Features are what the product entails, the characteristics. Features are facts about what are involved in your product that may not be offered by another. They are the parts of the product/ service that should appeal to the customer in order for them to buy it.
Benefits are what the customers get from said features. The reason that they choose to buy it. The thing that they get out the product that makes them want to carry on using it or repurchasing it. Benefits are more important than the features as its what the customer gets out of it.
It’s what’s in it for them. When trying to sell your product/ service you have to emphasise the benefits of it rather than the features. An example of how people emphasise benefits could be that consulting companies are likely to focus their marketing efforts by highlighting the end product—improved performance and increased profits—not its consulting methods. It’s selling profitability, not consulting.