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1/10/09

How Market Knowledge Helps to Sell Products

It is important for any salesperson to have a thorough understanding of the market in which he/she sells his/her product. By understanding and having a vast knowledge of the market in which you are selling, you will be able to distinguish your product from the competition, be able to answer potential buyers' questions, and will be able to show the strengths of your particular product.

Being able to distinguish your product from the competition is important because doing so will enable the buyer to make an informed decision about your product's quality. By comparing your product to the competitions' products, you can point out their products' weaknesses and your product's strengths. Additionally, you will be able to inform the potential customer about the differences in pricing and service.

Potential buyers always have a lot of questions. Unless you are familiar with the market in which you are selling your product, you may not be able to fully or convincingly answer the potential buyers' questions. This can prevent you from getting sales, and, more importantly, will prevent you from getting repeat sales. However, by simply learning about your particular product's market, you can instill confidence in a buyer by fully and accurately answering questions and by reassuring the buyer that your product is the best on the market.

Knowing the market in which you sell your product will also help you attack another product's weakness while simultaneously promoting the strengths of your product. You will not be able to tell a potential buyer why your product is better if you yourself are unaware of the features of the competition's products. As such, possessing knowledge of your product's market will give you this advantage.

Everything comes down to perception and confidence. If you are perceived as unknowledgeable about your product and/or its market, a buyer will not buy your product. If you, as a salesperson, are not confident in your ability to answer customer questions or are not confident in your comprehensive knowledge of the product, such things will show when you deliver your pitch to customers. This again will lead to a negative perception of you, and because you are the one selling the product, this will lead to a negative perception of the product.

The key to success is preparation. If you are prepared to sell your product (such preparation can be had by knowing the competitors, market conditions, and the needs of your potential buyers), buyers will respond by way of purchases. If your product delivers what you promised it would, those buyers become repeat buyers. Repeat buyers means that your company will accomplish continued success.

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