Wednesday, November 05, 2008

Your competitive advantage - Investment readiness part 3

competitive business plans
By this time your potential investors may already have a good idea of what your product or service is and the level of uniqueness that it offers. This may be a good opportunity to come up with related facts, statistics and research related to the uniqueness of your product. This issue should of course also be addressed in your business plan. Your unique selling point/proposition or USP as its also called tells the investor what sets your business and the products and services of your business aside from the competitors. Why will customers prefer to by your product rather than that of a competitor in other words? This is a great opportunity to show just how unique or good your product or service is. Focus on benefits rather than features of the product. At the end of the day customers are interested in the benefits of a product. What can this product do for me, how will I benefit? What is the difference between a benefit and a feature? Here is an example.
Feature: Intel core Duo Processor
Benefit: I can work with more than one application at the same time with no loss of process speed.
Benefit: I can get more work done in a day.
Benefit: I have more time to spend on that which is most important or enjoyable to me.

Although your investor/client think that features are important, they can associate better with benefits.

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