Features and Stories: Are they a startup trap ?š
The Startups' Dilemma š¤
For startups, differentiation is key. Yet, we fall into the trap of emphasising features or captivating stories, often overlooking the most persuasive aspect: the benefits. Let me share some of the mistakes I have made with the hope no one has to ever make the same mistakes again.
The Problem with Features š ļø
Features are essential, but their narrative can backfire. They are easily comparable and often quickly replicated, leading to a race to the bottom in pricing and innovation. Large incumbents easily copy the ideas from small startups and can make them defunct overnight. The dilemma? When startups focus solely on features, they risk becoming just another option in a sea of similar products.
The Storytelling Trap š
Stories are powerful. They connect, inspire, and build brands. But there's a catch. Stories can become mere background noise without a clear link to tangible benefits, failing to drive the crucial "why" behind customer purchases.
Benefits āļø
Before diving deeper, let's clarify what we mean by 'benefits.' Unlike features, which are the specific characteristics of a product, or stories, which are the narratives we build around our products, benefits are the real-world value and impact these features have on our customers' lives.
Thinking in Levels of Abstraction š
Successful startups convey how features translate into benefits, focusing on the resulting feelings and improvements in customers' lives. People don't just crave products; they seek enhancements to their lives. When new iphone came out, I distinctly remember that many bought that because it was āa cool new thingā and then listed all the features to justify the purchase. When Steve Jobs introduced the iPhone, he showcased its features, but what he really sold was a feeling - the excitement of having the world at your fingertips. He masterfully elevated the conversation from a piece of technology to a transformative experience.
Toyota's focus on "Oh What a Feeling", is more than Cars š
Toyota's famous campaign is about the joy, freedom, and exhilaration of driving. They sell a feeling, an experience, turning a routine purchase into a gateway to memorable adventures.
Elevating Customer Experience š
Successful marketing moves from pain (problem) to gain (solution), through features and stories, to benefits. It's this journey that creates lasting memories and feelings, to turn customers into advocates ( that is where viral growth exists).
Personal Reflection: Learning from Past Mistakes š¤·āāļø
Like many founders, I've been caught up in the feature race, overlooking the true motivator behind customer loyalty: the benefits. As a startup advisor, I talk to many founders regularly. It's a common pitfall, as we often get blindsided by our innovations.
The Rut of Competitive Catch-Up šāāļø
Startups often are in a relentless pursuit of one-upping competitors with better features. It's a never-ending cycle that can distract from what truly matters: how your product or service enhances lives.
Reframing the Focus: The Benefits of New Thinking š§
Focusing on benefits can help redesign your value proposition. This approach fosters deeper connections with customers, as it resonates with their desires and aspirations.
Embracing a Benefits-Focused Strategy šÆ
Consider moving from selling products or services to selling experiences and transformations. As they can create meaningful, memorable interactions, leading to lasting customer relationships. The most compelling story is how you make your customers feel.
In penning these thoughts, I've drawn on extensive discussions with numerous founders about what works and what doesn't in adopting a benefits-selling approach. This journey has been enlightening, and it's forming the foundation of my forthcoming book. If you're intrigued by these concepts and would like to be kept in the loop about its release, feel free to connect with me.
For those who are looking for a deeper dive into translating the features of your product or service into compelling benefits, Iām here to help. Don't hesitate to reach out if you'd like to discuss strategies tailored to your startup.
Iād love to hear from you. Whatās been your experience in focusing on benefits over features? Have you found a particular approach effective in your startup journey? Share your stories in the comments ā letās learn and grow together!
If you're intrigued by the idea of transforming the way you approach innovation and creative thinking, I invite you to explore my Udemy course: 'š” Unleashing Ideas and Beyond.' This course is tailored to empower entrepreneurs and thinkers like you to break conventional boundaries and foster groundbreaking ideas. It offers practical, actionable insights that can be the catalyst for your next big breakthrough. If this resonates with you, I encourage you to take a closer look here https://www.udemy.com/course/introduction-to-unleashing-ideas-for-startups-and-beyond
Ā© Sameer Babbar
sbabbar@sameerbabbar.com
Follow/Connect on Linkedin,X, FB or Insta
Be the first to get emails with new ideas from Substack
Disclaimer: This is for information only. It does not take into account your objectives, financial situation, or needs. The author, his company, his associates, his directors, his staff, his consultants, and his advisors do not accept liability for any loss or damage, including, without limitation, any loss that may arise directly or indirectly from the use of or reliance on the information provided