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Entering a market in which you are not totally familiar is risky! But planning and using experts to help can make your new venture profitable.
If you are a new entrant in a market, someone else has already spent time and effort to educate potential customers about the product idea you and your competitor are selling.
Which is more important to a customer? More features or more benefits? Remember that when a customer buys any product they are more likely satisfying a "want" and maybe a "need". Can you clearly communicate what the differences are in your product? Too many companies try to sell products based on a list of features. If customers are unfamiliar with what the features will do, they will not understand the value of the feature. The customer needs to understand what the "benefit" is to them.
List each feature of your product and what the benefit to the customer is. Then determine if your competitor's product provides the same benefit in their product.
Close examination of a competitors' product, marketing materials, sales promotions, and user manuals are good sources of information that your competitor thinks are important. And the features they leave out, give you an idea where the competition thinks their product lacks benefits for the customer. For example, when a competitor focuses their communication on pricing and discounts, it indicates the product may not have very competitive benefits for a buyer and spending a little more could provide the customer with more satisfaction.