Product

What is a Product?

A product is a tangible item that is placed on the market for acquisition, attention, or consumption, while a service is an intangible item, which comes from the effort of one or more individuals. Even though it looks like the main distinction between the two is based on their tangibility, that is not always the case. In most cases services are intangible, but products are not always tangible.

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Why do you need to define your Product or Service well?

When it comes to your product or service, clarity is crucial. Clearly defining what you aim to do is directly connected to the success of your sales and marketing efforts. When you properly define the products or services you sell, you will differentiate your offering in the marketplace better, which is key to revenue growth. That’s all everyone wants, right?

One of the most undervalued benefits of being able to define what you do, is that it allows you to define what you do NOT do. This skill is a great filtering or decision-making mechanism for what you should focus your time on.

Often, businesses lose money by spending too much time and resources serving customers who are not a good fit for their product offering. Extra time and resources are invested for the sale and support of those customers, when the business could be serving a more ideal fit.

Having clarity gives you the confidence to say NO, and focus on serving customers in your most relevant target audience.

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What does a good Product or Service look like?

While you can never guarantee a successful product launch, you can improve your odds if you prepare properly. But, avoiding mistakes is only part of the equation. You need to know what a successful product looks like, so you can chart a course to success for your own product or service.

A successful product quickly acquires new customers and offers consistent value.

One of the best and most famous examples of a successful product is the original iPhone. In 2007 Apple launched the iPhone and changed the entire mobile phone industry. The iPhone debuted to unbelievable success.

So what made the iPhone so special? At the time of the iPhone’s first launch, competing smartphones were using QWERTY keyboards and styluses. The iPhone’s touchscreen was sleeker in design and easier to use than a traditional button-based interface. And, it caught on like wildfire.

And, the rest of the smartphone industry struggled to catch up.

There are many lessons you can take from the iPhone’s success. But, the main theme is that the iPhone made doing stuff on a phone and in general easier. And people love easy. If your product can make consumers’ lives easier, or if it solves a specific pain in a simple and user-friendly way, you’re on the right track. If you want to learn how to make the most of your product’s features, and differentiate it better, click here and follow the detailed article on how to leverage your features to sell more.

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