BENEFITS Flashcards
e is a technical detail of what the innovation does, how it was made and what it is.
FEATURE
the advantage these features create for the customer.
BENEFIT
is the business impact the
benefit brings
VALUE
the advantage your customers get by using your technology’s innovative
features. It is not the feature set or technical specification, but the way those features actually solve
a problem for the customer.
BENEFIT
Customers do not make buying decisions based on the technical features or specifications
of your innovation—they buy ______________
SOLUTIONS TO THE PROBLEM
are
critical, but each must provide a specific value, or the customer will not pay for them
TECHNICAL SPECIFICATION AND FEATURE
To identify your core benefit, look at the fundamental reasons you created this innovation
Explaining your history and the “why” behind your technology can be a compelling way to engage
your audience early on. If you can quickly describe why you developed your technology and the
problem you solved, it helps customers understand how it could benefit them.
YOUR HISTORY
These innovations were born with an application or problem in mind. But what if your
technology was not invented with an end in mind? What if it’s an early-stage technology without
obvious application? In such a case the “why” of a technology may be rooted in the pure pursuit
for scientific knowledge
FINDING BENEFIT
Your benefits may come from a variety of places—even surprising ones! The technical
features, characteristics and specifications of your technology may a provide a diverse set of
benefits—beyond what you originally intended.
Your innovation might confer benefits in one or several categories: performance, physical,
cost, environmental, or product life cycle.
CATEGORIES BENEFITS
s are excellent because they are typically quantifiable. They can be tested
and validated by third parties or existing customers. Always look for the metrics that tell precisely
what value your product will add to the customer’s performance.
PERFORMANCE BENEFITS
The technology may improve the characteristics of an object:
Weight advantages
Size Advantages
Portability
Durability
Resistant to weather, temperature extremes, corrosion, rot, moisture, or insects.
Maybe your technology is an object that has size or weight advantages or is particularly strong
and durable. The value of these benefits, like those in performance, can be expressed using metrics.
PHYSICAL BENEFITS
There are potential benefits anywhere your technology can reduce costs to produce a product
and create higher margins:
Expenditures
Personnel
Production
Raw materials
Capital
Operations
Commercialization
COST BENEFITS
immediately attract your customer
COST BENEFITS
With the growing awareness of environmental issues, these benefits may be important to your
potential value. A few areas where your technology may provide an environmental benefit:
Carbon footprint
Greenhouse gas emissions
Management of chemicals [Volatile Organic Compounds (VOCs), etc.]
Raw materials used
Resource intensiveness
Energy consumption
Ease of recycling or safe disposal
ENVIRONMENTAL BENEFITS
can often be stated in terms of published quality standards and
certifications. It is important that all benefits you claim be proven and verifiable
ENVIRONMENTAL BENEFITS
These includes benefits that provide value over the time a customer owns and maintains a
product –for instance, customer support or improved switching costs (efforts to switch from an
existing system to yours)
PRODUCT LIFE CYCLE BENEFITS
EX. OF PRODUCT LIFE CYCLE BENEFITS
Maintenance requirements
Spare parts requirements
Service and support requirements
Ease of adoptability
Fit within existing infrastructure and processes
Ease of manufacturing
Scalability
Customer lock-in
Exercise
Now that you have the list, assess the strength of your statements.
ASSESSMENT
Let’s examine how to reword a few phrases that intend to deliver positive statements, but could be
worded in a more convincing way:
Most advanced system in the world
Simple design
Award-winning
Good quality
ASKING QUESTIONS TO DEFINE VALUE
Once you have identified the benefits, quantify them using metrics that immediately
reinforce your value to potential customers.
you position the
technology with certainty in the customer’s mind.
QUANTIFY
