Have you completed a FAB analysis (Features, Advantages & Benefits) for your products or services?
|A.||No. We don’t know how to do a FAB analysis.|
|B.||We have occasionally considered some aspects of FAB analysis.|
|C.||We have partially completed a FAB analysis for selected products or services.|
|D.||We have completed a FAB analysis for our main products and services, and we strive to consistently sell benefits.|
|E.||We have documented a comprehensive FAB analysis for all our products and services, and we consistently sell benefits.|
|[Score: A=0, B=1, C=2, D=3 & E=4]|
Why is this question important?
A FAB analysis will highlight the thing or idea most important to the customer – what is in it for them.
At the end of the day, customers make decisions for their own reasons, not for your reasons.
In the FAB acronym, the letters represent the following ideas:
F = Features.
What are the main features of your product and what is it designed to do?
A = Advantages.
What will your product do to solve your prospect’s problems?
B = Benefits.
How will your product help people gain or avoid problems in the future?
Features, Advantages and Benefits Analysis (FAB) – A FAB analysis explores the features, advantages, and benefits of a product or service offering.
Each has its own set of attributes and traits, which differ depending on the product / service and the customer you are selling to.
- Features — what products have (e.g. stainless steel part)
- Advantages — what features do (e.g. lasts longer)
- Benefits — what those features and advantages mean (e.g. fewer breakdowns and lower repair bills)
What does FAB Analysis achieve?
A FAB analysis will enable you to bridge the gap between the salesperson point of view to that of the customer’s point of view. By communicating what benefits really mean to your customer, lends credence, relevancy, meaning and power to the benefits. It brings your benefits to life:
- distinguish between “feature” of a product / service versus “benefits” to be received from a feature
- reflect on deeper “meanings” of products and services which may reside in the “mind” of customer
- consider which is the most powerful motivating influence on sales – a feature or a benefit
- it helps you focus your presentation to what is most important to the customer
- it helps you process your ideas and point of view and connect them with the customer’s point of view
Three things to remember when doing a FAB analysis
These identify those criteria that can be specified for a product or service such as its power rating, its performance, its size, its shade etc. These are important points but only partly influence the sale. This answers the question “what is it?”
The advantages focus on what it is the product or service does. These identify what the product / service does for an individual or organization such as making things simpler, increasing status, enabling more tasks to be completed in a day. These start to directly impact the end user and often they have an emotional context.
What is in it for the customer? Wherever possible these should be measured in time or money e.g. costs less to use, reduces power consumption reducing your electricity bills, takes half the time freeing you up for other activities. This is where you directly identify what an end user will get from your product or service in savings of time or money.
It is important to identify true benefits for your products / services which is not always easy. Constantly think in terms of time or money and determine what your solution contributes to an organization or individual in this area.
Prepare a FAB analysis for all products and services.