Confused

But what exactly does your product or service do?

Do you ever get confused watching an advert thinking, but what exactly does your product or service do? You probably think, “it must be a perfume ad’ “. Or when a nuisance caller phones you up, it takes a while before you realise, it’s another offer for electricity or insurance protection. In this case, the caller is intentionally hiding their offer. However, in this blog, I am writing about how to clearly communicate your offer, how to tell people what your product and service does in a few compelling words. This may sound simple, but many businesses get it wrong. At our investor network and when we work with businesses producing new products at o i solutions, the is problem arises after we see a pitch when one still asks: but what exactly does your product or service do? Why does this happen and how can we avoid it?

Why does this happen?

I think this happens because the product or team designer become so engrossed in their work, the design and so on. We all do this and forget to remember the customer.

The Wrong People

When investors look at a proposition to invest into, it is about the people as well as the idea. That includes of course the lead person but also a good team. With apps, and tech, medical and engineering solutions to select just a few examples, it is critical to have people who understand the market. But important too, you need commercially minded people who understand investors, people, and marketing. And getting to the point of this blog, people on the team who think about checking not just is there are market for the product, but communicating in language and ways the target market will understand, visually, aurally, and verbally.

Making a Product is Simple – huh?

I looked at a wonderfully simple online guide called wikiHow To Develop a Product see here which covers the following simple steps:

Design a product

  • identify consumer need
  • collaborate with designers
  • come up with multiple options
  • get the funding necessary to make a prototype
  • create a prototype

Testing Your Product

  • use the product yourself
  • find an audience
  • do a series of test trials
  • gather criticism
  • revise the product

Developing Your Product

  • come up with an operational budget
  • write up a marketing plan for your product
  • present your product to investors
  • develop the criteria for quality control
  • continue evaluating and innovating your product

Video

How to create a product: steps to making it happen – here

Clear Branding

Branding is a way of identifying your business. It is how your customers recognise and experience your business. A strong brand is more than just a logo; it’s reflected in everything from your customer service style, staff uniforms, business cards and premises to your marketing materials and advertising.

See our Pinterest page with lots of infographics and videos on branding here.

And view our Storify page on branding here.

Here is an excellent article and here are the main points if you are busy:

  • Sound Good – for example alliteration
  • Meaning and benefit – Dorset Business Angels – we say what we do!
  • Correct spelling – avoid errors
  • Avoid initials

I hope you never get asked, except in a positive way, (i.e. from a confused prospect), what exactly does your product or service do?

Good luck!

Peter

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