From the course: Product Management: Building a Product Strategy
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Fill in the key benefit
From the course: Product Management: Building a Product Strategy
Fill in the key benefit
- The last blank in the first sentence of the elevator pitch framework asks us to identify one and only one key customer benefit. So let's talk about what customer benefit is and how it's different from product feature. Features are things that the product can do. They may describe the specs of the product, its capabilities. Benefits are the value created by the product for its user, or what it helps the user accomplish. Let's start by going through some examples. An insurance policy pays out if its holder experiences a loss covered by the policy. That's a feature. It protects the holder from potential large financial loss. That's a benefit. Customers adopt or buy products not for the features that they have, but for the benefits they create. So before you design features and develop them, you should know what benefits you're trying to create. Now, most products have multiple features and benefits. That's fine, but in…
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