Is Your Product Idea a Feature, Product, or Business?

Apps can send notifications based on various product ideas emerging. The new ideas could simply be an update or a different invention altogether for users to have a better experience. For example, users of a chat app can now transfer money to business partners and loved ones using the app.

These inventions can be a feature, product, or business, such that after an update, customers may realize that they are getting an entirely new product.

The question is, how do you rightly communicate the intention behind a product idea to users? According to WordStream, just because you know why your product will make your ideal customer’s life better does not mean they do. In their article, the advertisement company further explains the differences and importance of features and product benefits.

We have put in this write-up some insights that will help you identify the difference between a feature, product, or business when you release a product idea.

Key Points

– How do you rightly communicate the intention behind a product idea to users?

– Features are functions of a product. Products are a collection of features.

– For invention companies, products are the tools for generating more money.

– There are mainly two types of product features; unique and aesthetics product features.

– A product idea becomes a business when it can deliver desired products to users.

When Is a Product Idea A Feature?

The key to identifying a feature is that its function is detachable from the whole invention. If it is not there, it will still be able to be a functional invention. Hence, product ideas that are separable from another part of the product are considered a feature.

Usually, features play the same role as a product. It helps to improve the quality of life of the end users. The major difference is that it is less than a product in functionality.

Features are functions of a product. It could help the company provide more support or improve its ROI, like advertising features. Conversely, the feature can help the customer get more value from the product idea.

For instance, Apple introduced a product idea to the market in 2017. They introduced the AirPower, which is a charging alternative for Apple Watch, iPhone, and iPads. However, as disruptive as this innovation was, it is only a feature of the Apple family.

Without a product, a feature may become irrelevant. The reason is that they cannot stand alone. For example, the phone holder in your car is a feature.

Features can also go through all the stages of new product development. However, they differ in usage. The market of a new feature is dependent on the product it serves.

When Is a New Idea A Product Idea?

An idea becomes a product when the invention company can find a market for it. In contrast to features, it is not attached to another idea before you can sell it. End users have needs for products.

Also, a product can be defined as a group of more than one related feature. This is because the needs of end users are insatiable. Hence, multiple features can be combined as a product that serves educational, communication, or transactional functions.

Some nice new product ideas are smartphones, hidden cameras, smart personal air coolers, medical apps, etc. These products have revolutionized the way things are done. For example, you can cover an event with tiny cameras strategically placed instead of using visible cameras.

For invention companies, products are the tools for generating more money. While features serve this purpose, a feature cannot disrupt an existing market. However, as disruptive as a new product idea can be when it gets to the market, its revenue may not be enough to run a business.

What Are Product Idea Features?

There are mainly two types of product features; unique and aesthetics product features. The difference is that essential product features must be there to ensure that the product functions as it should. Therefore, essential product features are the key components of a product.

Whereas aesthetic product features only perform supplement roles. Without them, the idea behind the product would still not be compromised. However, both types of product ideas make the product better.

An explanation of the essential product feature is the chat room of WhatsApp or the dashboard of a banking app. An aesthetic feature of the WhatsApp app is the status. Similarly, a chat room on a banking app would be an aesthetic feature.

When Do New Product Ideas Become a Business?

A product idea becomes a business when it can deliver desired products to users. In essence, delivering desired products to users is the goal of the business because every business needs a goal.

This goal is how businesses rightly communicate the intention behind a product idea to users. New ideas that work as features or products must conform to certain goals. The coming together of these roles under a legal entity is what is referred to as a company.

In a release by the British company, Workspace, they explained that products must solve a problem or serve a purpose, or there is unlikely to be any demand. Check out more about what makes a business idea with this link.

The common misconception about companies is telling a startup apart from a small business. Firstly, small businesses or SMEs (Small and Medium-sized Enterprises) and Startups are business ventures.

The main differences are sizes and product development. SMEs are relatively larger in market size than small businesses and startups. However, Startups are the only form of business that prioritize innovation.

Other types of businesses already have a product to sell, and they have a fixed market. However, Startups are businesses introducing new products and features to customers. Usually, they aim to disrupt existing market demand and supply.

The disruptive ability of businesses exceeds the release of only a new product, as seen in many startups. Businesses have huge profits because of brand image and serval means of sustainability.

Related video

FAQs About Differentiating Between Feature, Product, and Business

Know more about differentiating your product idea between feature, product, and business.

Conclusion

Communicating the intention behind a product idea to users is vital to how an invention will be accepted. In the long run, a product idea should add value to end users and increase the ROI of a business.

Hence, a business needs to differentiate between features and products. Another major task is ensuring that these two inventions are sold to the right customers. That is why businesses must conduct thorough market research to develop disruptive innovations.

Are you interested in putting together highly profitable product ideas to form a business? Do you need help developing a prototype for your features, product, or business? 

LA NPDT is an invention company that will provide exceptional help for your business. We will help you transform product ideas into a profitable business. You can reach out to us via our website lanpdt.com or call us directly at 318-243-5789 with your new product ideas.