6 Steps To Creating Your Ideal Product Feature Set

  • 5th Apr'22
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How do you go about creating a product feature set that marketers, salespeople, and developers will all be excited about? How do you develop a product feature set that will help you to achieve growth and revenue goals? In the world of product management, creating an ideal feature set is one of the hardest tasks. Most product managers struggle with the balancing act of creating something that is not just useful, but also usable. 

 

6 Steps To Creating Your Ideal Product Feature Set

 

How to create a product feature set?

Product features can make or break your product. It's important to have the right feature set up to ensure your product stands out. This blog will outline some steps to creating an ideal product feature that you can take from the very beginning to the very end of the product development process.

 

1. Analyze market opportunities and customer needs

The first step in creating your ideal product feature set is to analyze the market opportunities and customer needs. Companies often make the mistake of developing products that no one wants. They might have gotten some initial feedback, but they fail to continue to develop the product until they reach the stage of being able to test with a larger audience. If your aim is to create a product that is successful and sustainable, you need to constantly be testing to see if your product features are actually useful to real people.

 

2. Prioritize features

Have you ever wondered how to prioritize your product features? You want to create a product that has as many features as possible but still remains simple and easy to use. When you’re developing a new product or software, one of the first things to do is to prioritize your features. Every feature you add will add complexity to your product and user experience. Product features are easy to add, but ensure it doesn't affect user experience.

 

6 Steps To Creating Your Ideal Product Feature Set

 

3. Keep in mind the customer values

For any product company, your end game is to create a product that your customers love. In the process of that, you may need to create new features. Adding features that your customers want, will help you grow and retain your audience. A lot of companies fail to add features that their customers want. They end up adding features that are superfluous to their customer’s needs. To avoid this, you should go through the following steps: 

  • Define what you value and what your customers value.

  • Understand the customer’s needs and how you can add value to their lives.

  • Understand the customer’s journey to gauge emotional responses to your product.

  • Get feedback from your customers to validate your ideas.

  • Create a list of all customer’s needs and prioritize the most important ones.

  • Create the feature set. 

 

4. Re-organize your feature set 

Re-organize once the deadline is set and the features are prioritized to make sure they are in the correct order. Start by thinking of your ideal customer and your ideal customer’s main problem. What are their biggest challenges, and what would they like to find in a solution? This is where you will re-prioritize the features. If a feature makes the cut, you will re-prioritize them in order to make sure that the features that are the most important to the project or product get worked on first.

 

5. Highlight value-added features

Value-added features are the differentiators in your product that make it better than the competitors. They make your product stand out from the rest. These are the features that are essential to your product and that make it unique. They should be unique in the sense that they are not just a different front-end for the functionality of the product, but rather a new functionality that makes the product better than the product of your competitors.

 

6. Structuring your feature set

There are many reasons to add a feature to your product. It may be because it's needed to compete with other products in the market, or it may be because it's a "nice to have" function that you want to include in your product. The problem is that these features are rarely well thought out and can be distracting to your customer. These features are unnecessary because they don’t support your larger goals, and they don’t provide real value to your customer. One of the most important things you can do to eliminate this fluff is to set your business for the feature set and to make sure that you only include those features that support your goals. Goals are the things that you hope to accomplish from your feature set.

 

Wrapping Up

Prioritizing, setting realistic timelines and highlighting value-added features will help you create a product feature set that will sell. So now you know the six steps to creating your ideal product feature set. We hope this helps you create a product feature set that will help you sell more products. 

 

We at OpenGrowth Academy aim to convert your one idea into a full-fledged business. We are a next-gen platform to nurture your dreams into reality. Visit us to know more about the Academy programs, sessions, and events. Are you excited? Get insights on “How to Measure Product Market Fit” with us. 

We, at OpenGrowth, are committed to keeping you updated with the best content on the latest trendy topics from any major field. Also, both your feedback and suggestions are valuable to us. So, do share them in the comment section below.

 

Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

Sajitha , OpenGrowth Content Team

Sajitha is a content writer who predominantly writes for EdTech Industry and also pens poetry, eBooks, and fascinating content. She believes writing should intrigue her audience and work with passion. She is an avid reader and holds her master's in literature. Her hobbies include traveling, music, and self-publishing!


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