What are the features and benefits of your product or service?
In first determining the features, think of automobile brochures that list engine, body and performance specifications. Or food products that detail ingredients. Or accountants whose services include preparing tax returns and cash flow consulting.

Now the hard part -- what are the benefits of those features to your customers? How does your product or service actually help them? For example, a powerful engine helps you accelerate quickly to get onto busy freeways. Certain food ingredients are cholesterol free or low in fat to aid in staying healthy.

Who is your audience?
Create a profile of your best customer. Be as specific as possible, for this answer will be the primary guidepost in creating your ads and choosing appropriate media.

Examples: A restaurant may target adults who dine out frequently in the nearby city or suburban area. A computer software manufacturer may aim at information
managers in companies with 10-100 employees. A bottled water company may try to appeal to athletes or people over 25 who are concerned about their health.

Who is your competition?
It's important to identify who your competitors are, as well as their strengths and weaknesses. Knowing what your competition offers that you don't -- and vice versa -- helps you show prospects why your product or service is special, or why they should do business with you instead of someone else.

Knowing your competition will also help you find a niche in the marketplace and establish a particular positioning in your customers' minds. For example, is your product perceived as the most or least expensive? Are you regarded as a large or small company within your industry? Is your service seen as prestigious or utilitarian?

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Excerpted with permission from Small Business Success Magazine,  produced by Pacific Bell Directory in partnership with the U.S. Small Business Administration.