Sep 152010
 
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Why include more product attributes or benefits than your target markets require?  Very rarely is there a legitimate reason to do so.  Only when margins are “fat” in a product can you afford to be sloppy and include features that no one or very few people in your market care about.  When competition increases and margins tighten, you will regret including attributes in your product that the market doesn’t value – those attributes cost you money to provide, either directly or indirectly.  When you are introducing a product or service, once again, don’t try to be all things to all people.  Deliver the benefits that the market cares most about, and make sure you deliver the key ones better than your competition.  Anything you deliver on top of that had better not cost you much to bring to the market, otherwise you will be in danger when the market gets tougher.  Protect your margins and your relationship with your customers, but not at the expense of over-engineering your products/services, thereby making them unprofitable unnecessarily.  Remember, profitability and wealth creation typically should be the overriding goals for your venture..

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