When products and services offer something to the customers that satisfies their needs and wants, that something is known as benefits of the respective products and services. The factors of satisfaction can be:
• Actual: This may include performance, design, cost effectiveness and other factors
• Perceived: This may include popularity, reputation, image and other factors
A product benefit is actually the answer to questions which the customers face when they are offered product features. The questions are usually of the forms:
• So what?
• What is in it for me?
• Does the product do what I want it to do?
Product features are just facts about the product, made during promotions. But features never attract customers to buy the products. Here product benefits weigh in and give meaning to the features, showing customers something-of-value in return of buying the product.
It is a generally accepted fact that product benefits are more important to customers than product features. So, it is very imperative for marketers to understand the benefits of the products or services being offered. Benefits should be highlighted properly in the sales pitch and the products or services should be updated according to the changing desires of the customers.
An effective way to improve the efficiency of product messages is to use product benefits, like:
• Lead the message with product benefits, always. This way, marketers can directly speak to the customers’ motivations to buy their products. The benefits, in this way, are conveyed to customers in a language that is easier to understand and thus creates action.
• Supporting product benefits with product features. This way, the promotional message is strengthened as features act as proofs for the benefits.
Hence, this concludes the definition of Product Benefits along with its overview.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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