Feature name	A title that describes the functionality you want to develop
Overview	The functionality of the feature is explained, and you can contribute any background information that would help the team.
Timing	When do you expect to release the updated user experience
Status	Not started On track At risk
Team	Product manager, development team, designers, QA, etc.
Strategic alignment	An explanation of how this advances the objectives of the product and business, and why this feature is being developed now.
Who it benefits	Who will benefit from the feature — link to any personas you have.
User challenge	The problem the user is trying to solve and ways they may be attempting to solve it.
Value score	The value estimate for the feature.
Design / UX	Link to ongoing design experiments or mockups
Impacted functionality	Note any additional functionality that this feature would impact.
Open questions	Any queries the group may have for non-functional groups or one another.

Types of Products Features

A new product will come with a variety of feature sets. You may set yourself apart from the competition by observing what features your rivals’ offerings lack. Here are five different product feature types to think about.

Function

In most cases, functionality refers to what or how a person may utilise a product. The idea is to think of ways a product might relieve a user’s pain and assist in completing a task. Certain characteristics are common, however certain goods can develop additional useful features.

Experience

Experience is about a product’s intangible qualities. Even though they might not be as necessary as functionality, they can help make consumers’ experiences memorable and even win them over as devoted patrons. A seamless onboarding procedure or receiving 5-star customer assistance are a couple of instances.

Quality

Qualities are associated with tangible and intangible characteristics. Another benchmark for a product’s perceived value is its quality. For instance, you could be prepared to pay more for clothing from luxury brands like Gucci because you anticipate high-quality materials from them.

Design

Another kind of product element that is solely aesthetic is design. One approach to set oneself apart from competitors producing identical things is through design or style. Potential customers may be won over by a phone case’s appearance, so it’s critical to take these circumstances into account while designing a product.

Added Value

Added Value The focus of added value product feature types is on the inclusions of a product. Customers who believe they are getting more features for the same price may place a higher value on your goods. Some online retailers may achieve this by including gifts with orders. SaaS products may provide free product setup.

Product Features Example

Here are the following examples of Product Feature:

Wave

Wave provides tools to streamline invoicing and bookkeeping. The option to link a bank account to the accounting software is one of the functions. End users gain from the fact that there is no effort required on their part because their cash flow is automatically updated in real-time. Owners of businesses can save time by not having to monitor credit card usage. Therefore, it should come as no surprise that the marketing slogan is “Make tax time a breeze.”

Duolingo

A language-learning software is called Duolingo. Personalised lessons created using AI and language science are among its salient characteristics. The ability to learn a new language at their own speed and ability level is the product’s benefit for users. This translates to “Language courses that efficiently teach reading, listening, and speaking skills” in the marketing pitch with ease.\

Wix

With many capabilities, Wix is a drag-and-drop website builder. The online scheduler is one of these capabilities. Using templates to add an online calendar to a website is a great way for website owners to increase revenue. “Let clients easily book appointments online” is the feature’s marketing tagline.

Headspace

You might or might not have anticipated a partnership with singer John Legend, but people frequently utilise meditation applications like Headspace to aid with sleep. John Legend reads a series of audio stories on Headspace that are intended to help people fall asleep. By utilising this option, listeners can enhance the quality of their sleep. The lovely tagline “Fall in love with sleep and practise self-love” is used to talk about this benefit.

Starbucks

Starbucks is not limited to merely drinks. Check out EarthSleeves. Drinkers are able to hold their hot beverages without feeling the heat because the sleeves fit closely around the cup. It serves as both an experience and an additional value element because it is also environmentally sustainable.

Tips to Prioritize the Features of a Product

No matter how big or little your business is, there are always a lot of different viewpoints and suggestions for the next feature to add to your product. In order to optimise the worth of suggested concepts, a prioritisation procedure needs to be put in place.

It’s a difficult process, though, because a lot of stakeholders will want to know that the correct product feature is being developed to guarantee profitability. These are six suggestions for selecting a product feature that complements your company.

Remember your business goals

A right product manager will ensure that new features align with the broader business strategy and the product plan. This might involve making sure that all parties are in agreement and reminding stakeholders of the direction of a product. It will be simpler to gather solid product ideas and win over key stakeholders if you do this.

Ensure ideas are complete

Ideas can come from a variety of sources. You can get ideas from every team in your business, conduct concept tests, or get feedback from your clients. Whatever the source, it’s critical to make sure concepts are communicated clearly. For example, a feature can be proposed without a justification for its necessity. Finding out how a feature would improve a product overall may require following up with that individual.

Merge duplicate ideas

People will frequently offer ideas that are similar to one another, so you might wish to merge them to shorten your list of original ideas. However, you should proceed with caution. It is not desirable to combine similar concepts and lose specific specifics. Subsequent concepts are grouped underneath the main idea. This allows you to retain valuable information that may be used to assess the need for a certain product feature.

Use a scoring system

It’s time to start assigning a rank to each concept. Product managers ought to take into account a minimum of two metrics: impact and effort. Idea A, for instance, might have a significant impact, but it might also be more expensive and yield a lower return on investment than Idea B. It will be simpler to reject or accept ideas if the impact and effort of each product idea are thoroughly understood and ranked.

Select an idea

You ought to have a better idea of which product features will benefit the organisation the most when you’ve finished the grading system. Occasionally, difficult choices must be taken, particularly when stakeholders disagree on the best course of action. Nevertheless, in order for the team to perform concept testing and determine precisely what has to be built, a call for promoting an idea to a product feature needs to be made.

Provide feedback to stakeholders

Those who submit suggestions will be curious as to why they were turned down. It is crucial to explain this, as it fosters communication and increases internal openness in an organization. You may clarify why an idea was turned down and then confirm the direction and placement of the product by using the scoring system.

Conclusion: Product Features

To sum up, the key to a successful product is matching observable Product features to consumer wants and clearly conveying the advantages or good results. A product’s attractiveness is influenced by how well it balances quality, design, added value, utility, and experience. Strategic development is ensured by prioritizing features based on stakeholder feedback and corporate goals. A thorough grasp of the qualities and benefits of a product is necessary to develop one that will appeal to consumers and make a firm successful.

Product Features – FAQs

What is unique product features?

Characteristics or traits that distinguish a product from others on the market are known as unique product features. Because they offer something unique or better, these features give businesses a competitive edge and draw in customers.

What is product characteristics or feature?

Features, or attributes that characterise a product are referred to as its characteristics. These components may consist of physical characteristics, technical details, functionalities, and other features that add to the product’s overall identity and usefulness.

What is a product features matrix? 

A product features matrix is a visual tool used to compare and contrast features of different products or services. It helps users evaluate options quickly and make informed decisions.

What is new product features?

Additional features or functions added to a product in order to improve its value or satisfy changing client demands are known as new product features. These characteristics, which add to the product’s appeal or inventiveness, can be brand-new or imaginative additions to already-existing ones.

How do product features differ from epics, user stories, and requirements?

Product features outline high-level functionalities, epics break them into manageable parts, user stories detail specific functionalities, and requirements offer detailed specifications for implementation.