Businesses with Benefits

There’s something we’ve observed as we work with business owners – whether they’re startups or seasoned entrepreneurs, growing and scaling. Especially if the product is technical, or if it is solving something that hasn’t really been solved before, the story of what it is, can quickly get derailed. 

Entrepreneurship programs have done a great job of explaining and exploring the minimum viable product. But when it comes to talking about that product (or service, for that matter), there’s a real tendency to default to describing the features. It’s easier to answer “What does it do?” with “Here’s how it works”, or “Let me describe the features that are different from X”, than to talk about the benefits. 

Just yesterday we had a chance to sit in with a great startup group in K-W, called Startup Tech Unleashed.  There was a seasoned entrepreneur, talking about his business, and giving some really helpful, useful guidance to his peers. But we couldn’t help but notice that he started his story with the features. When he got to the benefits, POW! The story came alive. We could really understand why users were interested in the product, and why the founders created it.  There was another entrepreneur, who described himself as “not even a startup yet”, who described what his product would do, but went into lots of detail about the code, how it would work, essentially, “what would go on inside”. Again, benefits were missing from the story, and the story was weaker for it. 

We love to coach businesses to do a better job of understanding their customers, their products, their services, and their story. If your team is struggling with the difference between features and benefits, we can help. Get in touch, and let’s build a customized workshop that fits your question, and your budget. 

By the way, the startup that did get to the benefit story was Coosha – a cool calendar solution – why don’t you check them out and see if they can keep YOU from double buying the refrigerator staples that your partner already picked up this afternoon. (That sounds like a benefit to us!)

We’re Megann and Steve Willson, the Partners and Founders of PANOPTIKA. We work with our clients so they can see everything they need to know to find new customers, and gain a richer understanding of the ones they already have. You can find more insights from us on Twitter, on Facebook, or LinkedIn. We also send weekly news you can use to our subscribers. Join our inner circle  by clicking the button below. 

1 thought on “Businesses with Benefits”

  1. Yes, it does not matter whether someone wants to become a rhymester, a cook, a scholar or whatever in between, entrepreneurship can provide him the competence that will brush up his odds of victory. I don’t think there is any issue in saying that entrepreneurship is manner of living or set of circumstances. Basically, it demands a lot of diligence to build a profitable business venture. Thus, if anyone wants to make his trade money-spinning, then he has to be amenable to work harder than other employees, so that he can push himself towards his greatest extent. Thank you.

    Reply

Leave a Comment