Have you ever asked
someone about a product, get a two-sentence response, and feel as if
nothing has been learned? Describing your product is more than
simply stating the name and what it does in 20 words or less.
Introduction: Briefly describe what you
offer. Highlight the details and outstanding
characteristics,
the accommodations they provide the customer and any other
characteristics that make them stand out from the competition. Please be
brief. The proceeding subsections allow for detailed descriptions.
Products/Services: Selling products made elsewhere
is not too challenging to describe. Typically, in this case you want
to address diversity of product lines and support services provided with
the sale of those products. For example, you may open a grocery store.
Some offer home delivery, online purchasing and delivery, and others may
offer automated checkouts. Defining
your product or service is more than a simple one-liner:
Define
uniqueness,
appeal, quality and any other product or service characteristic the competition fails to
provide. You have to stand out from the crowd.Why is a customer going to change just because you're the
"new kid on the block"?
Define why customers
would change from the old product or service to your offering. People
have been doing things other ways before you came along. And some will
be reluctant to change. They have the attitude, "if it ain't broke,
don't fix it".
Define the details of
new products. Provide detailed descriptions, drawings and any other
graphics that clearly define what it looks like and how it functions.New product developers will be challenged to provide extensive
detail regarding all the elements, fabrication, functionality and
detailed improvements over existing products.
Graphically define products, if you can. The use of graphs and charts is
encouraged if they succeed in defining what you offer. A picture can
paint a thousand words.
In
the example above a local satellite ISP provider graphically compares
its faster Internet connection to that of a traditional dial-up modem
competitor.
Define the superiority of your product or service to that of the
competition.
Affiliated
Products & Services: If you are going to sell
products or services, in addition to your primary offer, choose what fits
within the theme of your company and what you offer.
For example, if you sell toys, don't add
tools to your product lines. You are attempting to attract children, not
mechanics. If interior design is your service, furniture may be a
possibility, but not kitchen utensils.
Summary:Product
and service descriptions clearly go beyond what you read in the
newspaper ads. This detailed description lends to developing advertising
and promotional strategies while beginning to examine the competition
for strengths and weaknesses.
Note:
This outline does not take into
consideration issues of trademarks, patents and copyrights. However they
cannot be ignored. This section provides the most appropriate location
in the business plan to do that. Simply include a "Legal"
subsection, or develop a separate section completely devoted to the
subject.
Define
uniqueness,
appeal, quality and any other product or service characteristic the competition fails to
provide. You have to stand out from the crowd.
