From the course: Creating a Business Plan

Define your product and solution

From the course: Creating a Business Plan

Define your product and solution

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- Your business plan needs to clearly define your product. Explain the product in simple non-technical terms. Avoid buzzwords. And also assume your audience is completely unfamiliar with your product. Describe how that product solves a problem and talk about the benefits in a very concrete way. Allow me to offer two product descriptions. Now this is for the same exact product. The first example is we offer a best-in-class immersive learning experience that provides participants holistic approaches to buy directional communication strategies that leverage market-driven insights resulting in learning uptake as demonstrated by elevated Kirkpatrick scores for 12 months postintervention. You have no idea what I sell. It sounded great as a product description but it's not clear what the product is or what the benefits are. Allow me to offer a clearer description of this product. We offer a full day onsite training course that teaches participants a process for communicating more efficiently and effectively resulting in shorter presentations and faster approval of their ideas. Now those product descriptions are dramatically different. And in the second one, you understand what the product is, and how you as a customer can benefit from it. So as you're writing your business plan, make sure your product description is clear and simple and articulates concrete benefits for your customer.

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