What Are Product Features? Types, Examples & More
- What Are Product Features?
- What Are the Different Types of Product Features?
- What Are Some Real-World Examples of Product Features?
- Why Do Product Features Matter in Marketing?
- How to Develop Product Features That Users Love?
- How to Present Product Features to Attract Buyers?
- How to Prioritise Product Features the Right Way?
- Conclusion
Product features define a product’s value, usability, and market success. They can be physical, functional, or value-added, depending on how they improve design, performance, or experience. In this guide, you’ll learn:
What product features are and why they matter
Types and examples of great product features
How to develop features customers love
Tips to present and prioritise product features effectively
A product’s features define its functionality and worth. They comprise a product’s design, functionality, quality, and experience. The product development team conducts extensive research to understand the customers’ needs and the features of similar products available in the market. Based on this research, they come up with features that make the product viable. When a product’s features are well-thought-out and efficiently implemented using innovative tools, businesses can expect a better adoption rate. Reports suggest that the companies that invest in product innovation witness 76% success rate on average.
If you are wondering how to develop product features, their components, their types, and why they matter, read on to find out. You will also learn how to present and prioritise product features as you go through this piece of writing.
What Are Product Features?
Product features are a key element of a product. They are carefully decided and implemented to fulfill the requirements of a brand’s target audience. Companies hire exclusive professionals who identify features that add value to a product and make it stand out in the market. They influence the product’s price and determine the user experience.
Some examples of product features include noise-cancelling technology in headphones, fast laptop charging capability, and adjustable refrigerator shelves. The product development team develops new and improved features from time to time to gain a competitive edge by enhancing customer experience.
What Are the Different Types of Product Features?
Here is a look at the different types of product features:
- Physical Features: These features include a product’s look, colour, material, and design. They often create the first impression about the product and are considered highly significant in most industries.
- Functional Features: These features define a product’s capability to carry out different functions. They define what a product is capable of handling and how it works.
- Value-Added Features: The additional features added to enhance the product’s value and elevate user experience fall under this category.
What Are Some Real-World Examples of Product Features?
Here is a look at some of the examples of features of a product:
1. Duolingo
This is a popular language-learning application loved for its unique features, such as personalised language lessons and friendly reminders to complete them. Users can learn different languages at their own pace using this user-friendly app.
2. Shiprocket
Shiprocket is a leading logistics company known for its robust features such as integration with multiple courier partners, real-time shipment tracking and automated order management. It provides a user-friendly platform to streamline shipping processes and enhance customer satisfaction.
3. boAt
boAt is a popular brand that offers a range of stylish and affordable electronics products. Its wireless earphones include ergonomic designs, long battery life, and sweat-resistant material.
4. Wix
Wix is a drag-and-drop website. It has several useful features that have led to its widespread use. Its online scheduler feature has especially received appreciation.
Why Do Product Features Matter in Marketing?
Now that you know what are the features of a product it is time to find out why they matter. Product features are important because they fulfil customers’ requirements by enhancing the functionality of a product. Businesses should plan the features strategically to come up with a unique product that outshines their competitors. They should be driven by innovation. When presented efficiently, they attract potential buyers and increase the conversion rate.
Distinct product features help elevate customer experience, thereby leading to repeat purchases and a low churn rate. Thus, product features play a vital role in determining a company’s revenue. Thus, companies should invest in enhancing their product features. The product planning team should continuously upgrade and refine features to add value to the product. This is crucial to staying relevant and competitive.
How to Develop Product Features That Users Love?
Here is a step-by-step guide to help you develop product features likely to appeal to the customers:
1. Research to Understand Consumer Requirements
To begin with, businesses must conduct thorough market research to understand customer needs and identify market gaps. This step is crucial to developing features that match market demand. By offering product features that fulfill user requirements that have been left unmet until now, you can attract more consumers.
2. Try to Enhance Customer Experience
Decide on the features to make the product useful and appealing to customers. It should not just meet the basic needs but elevate the overall user experience. Test the product to note the customers’ response. A positive response works as an assurance that the product will be accepted in the market and is capable of generating profit.
3. Follow a Targeted Approach
Many businesses develop different editions of the same product to meet the needs of different customer segments. They may add different features to different editions and set their price accordingly. This helps them reach a wider audience.
4. Analysis of Your Competitors’ Offerings
A crucial part of your research should be checking the product features your competitors offer. You must also analyse those features to identify their strong points and shortcomings. This insight will help you develop strategies to outperform your competitors.
How to Present Product Features to Attract Buyers?
Merely developing a feature-rich product catering to the consumer demand is not enough. You must also present it effectively, highlighting the key features, to attract buyers. Here are a few useful tips to help you in this regard:
1. Identify What Customers Should Know
One of the first things to do is identify what customers need to know about your product in order to make a buying decision. For instance, a clothing brand should mention the size, fabric, and fit.
2. Communicate the Necessary Features
Now that you have a clear idea about the features to be mentioned, it is time to display them distinctly. You may use bullet points to mention each feature clearly wherever you display your products for sale. Different product feature templates with various colours and fonts may be used to enhance their readability. Some brands even dedicate a complete page to mentioning their product features.
3. Group Them
It is a good idea to group similar features for easy understanding. It is recommended to mention the important features first so that the product appeals to the customers and interests them enough to read further.
4. Mention What Sets Them Apart
While presenting the features to the customers, mentioning how they fulfil their needs is essential. You must also highlight how your product features stand out in the market and have an edge over the competitors.
How to Prioritise Product Features the Right Way?
Various products across industries are evolving with newer features and functionalities added. There is a constant need to review and upgrade different products by incorporating value-added features. However, you may not have the budget to add every feature in the market. Likewise, certain new features often do not offer much functionality, nor do they add to the product’s overall appeal. Thus, making the right call when adding a feature to a new and existing product is imperative. Here are a few tips to prioritise your product’s features:
- It is important to ensure that whatever ideas you get from different sources must be practical and add value to the product. If you find similar ideas pouring in, then consider merging them.
- Conduct concept tests before implementing an idea to collate user feedback.
- The proposed features should appeal to the end user and align with the long-term business strategy.
- All the parties involved in the product planning must agree to the proposed features or any changes.
- Each concept must be ranked considering the effort involved in implementing it and its outcome. The concept that involves less effort and investment but has a good enough outcome should be given priority. If there is more than one such concept, the ranking system will help decide.
Conclusion
One of the first things while designing a product is deciding the features it should be embedded with. A product’s features include design, quality, functionality, and experience. A product’s features add value to it and are decided based on the market demand. The product development team follows a step-by-step process to develop these features. They conduct market research to understand consumers’ needs, check the competitors’ products, and identify the market gap. It is equally important to present the features appropriately to attract customers. The aforementioned tips should help in this direction. Besides, do not forget to prioritise the features. It is crucial for a better outcome.
A good product feature solves a real problem, is easy to use, and adds measurable value to the user experience.
Ideally, businesses should review features every few months to stay ahead of customer expectations and technology trends.
A feature describes what a product does, while a benefit explains why that feature matters to the user.