Friday, June 1, 2012

Product Management: sell experience, not just features

Lower your price to get a new customer, if you can be leaner than anyone and scale better than anyone.  Chances are, however, you will not be able to compete with China for too long in this lower price competition.

Add more features to get a new customer, if you know what features will help you close the deal.  Chances are, however, that you won't be able to do this for too long because your product will be too bloated for you to maintain.  Bunch of professional services put together as a product usually don't make a good product.

Create a new product category to get whole bunch of customers, if you know how to displace existing solutions that customers are accustomed to.  Chances are, however, that there will be second and third products in the newly created market soon, and you will be dragged into feature competition.

Give an emotional user experience to users, if you know what makes your customers tick.  Sell your product image and what it represents.  By providing unique experience, create something that is bigger than the product itself.  Create an awesome experience.  Engage with your customers emotionally.

People pay to go to concert not because of sound quality.  People go because of experience.  It's the experience of being present and interacting with performer.

Turn your product into experience that your customer cannot forget.  Get them engaged.

Excellent example of using experience to trump features and functionalities;
Korean retailer turned cutting coupon into unique experience.

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