ASSIGNMENT 1— PRODUCTIZATION LISTS
List 1: FEATURES & BENEFITS LIST
►List1A: List [at least] 5 bulleted points describing, in a few words each, the FEATURES of your IDEA.
►List1B: List [at least] 5 bulleted points describing, in a few words each, the projected BENEFITS (focused on SOLUTIONS) your IDEA provides. Make sure to consider WHO the features of your IDEA will benefit.
List 2: TARGET MARKETS LIST
►List2A: List [at least] 3 bulleted points describing, in less than a sentence each, projected Target MARKETS for your product or service (developing IDEA). THINK about WHO these people are, their concerns and issues, what motivates them, what matters to them!
►List2B: List [at least] 3 bulleted points describing, in less than a sentence each, the projected PEOPLE, or USERS who may be intereted in our offering. Make sure to include features and benefits of your product or service important to your projected target audience/s.
List 3: COMPETITIVE ANALYSIS LIST
►Iterative Search and find [at least] 5 companies producing products and services similar to your offering/s. Study competitor’s sites.
►Rate competitors’ success in your product/service space by Googling them for ratings, comments, buzz, number of link returns. (Model successful competitors— who and how they are targeting, and with what marketing tools, what words, what visuals, what media they use.)
► List 3A: List [at least] 5 companies competing directly or indirectly with your offering/s. Include in your list the features and benefits of their offering that’s similar to yours. Save competitors URLs. (Copy their content into a word document [to review when writing your product’s content], and file with associated URL.)
►List 3B: List [at least] 3 DIFFERENTIATORS of your offering, or create features and benefits of your product/service to establish differentiators (from your competition), that will be benefits or solutions to your projected target audience/s.
List 4: HORIZONTAL & VERTICAL MARKETS LIST
►List 4A: List [at least] 3 Horizontal markets for your product or service.
►List 4B: List [at least] 3 Vertical markets for your product or service.
PRODUCTIZATION LISTS SHOULD BE NO LESS THAN 5 ENTRIES EACH! The more the better! The more features and benefits/solutions your product has the better. Projecting target markets and users will help you reach the right audience when you launch marketing and advertising campaigns. Understanding your competition helps you find or create differentiators to position (brand) your offerings from what’s already in the marketplace. The more horizontal and vertical market ideas you have, the easier it’ll be to stay one step ahead of your competitors.
PRODUCTIZATION LISTS are ONGOING, dynamic, and should be added to ALL THE TIME, whenever a new feature or benefit is discovered, new target users are identified, competitors release new offerings. Make sure to add to ALL LISTS when you update your existing product or service. And the PRODUCTIZATION PROCESS begins ANEW with each new offering you develop.