Product knowledge is one of the most important skills for a sales development representative (SDR). It can help you build trust, credibility, and value with your prospects, and ultimately close more deals. In this article, you will learn how to use product knowledge to close a sale in six steps.
The first step is to understand your product inside and out. You should be able to explain its features, benefits, and unique selling proposition (USP) in simple and relevant terms. You should also know how it compares to your competitors, and what problems it solves for your target market. The more you know about your product, the more confident and persuasive you will be when talking to prospects.
Of course, it’s important when selling a medical device to be the expert in the room & that takes time & dedication to do. However, if your device is one that you have the opportunity to utilize yourself, do it! The device I sell is FDA cleared to alleviate pain, insomnia & anxiety. I have used it personally to alleviate occasional back pain & it has eliminated the insomnia that I dealt with for over a decade! When I discuss the device with doctors they can FEEL my passion because of my personal experience. Passion is something that can’t be taught, but it sells!!
In my experience it's not just product knowledge that helps close a sale, but knowledge of how that product can solve a problem your customer faces Expanding your horizons to also take into account how your product and a partners product/s can combine takes it to the next level. Products that work and solve a problem - great A virtual team that work together to support a suite of products and solve a larger problem ....now thats how to make closing a sale easier. Together with partners.
The second step is to qualify your prospects based on their needs, goals, challenges, and budget. You should ask open-ended questions that uncover their pain points, motivations, and expectations. You should also listen actively and empathize with their situation. By qualifying your prospects, you will be able to tailor your product knowledge to their specific context and demonstrate how your product can help them achieve their desired outcomes.
Having open conversations and using anecdotes really helps to gain a prospects trust. If you are working in a complex Industry you are going to be working with the prospect a lot and gaining mutual trust makes the investment of time needed on both sides easier. BUT also be honest - if the solution doesn't fit, you both need to be able to say 'this isn't working' without angst and repercussions. The trust will live on long after qualifying out. If the trust is maintained... next time qualifying in will be quicker and easier!
The third step is to educate your prospects about your product and how it can address their pain points. You should use stories, examples, and testimonials that show how your product has helped similar customers in similar situations. You should also use visual aids, such as demos, videos, or screenshots, that illustrate how your product works and what benefits it delivers. By educating your prospects, you will be able to build trust, credibility, and value with them.
Anecdotes...the older I get the more I have. But those stories are invaluable lessons learnt and help frame up engagements. Education on both sides is essential. Both the customer educating you on their unique names, challenges and requirements AND Education into what you know, your terminology (all companies have a language of their own). It's often counter-intuitive that first you educate then you quote, but in complex solution sales having a common language reduces ambiguity and engenders trust.
The fourth step is to handle objections that your prospects may have about your product. You should anticipate common objections, such as price, features, or timing, and prepare effective responses that overcome them. You should also use your product knowledge to counter any false or inaccurate claims that your prospects may have heard from your competitors or other sources. By handling objections, you will be able to reduce friction and move your prospects closer to a decision.
?? Show, Don't Tell Use past client case studies to show prospects how others have overcome those objections in the past. This introduces a neutral third party who has overcome the same obstacle they are facing. Meaning they no longer have to "take your word for it", they can see for themselves.
The fifth step is to close the sale by asking for the order. You should use a clear and confident call to action that summarizes the value proposition of your product and invites your prospects to take the next step. You should also use urgency and scarcity techniques, such as limited-time offers, discounts, or bonuses, that motivate your prospects to act fast. By closing the sale, you will be able to convert your prospects into customers and generate revenue for your business.
The sixth and final step is to follow up with your customers after the sale. You should thank them for their purchase, confirm the delivery details, and ask for feedback. You should also provide ongoing support, education, and engagement that help your customers get the most out of your product and become loyal advocates. By following up, you will be able to increase customer satisfaction, retention, and referrals.