Will You Make it Through the Current Economic Turmoil? Part 4a Product Knowledge

December 30, 2021
International Business

Will You Make it Through the Current Economic Turmoil Part 4a Product Knowledge

We have already discussed the three types of professional knowledge salespeople need to be able to achieve their full potential, both for themselves as well as for the organizations they work for. They are at the risk of repeating themselves once more.

1. Knowledge about the product

2. People persuasion skills

3. Management of self-knowledge

Today we will examine the critical role of product knowledge (P.K. We will examine the important role product knowledge (P.K.) plays in selling. We’ll be discussing the essential elements needed to master P.K. to build trust and credibility with your customers.

Product knowledge is a valuable asset.

P.K is a preferred choice for salespeople, managers, and customers alike because it builds credibility and customer confidence in you and the organization.

You and your company will be distinguished from the rest by your knowledge of the product and its uses.

Building credibility and customer trust in your company and in your sales team are key. It’s important to have a deep understanding of the subject. More knowledge is better. We speak more confidently and with more conviction.

Problem with product knowledge

It’s not difficult to see the importance of P.K., but it can cause problems when salespeople try to make it their own. They believe their product knowledge is the most important thing and the only thing that matters when selling. It is vital to understand your company’s pricing structure and all available models and services. You will also benefit from knowing the distribution and delivery processes for your products, as well as the products’ uses and applications. You may find it helpful to know the history of the product and any special manufacturing processes. You should also know about your competitors, as well as the warranty and repair information for your company.

But, here’s the problem with P.K.: All this knowledge won’t necessarily determine whether you make the sale. P.K. is a tool that can be used to your advantage. Understanding P.K. as a tool and not a club is the key to using it. Essentially, features and benefits are useless unless you can apply them to solve the customer’s problems. Understanding how your company’s pricing structure and services, delivery and distribution processes, warranty and repair programs to help solve key customer problems is essential.

Relevance of product knowledge

You must first understand the customer’s problem before you can offer any solutions. There are two types of P.K.

Point of Entry information – This includes the features, benefits, and information that your product/service should have. This information is the most likely to be what the buyer knows. It is what is required to even be in this game.
Point of difference info – These are the features, benefits, and information that set your product/service apart. These are the things that your potential buyer is willing to pay for. Your role here is to translate the qualitative aspects of the product/service into qualitative value as perceived by your prospective buyer.
This is a simple example: A pair of AA Batteries.

Point of Entry information – To turn on a remote controller for the Nintendo Wii gaming console. They should last for 2.5 weeks with an average usage of 10 hours per week.

Point of difference info – The ABCXYZ AAA battery was specifically designed to be used with a gaming remote controls. It will last for an average of 10 hours per week and five weeks. The batteries will need to be replaced only once per month, rather than twice. Parents will only need to add AA batteries to their monthly shopping list. The average gamer will save $2.80 per month by using the ABCXYZ AAA battery, even though they are an additional $3.00.

Selling in a B2B setting requires that you can answer specific questions about your product or service.

It makes the customer money.
Customer saves money
Reduces their risk
This allows them to optimize their existing method and make more.
Once you’ve identified the issues that your customer wants to address, you can calculate the dollar benefits of your solution. You will be ahead of your competitors even if you can only do a rough calculation of the dollar value. Show them the money! Demonstrate clearly how they “profit” from your product/service. After all, your prospect will most likely have to sell your product/service to someone else. If they can’t validate their decision with dollars, then your sale is almost certain to fail.

Your solution must appeal to one of these key drivers when selling to the consumer market. (As noted by Roy Garn, a marketer extraordinaire)

Self-preservation
Romance
Money
Recognize
You can also identify with Elmer Wheeler’s famous five emotional drivers. He coined the phrase “sell your sizzle, not your steak!”

Importance – People need to feel superior.
Appreciation – Joe Vitale, a marketer, said that people leave their jobs and spouses to find appreciation elsewhere.
Approval – The need to be liked by others.
People are lazy and need things done quickly and easily.
What does success look like for you? They want it!
This is what you should remember when you talk about your product/service next time. Your role is to help your potential customer untie their knot. Your customer will likely have a good understanding of your product, and your job is to fill in any gaps. Asking them about their requirements and needs is the only way to find out which gaps you need to fill. This is the first step before you show off all the amazing products and services of your company.

Final words

P.K.’s purpose is to help customers solve a particular problem or achieve a specific objective. The purpose of P.K. is to assist customers in solving a specific problem or helping them achieve a particular goal. You can only offer a solution if you understand the problem and goal of your customer. This article will help you avoid giving a quick presentation about your products or services.

Ian Segal is a leading authority and coach in Australia in sales management. He has been involved with the training, coaching, and development of sales managers for more than two decades.

Ian has 25 years of experience in sales and sales management. He also leads an HR and training department. This gives him a strong sense of fiscal reality as well as practicality.

Ian works directly with business owners, novice and experienced, in a variety of industries, selling disciplines. His goal is to improve sales management practices and transform sales results.

Ian is the author of “Bulletproof Your Sales Team: The 5 Keys To Turbo”, Boosting Your Sales Team’s Results,” and many other business articles and white papers, including “The fish stinks at the head!” “Why Sales Training Doesn’t Work.”

Ian has an insatiable appetite for learning about selling and people management. He has tirelessly sought answers to the question, “How can some people sell while most people don’t?”