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3 Key Points to Make a Clearly Defined Benefit Statement

Updated: Aug 8, 2022

Innovators who have tested their concept early, understand their buyers’ motivations and can articulate at least nine benefits will usually succeed.

Benefit statements are not function or feature descriptions, and effective ones must be made in seven to fourteen words; use the acronym SPACED to establish a strong series of powerful user-driven benefit statements.

To gain buyer confidence, use words and phrases which demonstrate Safety, Performance, Acceptance, Convenience, Economics (the three E’s: Excellence, Efficiency and Economics or price) and Dependability (SPACED).

As part of i2P’s involvement in the Land Rover repositioning program, we developed the SPACED benefits format for use in marketing and selling programs.

So, what is the difference between a FEATURE and a BENEFIT? Features and functions are the hard, cold aspects of a product or service. For example, “this stove has digital controls” or “this computer case is shock resistant per military specifications.”

The advantages of these two elements are how they outperform similar products. The digital controls mean the stove is easy to program and settings are precise. The advantage of the military spec case is that it will not leak or break.

When an entrepreneur or intrapreneur can make clearly defined benefit statements that reflect market-tested consumer desires, they will usually have a real grasp of the success factors for their project. Here are the key points that will increase your potential to succeed.

Download Challenge # 7 Here - Answer some simple questions that will help you determine if you are committed to putting in the effort that is needed in order to succeed.

1. Focus Clearly On Your Objectives.

When you know what your users believe is important to them and you set your goals on achieving only those, you will have something that is in demand. Eureka! You will have found your offering’s Unique Selling Propositions (USPs).

Delivery of these Unique Selling Propositions will also be the metrics that help you determine how much money and effort will be put into the project. The achievement or lack of achievement you experience will also help you realize when the cost is no longer worth it, the project should be abandoned, and the experiences gained should be looked on as having a potential value in the next venture.

2.. Work Hard to Achieve your Objectives

There are no easy ways. Jack Nicolas once hit a difficult shot out of a sand trap and landed very close to the pin. A member of the audience yelled to Jack that he was very lucky. The caddy immediately turned to the spectator and responded: “Yes, he practiced that very same shot several times yesterday in the practice rounds.” When you know your objectives and your game plan, you will also become aware of potential hazards and be ready to deal with them.

Download Challenge # 7 Here - Answer some simple questions that will help you determine if you are committed to putting in the effort that is needed in order to succeed.

3. Take Action and Take It Decisively. “He who hesitates is lost.” I once coached skiing, and I used to say to my young ski racers, “No guts, no glory.” In the end, we all have to boldly take action once we know what it is we want to achieve. We all must risk failure in order to achieve. We all must accept failure in order to learn. We all must be prepared to acknowledge our failures and treat them with respect for the experience they provided and the knowledge we have gained.

Winston Churchill wasn’t the greatest student in the world, the enemy captured him during the Boer War, he went bankrupt, and he stayed in bed many days until late in the morning. Nevertheless, he led the world through its greatest crisis and rallied his allies when everything pointed against his success and Winston gained the respect of his enemies even when they were winning.

Churchill wasn’t born with any great talent, he just knew what he wanted, used his experience and oratory skills to gain support for his efforts and “KBO’d” (Kept Buggering On) in spite of the odds being against him. Even though he stayed in bed until well after ten in the morning, he was reading dispatches, discussing matters of state (yes, while he was still in bed) and most importantly was known to be working well into the wee hours of the morning before going to bed.

When you need something, a resource or a favour, don’t be afraid to ask for help. Ask loudly and clearly, letting the provider know what you want and why. Be absolutely sure they know what they will gain by supporting you.

Have you had a chance to listen to the i2p Podcast? Take a journey with Ross Blaine & Dr. Paul as they discuss concepts from the i2p book! Listen to Season 1 Today!

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