Specifications are simply your most valuable marketing tool. They are used on every opportunity.  Without them, it is highly unlikely you can win new business against your competitors.  Unfortunately, it is common for many companies to invest heavily into new product development, and next to nothing into product datasheets, launches and press releases.

Basic specifications are not enough to win opportunities in a competitive market.  It is most common to lose business opportunities at the paper design stage, when your customers are making their initial investigations into products.  It is likely your customer will review multiple product specifications before deciding whom they want to evaluate.  If your specifications are not up to the competition, you are likely losing opportunities.

That does not mean we need to make a super flashy document, but we do need to make sure the information presented is organized effectively and meets the expectations set by your industry, and just a little more to make sure you stand out from your long list of competitors.