Customer benefits are essential for understanding competition and what customers want. When defining a market, marketers often focus on features and attributes of a product or service, but they should focus on the benefits they provide. Theodore Levitt said that customers want the benefits of the product, not the product itself. Benefits can be classified into 3 types: functional, experiential, and symbolic.
Benefits help marketers avoid being blindsided by competition and substitute products. Benefits are particularly important in B2B markets, which are often composed of functional benefits. Examples of functional benefits are reliability, ease of use, performance, customer support, compatibility, and security.
Marketing myopia happens when companies focus on a product, industry, or demographic instead of benefits that customers want. This can be seen in the taxi industry with the rise of Uber and Lyft. Companies need to identify customer benefits to avoid becoming blindsided. This can be done through observation, listening to customers, and using available tools. If you need help, contact us and see how we can help you.
Customer Benefits: A Brief Introduction to Why Customers Buy Your Products
Don't worry ... it's FREE!
Although people globally are torn over whether brands should weigh in on politics more, most say they have made brand choices to express their own personal politics, according to recent research.
See how European B2B marketers are succeeding by prioritizing authenticity and data privacy best-practices. Discover takeaways for US marketers. Read more.
Learn how integrating purpose into your B2B strategy builds trust, strengthens client partnerships, and drives business growth. Read more now.
Most B2B professionals expect their firm's marketing budget will either increase or stay the same in 2025, according to recent research.
An impassioned argument that corporate Pride often falls short of meaningful allyship, focusing instead on commerce and misunderstanding the LGBTQ+ community as a monolithic group. Read more.
Learn how a positioning framework can align product and marketing teams, reducing confusion and improving outcomes. Read more.