Product managers are tasked with the difficult job of balancing features and benefits in order to create products that appeal to customers and achieve business objectives.
It’s a tricky tightrope to walk, but it’s one that can be mastered with the right approach. We’ll explore what that approach looks like, and how you can start putting it into practice today.
What are the features and benefits of a product, and why is it important to balance them correctly
Features are the specific characteristics and capabilities of a product. They’re the “what” of a product. Benefits, on the other hand, are the advantages that a customer gains from using a product. They’re the “why” of a product. For example, let’s say you’re launching a new CRM system. Some of its features might include:
- The ability to track customer interactions
- A user-friendly interface
- Integrated reporting tools
Some of the benefits of using this system might be:
- Better insights into customer behavior
- More efficient sales and marketing processes
- Improved team collaboration
As you can see, features and benefits are two very different things. But they’re both important to consider when creating a product. If you focus too much on features, you might end up with a product that’s complicated and hard to use. On the other hand, if you focus too much on benefits, you might end up with a product that doesn’t have the features it needs to be successful. The key is to find the right balance between features and benefits. Only then will you be able to create a product that’s both appealing to customers and achieve business objectives.
How do you prioritize features and benefits when you’re developing a new product or revamping an existing one
There’s no one-size-fits-all answer to this question. It depends on the specific product and business objectives. However, there are a few general tips that can help you prioritize features and benefits:
1. Start with the customer: The best way to determine which features and benefits to prioritize is to start with the customer. What do they need and want from the product? What are their pain points? Once you have a good understanding of the customer, you can start to prioritize features and benefits accordingly.
2. Consider the competition: It’s also important to consider the competition when determining which features and benefits to prioritize. What are they offering? How does your product compare? This will help you focus on the features and benefits that are most important to customers.
3. Simplify: When in doubt, simplify. Don’t try to pack too many features and benefits into your product. This will only make it confusing and hard to use. Instead, focus on a few key features and benefits that will really make a difference for customers.
4. Prioritize: Once you have a list of potential features and benefits, it’s time to start prioritizing. Not all features and benefits are created equal. Some will be more important than others. It’s up to you to determine which ones should take priority.
5. Test and iterate: Finally, don’t forget to test and iterate. Once you’ve launched your product, keep an eye on how customers are using it. This will help you fine-tune the features and benefits over time.
product marketing vs product management
Product marketing and product management are two very different things. Product marketing is all about creating demand for a product. It’s about understanding the customer and determining what they need and want. Product management, on the other hand, is all about developing and delivering a product. It’s about taking the product from concept to reality. Both roles are important, but they’re very different.
If you’re trying to decide which one is right for you, it depends on your skills and interests. If you’re good at understanding customers and determining what they need, then product marketing might be a good fit. If you’re more interested in the development and delivery of products, then product management might be a better option. Ultimately, it’s up to you to decide which role is right for you.