultants referred to similar performance improvement outcomes, the ones who developed online diagnostic tools distinguished their work from competitors. 2 When products or services can be easily compared with competitors’—as the Internet makes increasingly possible—consumers can choose products and services with the most features. Thus, even though most cell phones will provide its owner with the same general benefits for communication, a person considering which cell phone to buy may not choose a certain model if it is missing a feature not found on a competitor’s phone. For example, if one phone has Bluetooth connectivity and a second one does not, consumers may choose the one with this extra feature even if they don’t even know what Bluetooth connectivity is. It’s not that such connectivity is important, it’s just that it is so easy to compare the feature sets.
What are the benefits of an oven?
Benefits are the reasons customers buy the product or service. For example, the benefits of some ovens to buyers include safety, ease of use, affordability, or—in the case of many ovens that feature stainless steel casings—prestige. Just like products, services differ from one another in having distinctive features and benefits, ...
Why is it important to highlight benefits in marketing and sales efforts?
By highlighting benefits in marketing and sales efforts, you’ll increase your sales and profits. It’s important to remember that customers buy products and services because they want to solve a problem or meet a need.
Why are features important?
Features can communicate the capability of a product or service. But features are only valuable if customers see those particular features as valuable. You want products or services with features which customers perceive as valuable benefits. By highlighting benefits in marketing and sales efforts, you’ll increase your sales and profits.
What is the purpose of an oven?
Every product or service has a purpose. For example, the purpose of an oven is to bake raw food, but not all ovens have the same features and benefits. The uniqueness of a product or service can set it apart from the competition. Features can communicate the capability of a product or service.
Why is it important to have a product manager?
Here are some benefits of having a product manager on board: 1. Strengthen collaboration between internal teams. As stated, the product manager is responsible for creating a structure that teams will work within, and also to work collaboratively across the environment.
What is the role of a product manager in business development?
The product manager works as a universal translator between processes, so that each employee can dedicate themselves to developing the skillsets that will best serve the customer in their current role.
Why is it important to know what the market wants and needs?
Knowing what the market wants and needs will help reduce the chance that a product will flop. Ultimately, a product manager can update processes, strengthen your teams and foster collaboration across your company. They help ensure your long-term success and tackle opportunities as markets evolve.