Features and Benefits

Back to: How to Write a Show-Stopping Business Plan Step-by-Step

1. After we have our list of products and services, the next step is to list each of their key features and benefits.

This serves four purposes:

1. 1. • to help us gain clarity about our offerings
      • to help aid the understanding of our readers (if required)
      • to help us understand what differentiates us from the competition
      • to help us identify our best-fit clients and customers
   Many of the products and/or services are likely to share features and/or benefits – but some may stand out as offering something slightly different.

What’s the difference between a feature and a benefit?

Before we start, let’s just ensure that we understand the difference between these two:Features

1.  are actual, physical properties or functions of the product or service. In this case, we are not interested in the size and shape of the products necessarily but with proprietary features and facts such as functional strengths, technical advantages, delivery methods, patents, superior availability etc.

Benefits

1.  are the outcomes your customers get by purchasing the product or service that help them achieve their objectives or satisfy their needs. These outcomes can be physical or emotional (depending on the type of product or service you are selling).

For example, features of an online weight-loss course (product) could be that it covers certain topics, that it is available in multiple formats, that it is low-cost, that it is available for download immediately etc. Whilst the benefits would be that if you follow the program you will lose weight, feel healthier, have more energy and potentially a more positive outlook etc. To take an example of a service, features of a dog-walking service would be that your dog goes for a walk for half-hour each day, Monday to Friday, between midday and 2 pm etc. The benefits would be that the dog is healthier, getting great exercise, is less bored when home alone, and you no longer feel guilty for missing his walks.

Let’s look at the features and benefits of our Case Studies’ products and services

1. So how did our Case Studies make out?

Geoff jots down his services’ features and benefits as follows:Bodywork service

1. 1. • Features: uses only top-of-the-range products and finishes to create “invisible” repairs, completes all minor repairs within 1 week, low hourly charge.
      • Benefits: Fast turnaround, gives confidence that finishes are designed to last – “get your baby looking like new!”

Mechanical services

1. 1. • Features: guarantees fix or no charge, issues diagnosed and estimates given on the spot, completes most fixes within 1 week, low hourly charge.
      • Benefits: Fast turnaround, clients are confident that fixes are reliable.

Jennifer uses the component’s worksheet to complete her list:Mike does the same: Cindi and Wayne’s list is very specific as they want to focus on their competitive advantage:Commercial/Domestic Concreting

1. 1. • Features: All permissions, licenses and registrations taken care of; superior products used; 100% guarantees given; your schedule met; competitive pricing.
      • Benefits: “We’ll be there when we say we’ll be”; stress-free installations; peace-of-mind guarantees; value for money.

Ornamental features

1. 1. • Features: Unique and creative installations; suitable for all settings – office/home/inside/out; superior materials mean made-to-last.
      • Benefits: contribute your own ideas to create personal art-piece; you’ll have something no one else will.

One final tip: Be careful focusing too much on financial benefits ie how cheap your service is compared to others. Not all pricing models should be based on being cheaper than your competition. For some industries, proving quality or customer service or availability over price is a much more persuasive driver.

Activity

Your turn! Taking your list of services/products from the previous activity, now brainstorm their features and benefits.