Product Characteristics
When developing a product, consider the following:
Features: These are properties associated with the product. What does it do? How long can it be used for? Who can it be used for? Where can it be used? In comparison to products in the market, how do your product feature compare? Is it compelling? Does it offer more features at the same price? Or perhaps it offers similar features at a lower price? Or maybe it does the same thing, but in a different way which might be more effective. Benefits: The client will be most interested in this property. How will they benefit specifically from this? How will it increase their pleasure and avoid pain? If they can perceive and visualise the benefits (whether tangible or intagible), they will be receptive towards the product. The benefit may not necessarily even be a tangible benefit. It could give them a sense of security or better peace of mind. Some time ago (and even now), companies were marketing perfumes which contained phermones (a hormone which is usually produced by animals and is thought to have attract members of the opposite sex). Although these products have never been scientifically proven to be effective as scientists generally believe we have stronger control over our behavior rather than be a slave to our instincts, these perfumes have had some success. Clients may not actually be more attractive because of the perfume, but they may experience a higher level of confidence. Clients will sometimes willingly buy into a 'placebo' effect, where they will experience a positive benefit because they believe they have benefitted, compared to an actual benefit. Integration with existing products: Does the product complement existing products? If there are several leading shampoo brands in the market, perhaps you might like to develop a conditioner or special treatment that complements these shampoos. You will be enaging in 'coopertition' where you cooperate and bank on the efforts of the dominant players. Upgradability/Durability/Obsolescence: Is your product intended to be upgraded with more functions and more capabilities? Is your product durable and something that can last a long time? Does your product have built-in obsolescence, becoming obsolete or needing to be replaced after a period of time. These factors will have an impact on your business strategy Ability to crosssell and upsell: Perhaps you could consider selling a basic product. In combination with other products in the range, it could become even more effective. Or if you combine the basic product with an advanced product, you could do something different. An example might be found in the education system. If you have obtained a bachelor's degree in computer science, you might consider expanding your knowledge base by taking a degree in finance to broaden your skills as an entrepreneur (a crosssell). At the same time, you might also consider a master's degree in programming to increase your profieciency as a computer programmer (an upsell).
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