While the case studies shared in the article are a bit dated, the message remains timeless: (target) customers only want to pay for the product features that they want and need based on how they intend to use the product.
Here is a hypothetical example that should help you to recognize similar situations that may occur within your own business:
Acme Company is simultaneously juggling performance, price and timing considerations for an externally sourced hair trimmer product. Choosing from among the various available product candidates seems complicated at first as no one on the Acme team wishes to knowingly sacrifice product functionality in order to hit their target price point. However, once the team focuses on the specific needs of the target customer and the particular functions this customer needs the product to perform (young men who trim their neck hair and side burns weekly between regular haircuts), the preferred product choice becomes quite clear as it represents the best balance between performance, cost and timing.
Specifically, because the trimmer is targeted for use by a customer group that will use it primarily for the select tasks described above, there is no need for it to be water-immersible. Nor is there a need for it to have more than 2 speeds. It should be battery powered and rechargeable. The team's product choice becomes clear.
We may not be able to get exactly what we want all of the time, especially when dealing with externally sourced product candidates. However, by remaining focused on our target customer's needs, our best options should become much more apparent. This in turn, should greatly enhance our decision making.
"Connecting You With The Right Solutions" BFS Innovations, Inc.