Welcome to Module Three


Defining Your Products and Services

When you define the benefits and features of what you offer, along with the perceived value of your product or service, you’r setting up a clear path to creating a strategic marketing plan.

In this module you will describe what you sell in detail, differentiate between features and benefits, and walk away with a better understanding of the value you bring to your clients.

Identifying how your product or service fills a client’s need will help you in module five, the marketing section of your plan.

 
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Benefits vs. Features

Features speak to the qualities of your product or service.

Benefits speak to the value clients receive.

People buy the benefits of what you sell and support their decision with the product or service features.

To illustrate the difference between benefits and features, here are three examples:

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The true reason why people buy your product or service may surprise you. Below are the top 11 reasons why people buy anything, according to the Australian School of Copywriting. To read the support article, go to your Resource Library. The link provides valuable information about buying habits.

The top 11 reasons why people buy anything:

  1. To make money

  2. To save money

  3. To save time

  4. To avoid physical effort

  5. To be attractive to others

  6. To gain praise from others

  7. To have peace of mind

  8. To be unique or special or to feel significant

  9. To feel connected with others

  10. To protect the family

  11. To be in style


Exercise:

Download the workbook from the Resource Library and work through the questions. Refer to the student sample we added in the resource library.

How do you price products or services? Clarity around the value and perceived value of your product or service is so important. I find many small businesses struggling with pricing, especially when they provide a service rather than a product.

We added an easy pricing guide to the resource library to give you food for thought and formulas that may help you with this key piece.