In this section you get the chance to clearly explain what products or services your business will offer. The information provided in this section will become the basis of your marketing plan. It should be written so the reader can easily understand what the product is, and what it does. You should never assume that your product will sell itself, so you must always include a detailed description of the product using specifics and no vague language.
In addition to a comprehensive explanation of your product, the Product Description should also compare your product to other similar products on the market. This gives you the opportunity to clearly define what advantages your product has over the competition, as well as address any weaknesses that you may need to improve upon.
What’s in it
A Product Description contains an overview of your product or service, its features, benefits, and advantages, as well as any product development activities or liability issues. The overview should paint a complete picture of the product by answering the following questions in detail:
1. What exactly is the product or service you are going to offer?
2. What exactly does this product or service do?
3. How does the product or service perform its function?
If possible, it is a great idea to add pictures, blueprints, or any other graphical descriptions of your product to give as clear of an explanation of your product as possible. By doing this in comparison with other competing products, you can make it clear why your product stands out amongst the competition.
The product summary should also take time to focus on the problem(s) that your product will solve. In addition to an explanation of the problems, you should also discuss what the causes are, how the product solves these problems, and the benefits to potential customers. A complete description of your product, the problems it solves, and a comparison with competitors should all work to make a case as to why your product will be successful.