Design

Capturing customer feedback during the product design process is critical. A small modification to a product’s design – like the product’s dimensions, ease of use, color, and packaging – could impact the overall success of the product’s introduction and lifecycle. Similarly, a change in the service offering – like hours of operation, service options, service terms, and service convenience – could impact customer satisfaction and retention.

Features

It is not uncommon for a business to be unaware of the product or service features most important to its customers. Having a good understanding of the trade-offs a customer will make during the selection process for a product or service provides the business a blueprint of “must have” features to be prioritized above “nice to have” features.

Benefits

The best resource to articulate the true benefits obtained from a product or service is the customer. Although a business may identify several expected benefits of the product or service, those recognized and acknowledged by the customer provide the best testimonial for future products/services.

Product/Service Price Points

Creating and offering a price that strikes a delicate balance between the value a product/service offers to the customer and the amount the customer is willing or able to pay. Evaluating customers’ price sensitivity and overall market pricing for alternative products/services will ensure that products are not priced (1) too high, out of the reach or interest of customers, or (2) too low, which lessens the value of the product and the associated revenue/profit.

Product/Service Differentiation

Understanding how a business’ product or service differs from and is superior to a competitor’s product or service is extremely valuable in the communication or sales process. This is especially true for unknown product or service brands that have little or no brand recognition.