Product knowledge: the more you know, the more you sell
Why is product knowledge a powerful skill for salespeople to possess? The simple reason is: the more you know, the more you sell. A study found that found that 89% of customers get frustrated because they need to repeat their issues to multiple representatives. Moreover, another study found that 87% of customers think brands need to put more effort into providing a consistent experience. A high level of product knowledge, however, can prevent these frustrations.
More knowledgeable employees contribute to closing more sales and instill confidence and trust in the customer, ultimately improving their experience. This, in turn, creates repeat business and can have a significant impact on the organisation overall.
There are various components to include in product knowledge training to ensure your sales staff fully understand the product or service. Firstly, knowing the type of customer you are targeting and the market your product fits in is imperative. Understanding consumer and industry needs
helps employees adapt the way they communicate and sell to them.
Another essential component of product knowledge training is knowing specific features and how these will benefit consumers. Knowing the features and how they can be used adds value to your product, whilst setting you apart from competitors with similar offerings. Knowing alternative and competitor products will always be an advantage for salespeople, as they can highlight the differences and possible disadvantages of the competition.
It is difficult to know the best way to approach training and how to deliver it effectively – product knowledge normally comprises a high volume of information and you want it to be successfully retained by your employees. E-learning is a good option due to the accessibility it can offer and its compatibility with microlearning.
That’s the basis Wranx works on, blending bite-sized learning with Spaced Repetition, which helps to improve employees’ active recall. This is the process our brains engage in to independently retrieve learned information from the long-term memory. It is particularly beneficial for salespeople who are usually in situations where they have to think on their feet and quickly recall the features of a product to a customer.
Using Wranx proved effective for L'Oréal Matrix, who needed an impactful, engaging way to improve product knowledge of their hair products. Wranx helped to reinforce classroom training that had previously been delivered and 100% of the learners agreed that Wranx helped them to improve in their role. Sam Lee, a sales leader for the Alan Howard Group, which sells Matrix products, comments on the effectiveness of e-learning for product knowledge training:
“E-learning tools with short, sharp quizzes are lighter, so you can take the information more. They can be quite repetitive, but they tend to go in a little easier, rather than doing a day session and forgetting half of it! It works better.”
As well as increasing brand loyalty, good product knowledge creates confident, empowered employees who are experts in their fields. It is evident that salespeople need to be on their toes, making sure that every question can be answered with a knowledgeable response. Training is therefore vital in order to achieve this.
According to Experticity’s research, 73% of consumers say product knowledge is what they need most from salespeople – and, as they say, the customer is always right! Through ongoing training, companies can create knowledge experts, resulting in a positive knock-on effect on the organisation as a whole, with increased sales driving increased revenue and profits.