Why Should I Consider My Service and Product Advantages And Benefits?

Products and services are the main drivers of a company’s revenue. That’s why most businesses are well aware of the fact that they need to try their hardest to make sure their product or service:

  • Is well-designed
  • Solves the customer’s problems
  • Brings value to the customer

All in all, your service or product needs to be useful to your potential client if you want to market it successfully and sell it to make a profit and grow your business.

Today, we are going to discuss the benefits and advantages of your product, as we believe these aspects are not always considered — at least not in a way that will yield great results.

In this piece, you’ll see exactly why we believe you are likely not doing enough when it comes to truly acknowledging your product’s benefits and advantages.

Let’s explain what we mean by this and see where we can find room for improvement.

Importance of Advantages and Benefits of Your Product

You probably believe that you’ve already considered all the advantages of your product or service. After all, you know exactly how useful the product is to your customers, and you know all the benefits it brings.

However, most of our clients realize they have been wrong about this only when we start discussing their brands and products. They quickly see that they have missed a lot of important things. For instance:

  • Some of them have disregarded the value each individual component of the product or service can bring.
  • Others have equated the product’s usefulness to how well it sells and how beneficial they believe it is, without paying too much attention to what the customers think.

In fact, the biggest problem we’ve noticed with our clients is that they have certain opinion regarding their products’ usefulness, whereas their customers hold the opposite view.

To fix this, you need to truly grasp the advantages and benefits of your product or service and understand how they differ from each other.

Understand the Difference Between Features, Advantages, and Benefits

  • Features — These are the components of your product or service that have been developed to deliver value to the customer. Sales people often equate the features with benefits. They end up trying to communicate the features of your product to potential customers by discussing its benefits. Even though this may sound irrelevant, it’s crucial for you and your salespeople to grasp the difference.
  • Advantages — Advantages are the explicit strengths of the product or service that result from its features. Mind you, though — these are not necessarily beneficial to all potential clients. In fact, a specific advantage can only be a benefit when a prospective customer needs a particular feature shown.
  • Benefits — Benefits are the advantages of a product or service, which fulfill the customers’ explicit needs. For example, the fact that a restaurant delivers lunch in less than 10 minutes could be advantageous to some. However, this feature is a real benefit to those workers who have a 30-minute lunch break.

As you can see, benefits and advantages need to be separated from the features. Still, even though the difference is clear, it’s often miscommunicated to the customer.

However, the distinction between benefits and advantages is still the most crucial one. Unfortunately, though, it’s often non-existent in the minds of sales people, executives, and even leaders.

To fully grasp the difference, the following explanations should help:

  • When a customer has specific requirements or needs something in particular from a product, you need to explain the benefits.
  • When you only assume your customers have a need or requirement, you need to explain the advantages of the product to them.

So, in general, when a potential customer expresses the need for your product, you will be expected to share all of its beneficial aspects. On the other hand, if you want to lead your customers to believe that such a product is absolutely necessary, then you should present its advantages, regardless of whether or not they need this product at the moment.

Know Your Product or Services

To truly understand the benefits and advantages of your product, you need to know it inside out. You also need your team to understand how to sell it or pitch it properly to potential customers.

To learn more about the product or services, you and your team members can use different sources of information, both traditional and creative ones:

  • Your own experience of using the product or service
  • Feedback from users
  • Feedback from online forums
  • Publications
  • Product brochures and catalogues
  • Sales records from inside the company
  • Competitor information

Besides this, you also need to grasp the product’s shortcomings and be sincere about them with your customers. It might sound counterproductive, but customers appreciate honesty, even if it shows a few weaknesses of what you’re offering.

What Should I Do Now?

Now that you fully understand the benefits and advantages of your product or service, you need to implement this knowledge into your own organization.

With that in mind, we have a Product/Service Advantage & Benefit Tool for you. It has been designed to help you analyze the product or service you offer and create a matrix of features, advantages, and benefits that will be used to facilitate the selling process.

With this tool, you will be able to understand and improve your products or services. Furthermore, you can also use it to analyze the features, advantages, and benefits of working within your organization in general.

To learn more, feel free to contact us. Let’s work together on improving your brand.