A product is an offering which may be produced by a manufacturer, collected from nature or created virtually to provide a certain benefit or value to the customer. A product can be a physical or non-physical good, made by a company to be sold to a customer fulfilling specific customer’s stated or unstated needs for which a customer pays.
Product definitions, attributes and benefits
A product can be defined as a set of goods or services that are manufactured by a company to be sold to satisfies a need of the customer. The product can be in the form of a physical item or an intangible object, such as software, images, music, videos and mobile applications.
The product can also be in the form of a business model such as a subscription service, or as an innovation such as a mobile app that enables users to complete tasks. The product is typically developed and marketed with the intent of being sold and consumed by someone else.
A product’s benefits are the things that customers will get out of it and enjoy when they use it, not just the technical features of the item itself. These benefits are often perceived, such as the reputation of a brand, or actual, such as a new way of doing something, like a better camera.
Needs, wants and product features
The need for a product comes from a base level of the consumer’s life, which can be both natural and societal. It can be a need for shelter or food, or it can be a desire for new technology, such as an augmented reality app.
Wants are more nebulous, but can also include an emotional connection to a product, such as the idea of getting a free t-shirt with your order. Needs and wants are a great starting point for defining your products’ benefits, which can then be translated into product features.
Creating a product that offers more than the competition with additional features, benefits or attributes is a great way to stand out from your competition and increase sales. It shows that your company cares about its customers and that you are looking out for them, making the product feel more valuable.
Building excellent products starts with deep user insight, clear strategy and a coherent roadmap that everyone across the organization is invested in. Successful companies develop systems for funneling a steady stream of user feedback back to their product teams, whether generated from sales calls, support tickets or formal user research.
This feeds into higher customer satisfaction and NPS scores, which in turn fuel word-of-mouth growth (known as the product-led growth flywheel). Satisfied customers also make strong recommendations to their friends and colleagues online, resulting in new sales, more repeat purchases and a positive return on investment from your marketing dollars.
The most effective product teams are aligned around strategic objectives that help them achieve mid- to long-term goals for the company. These objectives may relate to solving a particular user or market segment’s needs, driving growth, competitive differentiation or regulatory compliance. This focuses teams’ attention on specific objectives that are important to the overall success of the business, and helps everyone understand why their work matters.
Product definitions, attributes and benefits are key elements of successful product marketing and in this article, we’ll explore the core factors used to define and market products.
A product definition is used to identify a product and differentiate it from its competitors. This includes detailed descriptions of how the product is used, how it works and what it looks like. A successful product definition should give customers a clear understanding of the product’s purpose and how it can benefit them.
Product attributes are the variables that define a product’s quality, performance and usability. These include price, weight, form factors, colour, user interface, and more. Product attributes should be used to emphasise the product’s features and focus on function.
Benefits demonstrate the value of a product to consumers, and should focus on the emotional needs of customers. Benefits may include increased efficiency, greater convenience, emotional satisfaction and improved quality of life. A successful benefit statement should paint a picture for consumers of how the product will make their lives easier or better, and why it is worth buying.
Product definitions, attributes and benefits are essential components of any product marketing strategy and should focus on the customer. When creating product definitions and messaging, keep the customer in mind, and ensure that the product’s attributes and benefits are clear, concise, and relevant to their needs.