Why Knowing Every Aspects Of Your Product or Service is Important?

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Inventory means complete list and information. So Product Inventory requires you to know each and every details of the Product/service in which you are dealing. This is mandatory preparation for every Sales Personal to do before they go in the market and share the information with anybody. Because, it is very important for every Sales Personal to know about the every aspects of his product or service. So we will be going to prepare the Product Inventory and I will show you how to prepare one for your company. It’s very important to have Product Inventory Sheet prepared for every Sales Personal, because if you have not done this, then when you are in front of customer, you will be asked questions and you will not know how to answer them and you basically will flub your product presentation. It may lead to embarrassing situation for you in front of the customer. In today’s digital era, information can be verified over one click by the customers and you may lose the opportunity to sell your product if you are not fully prepared to face the customer’s queries. Customers always expect Sales Person to know everything about the product/service he is dealing.

Product Inventory is broken into three steps:

1)     Feature: There are some aspects of your products which you need to highlight. These are called Features of your products.

Typically you use this sentence-“Our Product has ______________________________”

In the blank space you write the features you want to highlight about your product.

This is also called Feature Statement.

2)     Benefit: Here you explain the benefit of the above features you mentioned..

Typically you use this sentence-“Which will allow you to _________________________”

Here in the blank space you write about the benefit of the feature mentioned. There can be more than 1 benefits for feature mentioned. You need to write them here.

This is also termed as Benefit Statement.

3)     Advantage: Here you explain what the advantage of this to the customer is. Understand this, when you discuss with the customer, you would know what the process is followed by the customers right now or they may be possibly using some product already. Then you need to mention here what advantage your product have over their present scenario.

Typically  you use this sentence-“And that means ________________________________”

Here in the blank space you mention the advantage over there present scenario.            This is also termed as Advantage Statement.

Now I want you to prepare FBA Chart with three columns. In first column mention the Features, in second column mention the Benefits and in third column mention the Advantage.

Now write down the Feature in feature column. It is possible that each feature may have multiple benefits. So write down them in the Benefit Column in front of the Feature mentioned.. Against every benefit, mention the Advantage to the customer over the present scenario in the Advantage column.

It is my personal observation, that lot of Sales People talk about Feature and Benefits, but always miss out the Advantage statement. What is Advantage, it is what I have over somebody else. Now try to understand this. If customer is already using some other product, then they would not care for your Features or Benefits, until and unless you show them the Advantage your product have over their present scenario. Then they may be interested in your product. Hope you got the idea.

Let me explain you through the example. Imagine you are selling software product. This will be the best example as software is kind of both the product and the service at the same time. Now imagine this is a generic software for small businesses, which have certain feature of Automated Report Generator, which means you can program customized report which can be generated automatically and no need to do manually. So here what you have to say in your Sales Pitch. You will say:

Our Product has an Automated Report Generator Feature.

Which will allow you to pre-program all the reports you need to generate.

And that means you don’t have to stop what you are doing and go back to your computer and actually generate the report. It will do it automatically.

Did you see the advantage; may be today, they must be doing it manually. They may be walking back to their desk and actually programming the report and actually putting it out. Now using your automated feature, it is an Advantage.

So now prepare your FBA Chart with brainstorming over Features, Benefits and Advantages. See you with another Article on Sales Mastery Program-Mastering the Sales.

Note: Mr. Paresh Bahuguna is the Sales Excellence Coach, Business Consultant and Motivational Speaker. He is writing a Book on "Business Booster" which will soon be available for open market. This article is from his Book.

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