What is Products and Services Documentation?
The products and services documentation provides comprehensive information on your company’s offerings, including fact sheets, credentials and marketing collateral to your sales team to effectively target customers.
The products and services documents include:
- Technical Papers: Documents related to patents, trademarks, innovation and technical composition of your products and services
- Marketing and Sales Collateral: Sales brochures, presentations and demonstration scripts
- Fact Sheets: Documents related to your product or service specifications, functions, quality and reliability, comparative analysis with similar offerings and payment terms and conditions
- Reference Manuals: Documents that assist your customers in understanding and using your products or services
- Other: Any documents related to the risk assessment, manufacturing processes, product roadmaps and development strategies
Why is Products and Services Documentation important for business today?
The products and services documents enable your company to:
- Communicate the uniqueness, functions, quality, reliability and features of your offerings to your customers and stakeholders
- Document and track patents and trademarks associated with your offerings
- Provide your marketing and sales teams with relevant collateral to help them better market and sell products or services vs your competitors
- Outline the price points and payment terms and conditions of your business offerings
- Measure the effectiveness of sales and marketing strategies adopted by your company by assessing market performance
- Identify the risks associated with your offerings and formulate strategies to mitigate them
Why is Products and Services Documentation important for an event tomorrow?
The products and services documents are important for an event tomorrow, as they help:
- Identify the competitive advantage and uniqueness of your company’s offerings vs those of competitors
- Track and evaluate the patents and trademarks associated with your offerings
- Determine the range of products and services offered by your company and identify your target customers
- Assess the strengths and capabilities of your company’s marketing and sales teams
- Measure the severity of risks related to your company’s offerings and its impact on their sales
- Assess the effectiveness of your company’s credentials and marketing collateral
Pros of addressing Products and Services Documentation
- Benchmark the features and pricing of your company’s offerings against those of competitors
- Accelerate the decision-making in the development, marketing and sales of your offerings
- Enhance company transparency by outlining your product or service features, price points, functions, quality, reliability and payment terms to your customers
- Improve your market position by determining the unique selling proposition of your company’s offerings
- Help your sales and marketing teams efficiently pitch and position your products or services by leveraging marketing collateral and sales material
Cons of not addressing this topic
- Ambiguity and potential duplicity of offerings due to lack of visibility on their usage and features
- Restricted communication of the pricing, utility and unique features of your offerings to your customers
- Negative impact on your company’s financial health due to inability to identify and mitigate risks associated with your offerings
- Increase in conflicts with other companies as patents and trademarks related to your offerings are not documented and monitored.
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