Feature Race for Products

Had a very interesting discussion with one of the mentors at the http://www.startup.org.sg Bootcamp last weekend.

The conclusion of it was that somehow, many products on the market have failed not due to the lack to advertising dollar or the financial clout to push the product through distribution channels. It was simply because the product was too choke full of features. Sounds counter-intuitive, doesn't it?

Picture this:
Salesman : "This phone is definitely the right one for you! It comes packed with the latest 3G technology, has a 2 megapixel camera on the back, allows you to serve the web and check your e-mails on the go and also has latest fingerprint recognition to prevent unauthorised access! What's more, it allows you to also add in memory cards for more storage and has these great games installed for you. Isn't it great!"

Customer (thinking) : "I wonder if it still makes calls..."

Ok, I may have gone overboard with the scenario but here's the point to note: more features do not equate to more sales. Sales people and marketeers both typically forget that it is still essentially what customer needs to use the product for that is driving the demand for it. From the latest cell phones to sliced bread, what they seek is the value that they derive from using the product, not the 1001 features packed into the amazing miniaturized gadget. Don't get me wrong, having all those extra features are really great but one has to understand which is the single feature which makes all the difference to a particular customer.

Knowing how to spot that difference is key to it all.

Quoting from a plague hung from one of the hardware stores in the States -- " No customer who comes in here wants a 1/4" drill bit, they just want a 1/4" hole"