You’ve heard it before, of course – your marketing must demonstrate the benefits your product or service offers to your customer. While it’s nothing new, I came across an interesting statistic that proves this point and should help to remind all of us (me included!) about the importance of benefits to your sales message:
“Of 901 new products and services studied over a 5-year period, the survival rate for those whose marketing communicated specific benefits was 38% vs. only a 13% survival rate for products whose benefits were less clear.” This is according to Doug Hall, CEO of Eureka Ranch (and also the “mean judge” on a reality TV show for inventor wanna-bes). Source: BusinessWeek SmallBiz, May, 2007.
So, what’s it mean? According to these numbers, demonstrating clear benefits in your marketing communications greatly improves your product or service’s chance of success!