Try to know your product and your competitors’ product simultaneously. March 11, 2020 By Hitesh Bhasin Tagged With: Management articles. That is where product knowledge comes into play. It instills faith, trust, and respect in the customer, which creates a positive customer experience. You can follow me on Facebook. Knowledge is really important for our society. With the help of Product Knowledge, a company communicates essential information about any product or service. This is because we need to clearly understand whether it is knowledge, a skill or an ability that needs to be developed. What makes you happy, what do you enjoy exploring and learning about? What makes you happy, what do you enjoy exploring and learning about? Products are built to attract consumers and make profits out of their usage. The salesperson should be given lessons on how to tend to customer requirements and how to mould the product according to that. Required fields are marked *. Product knowledge is the proficiency of giving the customers information about products. © Product knowledge will help the salesperson explain its troubleshooting and customize the product according to the user requirements. It takes toiling through days and nights to achieve success. In order to better understand this complementary effect, it is important to understand the various methods of knowledge transformation and knowledge transfer. It can be done in front of the investors, the media and the consumers. But when you’re dealing with buying agents, or other professionals, then they’re more likely to test your knowledge. Our website uses cookies to improve your user experience. The most important reason why most firms don’t train their people on products in a systematic manner is that they view product training as a cost activity and not as a profit-generating activity. because its make it seen knowledgeable and you don't talk rubbish to the customer. A person can always learn better if they have done a reasonable use of it. It is considered an important knowledge area for any role that puts you in front of customers, investors or the media. Second, Cachet: There are products that acquire a… 7. It is actually “bringing it to market”, putting into practice and exploiting it in a manner that leads to new products, services or systems that add value or improve quality. Why Knowledge Management Is Important posted by Anna Mar, March 23, 2013. It’s all because of lack of knowledge in these people, they populate too much, they don’t get their kids educated. 1. First, Availability: Products can’t be produced where ever you want to produce them. Product category analysis is important to dig deep into specific sections—such as brand, marketplace, consumer perceptions, consumer communication, trends and competitors—to draw out conclusions that will help set up your brand’s key issues . Knowledge is often a product itself (or a component of a product). Product knowledge is prepared and accurate information about products and/or services. The entire team should possess product knowledge for effective marketing and sales of the product. Product knowledge helps customers understand the competition better. A list of ingredients is information —more useful—an experienced cook could probably make the cake—the data has been given context. The customer service exhibit a great level of confidence when they talk about the products that are beings sold by the company. For instance, we can say that it will be beneficial to offer product knowledge training for executive management, marketing, sales, also, for customer service roles. How important do you consider product knowledge for any business? Increased Confidence. This is necessary so that you can do your job effectively, … Product knowledge can help businesses respond better to experts. Knowledge is the primary subject of the field of epistemology, which studies what we know, how we come to know it, and what it means to know something.. I love writing about the latest in marketing & advertising. Question 1What is product knowledge and why is it important for staff to have detailed productknowledge? Why is such an important function so misunderstood? In this article, we will be diving deep into the world of product knowledge and understand why it is considered essential. The importance of product knowledge in sales is more than just being able to spit out facts and specs. There are three main reasons why import and export businesses are important. Inside sales reps with insubstantial product knowledge will hurt your sales organization. Simply telling a child ‘not to lie’ does not work the same as telling them the story of George Washington and the cherry tree.... Everything You Wanted to Know About MOOCs And Were Too Embarrassed to Ask! Product training with emphasis toward product knowledge will be more effective in helping you deliver customer experiences that “Wow” before your competitors do. Knowledge can actually make you happy, in that you can start to really think about and understand yourself. It grows your confidence as a salesperson and also makes you aware of what you’re selling. So, let us get started right away. Product knowledge is generally the ability to acquire as much knowledge about a product being sold. Why Product Development is Important. Good product training helps companies increase revenues by at least 69%. They go hand-in-hand, because you need to show off your confidence in a positive, friendly yet product-savvy manner. Why is it important to have good product knowledge in Customer Service? ISO 9001:2015 also doesn’t require that the organisation keeps documented information relating to the control of organisational knowledge. In short, everything your business does is supported by knowledge management. It consists of a cycle of creating, sharing, structuring and auditing knowledge, in order to maximize the effectiveness of an organization’s collective knowledge. They can be integrated to support knowledge management in many ways. Product knowledge is the ability to communicate information and answer questions about a product or service. It can be easy if you are selling to typical prospects. We can see the difference between 1st world countries and 3rd world countries. With such a small margin of difference in the product itself, companies are realizing that they can make up for the difference in other areas. Product Knowledge. Be it price or any comparison with the competitor about a specific product. One of the biggest challenges for marketers today is that we are too often focused on the most tactical aspects of the job: promotion, contacts, reach, social marketing, etc. Product knowledge and inside sales . Read this OpinionFront article to find the answer. This is important for the customers as it is very important for the customer service agents and sales personnel. Also, media or investors can be your target audience. The most important reason why most firms don’t train their people on products in a systematic manner is that they view product training as a cost activity and not as a profit-generating activity. One easy area that you can make a difference is in the buying experience, but it requires an in-depth knowledge of your product to do so. Product knowledge can always benefit you and boost your enthusiasm. What businesses should cover in a Product Knowledge, 8 Non-Technical Skills explained with Examples, Natural Unemployment Definition – Components, Factors and Reduction Methods, Top 25 Search Questions on Google in 2020, If there is any particular manufacturing process, Servicing, repairing, and warranty of the product. In closing and to reiterate the importance of product knowledge, here’s a quote: An investment in knowledge pays the best interest.-Benjamin Franklin. Why is knowledge management important? Product development, is the life-blood of companies and societies. … We are able to present the product and answer any questions related to it confidently. Product knowledge is the most important tool for closing sales. These days, knowledge is not only power, it’s also something that can be used within an organisation to foster innovation. One of the biggest challenges for marketers today is that we are too often focused on the most tactical aspects of the job: promotion, contacts, reach, social marketing, etc. This way, they can sell with confidence and be able to get the prospect’s trust through their competence. A metaphor is that of a cake. This information is used by retail staff to help customers make an informed choice about goods or services they are interested in buying. Instead, it asks the organisation to uncover the … It also means they can answer questions on the spot and overcome common customer objections. For example, a customer starts the conversation by asking about one product, but your salesperson recognizes that this customer is actually a better fit for a different product (or even an add-on product.) So, it’s better to understand everything about it. Also, media or investors can be your target audience. BUT, facts say otherwise. This is also when an initial idea develops into a working prototype. The product should be appropriately marketed to reach out to a wide range of consumers. Managers are bombarded with an almost constant stream of data every day. ISO 9001:2015 also doesn’t require that the organisation keeps documented information relating to the control of organisational knowledge. because its make it seen knowledgeable and you don't talk rubbish to the customer. Read this OpinionFront article to find the answer. If your team is educated on these negative perceptions ahead of time and have prepared responses for them, the answer the customer receives will be very powerful and concise. How Can Businesses spread their Product Knowledge? I am a serial entrepreneur & I created Marketing91 because i wanted my readers to stay ahead in this hectic business world. Product Knowledge Enhances Mission and Vision. With confidence and enthusiasm, we are better at persuading customers to buy our product. The product could be a physical product such as an automobile, smartphone, or coffee maker. It is important to assess the kind of products liked by consumers so that they can release it to the market. How will it help the customer to solve their problem? Knowledge management is important because it boosts the efficiency of an organization’s decision-making ability. Information and knowledge management systems are both important to your organization’s operations. Product knowledge helps businesses to respond to any objections appropriately. Share your views with us in the comments. Representatives won’t have to stumble over their words, go through their notes, or ask fellow employees for help when they have a full working knowledge of all of your products and services. Good product training helps companies increase revenues by at least 69%. It is important to assess the kind of products liked by consumers so that they can release it to the market. 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