My buddy who is a calculus professor reminds me that identifying limits is something you do in math. You know, the math with the letters and the graphs that aren’t drawn to scale.
But I’m not talking about those kinds of limits today.
Instead (thankfully) I’m talking about identifying product and service limits. This step gets omitted rather often under the “focus on the benefits” mantra.
So why would we want to identify limits?
First, when launching a new product or a new business, we want to remain objective. Our passion for these things, while worthwhile in many ways, can get us tripped up down the road. Second, just because you’ve identified a limit doesn’t mean it can’t be sold as a positive attribute.
For example, a product limit on gasoline might be that not all octanes are equal, meaning different motors require different octanes. This reduces efficiency for the gasoline suppliers. The benefit? They can charge higher prices for the less common grades, which offsets costs.
What are some factors that you need to look at for your product limitations? Some might be shelf life, legal restrictions, and installation costs.
Think about it, and be an objective evaluator in the process.