How to Write Product and Services Section in a Business Plan

People Don't Buy Your Product, They Buy Your Story - Michael Margolis. This quote perfectly encapsulates the importance of the products and services section in a business plan.

How? It provides you the opportunity to clearly and professionally present what your business offers, why it stands out, and how it benefits your target market.

Whether you're offering a physical product, a digital solution, or a service, this section is your chance to showcase the heart of your business and demonstrate its potential for success.

But how can you present your products and services in a business plan in a way that helps your stakeholders easily understand and connect with it? Worry not, you will find out in this blog.

Let's dive in.

What to include in the product and services section?

When it comes to what to include in your business plan's product and services section, this is your chance to shine. You want to give readers a clear picture of your offering and why it matters. Here’s what you need to include:

1) Detailed product description

Start by providing a clear and concise description of your product or service. To give your stakeholders a complete understanding, address these five key questions:

• What is it?
• Who is it for?
• Where is it available?
• When should one use it?
• How to use it?

Your detailed product description should address all five of these key questions with clear and concise answers. To help you organize your thoughts, consider using the following table to provide precise responses:

Using this table to prepare your detailed description will help you address all key questions, giving your stakeholders clear and comprehensive information about your product or service.

2) Unique features and benefits

Highlighting your product or service's unique features and benefits is essential to building trust and capturing the interest of your stakeholders.

By showcasing what sets your business apart, you demonstrate the strength of your idea and prove that it’s a worthwhile investment in your business.

To effectively showcase the uniqueness of your product or service, you can follow these steps:

Tell a story 📖💭

To create a deeper connection with your audience weave a narrative rather than just adding listening features. Unfold specific challenges you overcame or a personal story that inspired it. Try to connect your audience with your product or service emotionally.

Create a visual comparison 👀

Rather than simply comparing your product with competitors in text, create a visual chart or infographic that shows side-by-side differences. Make it easy for the reader to see what makes your offering stand out.

Show how it changes lives 🌟

Don’t just focus on what your product does—show how it transforms lives. Use before-and-after scenarios or customer journeys to show the real-world impact. People connect more with emotional stories than just facts.

Use testimonials in creative ways 🎥💬

Instead of traditional quotes, use video testimonials or customer stories. Show real customers using your product and sharing their experiences. Visual storytelling can bring more authenticity and impact to your message.

Create a “behind-the-scenes” look 🎬🔧

Give your audience an exclusive look at how your product or service is made. This could be a behind-the-scenes video, a tour of your production process, or an interview with the team. It shows transparency and authenticity.

3) Current stage of development

Including the current stage of development in your product or service section is essential because it provides stakeholders with a clear understanding of where your offering stands and what to expect moving forward.

Here’s why this is crucial and what you should cover:

By answering these questions clearly, you ensure your stakeholders are informed about the current state of your product or service and understand the roadmap ahead.

This transparency not only manages expectations but also demonstrates your strategic planning and commitment to success.

4) Pricing and delivery strategy

This is one of the most critical elements to include in your product and service section. Your stakeholders need to understand the pricing model you’ve chosen and how it aligns with your overall business strategy. It’s essential to address key questions such as:

• Why have you set this particular price?
• How does your pricing compare to competitors? If it’s higher, what justifies the premium?
• What factors influenced the pricing (e.g., cost of production, market demand)?
• What profit margins are you aiming for?
• Does the profit margin cover operational expenses and leave room for growth?

If you need additional information on pricing strategy or are confused about choosing the right pricing strategy for your product or services, then you may refer to our article on types of pricing plan strategies.

Additionally, you must clarify your delivery strategy. If your product requires delivery after production, it’s crucial to specify:

• What resources or infrastructure are in place to handle delivery?
• Will you manage delivery in-house or partner with third-party logistics providers?
• How will delivery timelines and costs affect the overall customer experience?

Addressing these points ensures stakeholders have a clear understanding of how your pricing and delivery models contribute to the sustainability and profitability of your business.

5) Intellectual property and proprietary features

This section highlights any patents, trademarks, copyrights, or proprietary technologies associated with your product or service. It demonstrates how your business is safeguarding its unique offerings and maintaining a competitive edge.

Additionally, intellectual property adds value to your business by protecting innovations and reducing the risk of imitation. This reassures stakeholders that your product or service has defensible advantages.

Here’s what you can include in your intellectual property and proprietary:

• Details about patents, trademarks, or copyrights (if applicable).
• Proprietary technologies, processes, or methodologies that differentiate your offering.
• Plans for future IP development or protection strategies.

Including this information reinforces your product’s uniqueness and assures stakeholders of your commitment to securing your market position.

6) Customer experience strategy

Highlighting your customer experience strategy shows stakeholders you’re not just selling a product but creating a lasting, value-driven relationship with your audience.

It focuses on how your product or service will deliver an exceptional customer experience, from the moment they discover your brand to post-purchase support.

Furthermore, showcasing your customer experience strategy makes your stakeholders feel confident that you understand the importance of customer satisfaction in driving business success.

Your customer experience strategy section should answer and include the following aspects:

• How you’ll ensure a seamless user journey (e.g., intuitive design, easy onboarding).
• Plans for support, feedback collection, and improvements based on insights from potential customers.
• Strategies for building long-term relationships, such as loyalty programs or personalized services.

7) Plan for growth

Your growth plan is a vital component of the product and services section especially if you’re a small business administration or new business owner. It outlines how your business will expand and evolve over time.

More importantly, demonstrating your growth plan also reassures your stakeholders that you’re thinking ahead.

Here’s what you can include in your growth plan in the product and service section:

Tips on writing the products and services section

Following these tips will help you enhance the quality of your business plan, making it more compelling and convincing to your stakeholders:

1) Focus on benefits, not just features

Shift the focus from simply listing the features of your product to explaining the tangible benefits it provides to the customer.

Because stakeholders want to know how your product impacts the user experience and creates value, simply stating features isn't enough—tell them how those features improve lives.

For example, instead of saying, "Our app has a calendar function," say, "Our app helps users stay organized and save time by automatically syncing appointments across all devices."

2) Make it relatable to real-world scenarios

Give your stakeholders real-world scenarios or case studies that demonstrate how your product or service is used. This shows practical application and increases its appeal.

By making your product or service tangible in everyday contexts, you can paint a clearer picture of its impact, making it easier for stakeholders to see its value.

You can take the example of Tesla, which often showcases customer stories or video testimonials to highlight how their electric cars improve daily driving experiences and contribute to a sustainable future.

3) Break your business plan into bullet points for clarity

Instead of long paragraphs, use bullet points or numbered lists to break down key aspects of your product or service. This makes the information easy to digest.

Moreover, bullet points allow for quick skimming and highlight the most critical points without overwhelming the reader with information. Notably, well-organized business plans keep your audience engaged and navigate essential aspects easily.

4) Keep the focus on the audience, not you

Shift the language from "I" or "we" to "you". Focus on how your product or service benefits the reader or customer. This builds empathy and creates a customer-centric narrative.

Stakeholders will feel that you understand their needs and that your business plan is tailored to provide solutions, not just products.

Instead of saying, "We offer a variety of services," say, "You can enjoy a wide range of services designed to meet your specific needs."

5) Keep language simple and clear

Avoid jargon or technical terms that may confuse your audience. Use clear, simple language to ensure everyone can understand your product or service regardless of expertise.

Clear communication fosters understanding and ensures your message resonates with various stakeholders.

6) Include scalability and adaptability

Describe how your product or service can scale as your business grows. Can it adapt to different markets, customer needs, or increased demand?

This gives stakeholders confidence in your ability to expand without losing quality or efficiency. Scalability is an attractive feature for investors.

Example of product and services in business plan

For a quick overview of your product or service in a business plan format, refer to the table below. It outlines what to include and how to present the key details succinctly.

Wrapping up

Remember, the products and services section is your opportunity to show stakeholders why your business deserves their attention clearly. As we've discussed throughout this blog, this section should describe your product or service in a way that's both compelling and easy to understand.

From what to include to helpful writing tips, we've covered everything you need to create a section that informs and captures interest. However, writing the product and service section can be time-consuming and complex.

If you want to make this process quicker and easier, consider using Bizplanr. It’s an AI business plan generator tool that helps you create a high-quality plan, including a thorough product and services section, all by answering a few simple business-related questions.

This tool helps save you time and effort so you can focus on what matters most—growing your business.