Is what customers give up to gain the benefits of having or using the product or service?
Show The distinction between the terms benefits and features is an important concept in developing and marketing a product or service. Features are characteristics that your product or service does or has. For example, some ovens include features such as self-cleaning, smooth stovetops, warming bins, or convection capabilities. Benefits are the reasons customers buy the product or service. For example, the benefits of some ovens to buyers include safety, ease of use, affordability, or—in the case of many ovens that feature stainless steel casings—prestige. Just like products, services differ from one another in having distinctive features and benefits, though these differences may not always be so obvious to potential customers. One building contractor may use master painters while a second uses laborers to paint. Both will tell you they do painting, but one has master painters (a feature) and produces a better-looking paint job (a definite benefit). Every product or service has a purpose. For example, the purpose of an oven is to bake raw food, but not all ovens have the same features and benefits. The uniqueness of a product or service can set it apart from the competition. Features can communicate the capability of a product or service. But features are only valuable if customers see those particular features as valuable. You want products or services with features which customers perceive as valuable benefits. By highlighting benefits in marketing and sales efforts, you’ll increase your sales and profits. It’s important to remember that customers buy products and services because they want to solve a problem or meet a need. Consciously or unconsciously, your customers will always be asking the question, “What’s in it for me?” Your product and service offerings have to deliver solutions and satisfy needs, or they won’t be successful. Given that benefits are ultimately more important to your customers than features, it is imperative that you understand the benefits your products and services provide, emphasize these benefits in your sales efforts, and update your products and services when new or additional benefits are desired by your customers. Think about how automotive manufacturers advertise. To sell minivans, they don’t emphasize the layout of the vehicle or its carrying capacity. They show images of happy families loading their kids, sports equipment, and toys into the vehicle. They emphasize the benefits above and beyond the features. Here are some other examples emphasizing benefits beyond the features:
When Do Features Matter the Most?Features always matter because they provide your customers with hints about how well your product or service will deliver its benefits. Although benefits are generally more important than features, there are some times when features make all the difference:
Post navigationWhat are the customer benefits of your product or service?A product benefit is the value that customers realise from a product or service. Benefits are expressed in terms of needs, expectations, requirements and motivations.
Is the sum of all the values that customers give up to gain the benefits of having or using a product or service?Price. It is the sum of all values that buyers exchange for the benefits of having or using a good or a service. can be defined very narrowly as the amount of money charged for a product or a service. However, price is really more than that.
What are the benefits to your customer?Top five key benefits of customer satisfaction. Customer loyalty. When your customers are satisfied, they believe in the brand and become loyal. ... . Support pillars. ... . Sales revenue. ... . Boost brand reputation and popularity. ... . Reduce marketing expenses.. What are the 4 types of customer value?With a consumers' wants and resources (financial ability), they demand products and services with benefits that add up to the most value and satisfaction. The four types of value include: functional value, monetary value, social value, and psychological value.
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