Title: Determine Product Features

Hello,

It’s obviously vitally important to know exactly which 
features your buyers will expect your product to have, but
it’s not always easy to determine what they are.

You may be tempted to pack your product with as many 
features as you can possibly fit into it, but that would
probably be a big mistake.

Remember, every feature you add requires additional time,
money, and resources, and will increase the final cost of 
the product.

There are always baseline features that should be in every
product of its kind. For example, a watch must obviously 
tell the time. Other features, such as a light-up face and
date, are additional features. Always be sure you’re 
including those baseline features. But other features are
optional and help the buyer decide between your product and
those of your competitors.

If your goal is to create a product that will be the top
of the line with a price tag to match, it might not be 
quite so important to know which features to focus on, but
if you want to be competitive with your price point, it’s
critical to know which features are must-haves, and which
features you could leave out for the sake of profitability.

The best way to figure out which features your product
should include is to make a list of the features each of
your competitors includes, and then read each product’s 
reviews in order to figure out which features users are
really talking about, and which ones they rarely mention 
or even complain about.

After a while, you’ll begin to notice a pattern of features
that are included in all or most of your competitors’ 
products, and you’ll know which features are most important
to include.

This is another area where surveys can be helpful. You can
actually directly ask potential customers what features they 
would most like to see, having them assign a weight to each
one. The ones that get the most points are the ones you 
should definitely try to include, and the others are
features that could theoretically be skipped.

This brings us to the pricing of your product, which we will 
discuss in our next lesson.

Until then, 

{YOUR NAME HERE}

PS- Don’t think it’s as simple as pricing at or below your
competition to get sales! Sometimes pricing requires a lot
more thought, as you’ll learn in our next lesson!


