How does Product Knowledge empower High Value Sales

How does Product Knowledge empower High Value Sales

We have spoken about Sales Effectiveness Challenges for Manufacturing Companies in this post and thought it would be a great idea to follow it up with a piece on how Product Knowledge Improves Sales for High Value Sales.

Traditional Indian Businesses, as I have said before, heavily depend on a Sales team to achieve numbers. So much so, that the go-to strategy for most businesses to improve Sales is to increase Sales people in the territories.

In this piece, we look at some data on how important Product Knowledge is to make a Sales in these technically advanced times.

Product Knowledge – The Vital Cog for High Value Selling

Established brands have little or no problems in terms of achieving Sales targets because majority of their Sales come from products which have an established base in the market. In effect, the salesperson is constantly meeting the monthly Sales targets while doing only a fulfilment job with the sales channels like retailers, distributors or dealers.

But companies are constantly innovating today which means that they are adding new products to their portfolio along with certain products which are high-value in nature.

High-Value Products mean that they also carry a higher margin for companies. Salespeople are not trained or enabled enough to make high-value sales.

Let me share a few data points –

A recent McKinsey Report indicates that one of the Top 3 Reasons for Buyer being frustrated is the ‘Poor Technical or Product Knowledge of the Sales Representative’.

Today’s customer has access to a lot of data about you and your company even before they speak to your Sales Person. According to Appdataroom, 75% of the buying process has been completed even before the first call or visit. This means that the customer’s questions to the Sales person are going to be pertinent and they need to be prepared to answer those questions. Fast.

In the same McKinsey report, not getting the right answers on time from a Salesperson is a high risk for losing a sale. All of this points to the fact that improved Product Knowledge is critical for success.

Sales training for better response rate.

To know more about how you can improve High Value Sales through Product Knowledge, reach out to us on miraj.vora@letsoutsell.com or give us a call on +91 9836441843