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The Product Profile sheet analyzes your products in terms of the concepts such as:
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Features. List the key features of your product that add value to it. The more specific the description, the harder it is for competitors or customers to redefine them to your detriment.
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Benefits. Express them in terms of time or money savings. Express a benefit as a verb followed by a noun.
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Value Type. Decide whether the benefits are perceived or measurable.
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Focus. Determine if the benefits have an internal or external focus or both.
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Unique Strengths. Review the summary on unique strengths before you classify a feature as such.
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Value Rating. Assign a 1 for a feature everyone possesses, and a 5 for a unique strength only your company has.
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Analogies. What everyday event parallels your highest-value unique strength or strongest feature?
Use this data to decide which market segments your products best serve. You develop a Product Profile sheet for each product. A Competitor Product Profile sheet should also be filled out for each product.
Example1: Product profile sheet example.
| Product: Talk Free and Clear Calling Program |
| Features |
Benefit |
Value Type |
Focus: Internal, External, or Both |
Unique Strengths |
Value Rating |
| Digital Signal |
Improves reception |
Perceived |
Both: you can reach customers more easily (I).
Customers can reach you more easily (E). |
Yes |
5 |
| Increases battery life |
Measurable |
Both: same as above |
Yes |
5 |
| Extends talk time between recharges |
Measurable |
Both: same as above |
Yes |
5 |
| Hands-Free Operation |
Increases safety |
Perceived Value |
Internal (external to other drivers) |
No |
1 |
| Free Weekend Minutes |
Reduces weekend costs |
Measurable |
Internal |
No |
1 |
| Analogy: The difference in reception between digital and analog is like using a satellite dish to get your TV picture versus a set of rabbit ears antennae. |
Example2: Product profile sheet example.
| Products/Services: Predicto Services, ProdoGain, and CodeCheck |
| Products/Service |
Feature |
Benefit |
Value Type |
Focus |
Unique Strengths |
Value Rating |
| Predicto Services |
Variance Alerts |
Prevents Unscheduled Breakdowns |
Perceived Value |
Both. It ensures uninterrupted shipments to their customers (E) and saves money from lost production (I). |
Yes |
5 |
| Tolerance Checks |
| Analogy forVariance Alerts: It is like the low-fuel warning in your car. You look for a gas station before you run out of fuel. |
| ProdoGain |
Single-Operator Controls |
Eliminates Need For Two Operators |
Measurable Value |
Internal |
Yes |
5 |
| ProdoGain |
200-Unit Capacity |
Increases Capacity By 15% |
Measurable Value |
Internal (more revenue) and External (more available stock to their customers) |
No |
1 |
| ProdoGain |
5-Year Warranty |
Eliminates Repair Costs |
Measurable Value |
Internal |
No |
1 |
| Analogy for single-operator controls: It is like flying your own private plane; you do not need a copilot to help you get where you are going. |
| The CodeCheck Program |
Computerized Program |
Analyzes Operations for Potential Violations |
Perceived Value |
Internal |
Yes |
5 |
| Analogy for Computerized Program : It is like using a geopositional satellite to navigate you through a gigantic legal maze. It tells you how to stay on track, and how to get back if you get lost. |
The example 1 shows how you record the Talk Free and Clear service package on a Product Profile sheet. The Market Profile sheet in example 2 illustrates how a salesperson, Steven Smartsell, working for a fictitious company called Future-Tech, fills one out. The company provides high-tech products and services to computer manufacturers.
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