BuzzTalk Blog

How industry knowledge improves your sales results

Nov 11, 2014 12:40:00 PM

diamondIndustry knowledge and sales results usually go hand in hand. Often, simply asking a well thought question will demonstrate your industry knowledge at a higher level than generalized statements that aren't specific to the company you're pitching.

By asking the right questions you can demonstrate your knowledge of the industry while finding out your potential customers' particular needs. You can also build rapport by engaging in a meaningful conversation to determine what problems you can solve. Rather than going on the assumption the client understands their need for your service, asking questions gives you the opportunity to realize how you can convince your client of their need. By asking the right questions you'll show that you understand the issues inherent to the field while improving both your industry knowledge and end sales results.

The New Sales Style

The days of the hard sales pitch to push your product are over. Information and communication allowed by the internet provide people with more information about their options and they are likely already familiar with your offerings. The goal is to stress why your service stands out and how it can benefit your potential client.

Successful salespeople need the additional edge of knowing the industry they are pitching to, the person they are dealing with and how their product or service can benefit the individual company to whom it is proposed. This requires knowledge of not only your own company but your potential customer's company.

The problem many sales representatives see is that they consider sales a science in which the perfect pitch will generate the most sales. This isn't the case. Making sales is an art form that relies on an exchange of information with the customer. You need to generate a familiar likability while demonstrating you know the industry well enough to be helpful with your advice.

Traditional sales pitches relied on an energetic and outgoing personality to demonstrate enthusiasm for the product. These days, a quieter person with a depth of knowledge can enjoy equal success. Once the potential client realizes you understand not only the industry but have a real interest of their company’s role within the industry you successfully pitch your service and make the sale.

The Four Points of Knowledge

Modern day salespeople realize it takes more than just strategy and training to succeed in the field. It requires the diamond of knowledge: four key aspects of the potential client's business that is integral to delivering an efficient sales pitch.

  • Knowledge of the customer includes an understanding of their business and daily aspects of their job. This is how you determine what aspects of your service to promote as being able to solve your client's problems.
  • Knowledge of the industry involves knowing what the competition offers and the market in general, and the role of your client's company in the overall scheme.
  • Knowledge of the product is more than just knowing what your client offers but the various applications it has and how it is commonly used and how it can potential serve your customer's clients.
  • Knowledge of your client's company means you understand their message, strategy and why their product is of value.

Information powers the know-like-trust factor

To sound knowledgeable when approaching a potential client with your sales pitch you need to have the right information at your fingertips. Knowing the facts and sentiments about specific industries and companies allows you to tailor your pitch and prepare relevant questions. 

This is where BuzzTalk helps you and your sales team. It's a content discovery and analysis application that shows you how a company is viewed by the media and the public. It does so by following publications world-wide and compiling that information into a readable summary that can be analyzed further if you want. Amongst other things, BuzzTalk provides information about general business trends within the industry as well as details concerning specific events such as mergers, buy outs, and profit loss or gain by companies.

Knowing the facts and sentiments about specific industries and companies allows you to better tailor your sales pitch and prepare relevant questions. This way BuzzTalk is an important aid in providing sales representatives with current and relevant industry knowledge to aid sales results.


                   

Topics: industry knowledge,, sales results

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