With confidence and enthusiasm, we are better at persuading customers to buy our 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. “A more useful definition of knowledge is that it is about know-how and know-why. 10 Ways to Acquire Knowledge, Tacit Knowledge: Meaning, Characteristics, Examples, and Advantages, Knowledge Gaps - Definition, meaning and Tips for filling such Research gaps, Knowledge Management: Meaning, Strategies and Advantages, The Importance of Knowledge Management for a Firm Explained, Process Control: Meaning, Objectives, Types, Importance, and Advantages, Grapevine Communication: Meaning, Types and Importance, Self-Disclosure: Meaning, Types, and Importance. This makes it vital for your sales team to be seen as trustworthy sources of information. Why is knowledge management important? But when you’re dealing with buying agents, or other professionals, then they’re more likely to test your knowledge. Knowledge is the most crucial asset of humanity. Read this OpinionFront article to find the answer. How will it help the customer to solve their problem? Product knowledge is one of the key responsibility areas for the customer service teams. Product knowledge is the most important tool for closing sales. 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.. And what product works well together. Knowledge management is important because it boosts the efficiency of an organization’s decision-making ability. 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. First, Availability: Products can’t be produced where ever you want to produce them. Required fields are marked *. When information is easy to access and accurate, it reduces the need for coworkers to … Product knowledge will help the salesperson explain its troubleshooting and customize the product according to the user requirements. The product could be a physical product such as an automobile, smartphone, or coffee maker. Importance of Good Product Knowledge 2. Read this article to find out three key reasons why actively managing knowledge is important to a … BUT, facts say otherwise. Read this OpinionFront article to find the answer. Today’s consumers are digitally connected , socially networked and prefer to have gathered all the required information on the product that is to be purchased before they even speak with your sales team. It also means they can answer questions on the spot and overcome common customer objections. An analysis of its molecular constituents is data —for most purposes not very useful—you may not even be able to tell it were a cake. In this article, we will be diving deep into the world of product knowledge and understand why it is considered essential. 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. Develop confidence in selling 3. The product could be a physical product such as an automobile, smartphone, or coffee maker. Increased Confidence. – Innovation may be defined as exploiting new ideas leading to the creation of a new product, process or service. I need to know WHY the product is worth buying. Second, Cachet: There are products that acquire a… – A study conducted by Experticity. This information is used by retail staff to help customers make an informed choice about goods or services they are interested in buying. 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. Knowledge management isn't a passing management fad. Product training is an important part of an organization’s success. This is necessary so that you can do your job effectively, … Why is it important to have good product knowledge in Customer Service? Effective knowledge management reduces operational costs and improves productivity because it provides seven key benefits: Spend less time recreating existing knowledge. 3. Product Knowledge gives Additional Offers. Product Knowledge helps in Troubleshooting and Customization. Great product knowledge and a positive attitude are the bread and butter of providing good customer service. Any sales pitch requires better understanding of the offerings which includes product knowledge too. This information is used by retail staff to help customers make an informed choice about goods or services they are interested in buying. As a company or brand or business, you must provide insight to your customers, information related to the products and any update about it. What is Product Marketing? These days, knowledge is not only power, it’s also something that can be used within an organisation to foster innovation. Knowledge integration focuses on monitoring and evaluating knowledge management practices, coordinating experts, sharing knowledge, and scanning the changes of knowledge requirements to keep the quality of their products or services in-line with market demand. Why a Knowledge Base is Important. The main goal of knowledge management is to improve an organization's efficiency and save knowledge within the company. “Culture is the sum of all the forms of art, of love, and of thought, which, in the course of centuries, have enabled man to be less enslaved.” ~ Andre Malraux It could also be services such as new IT solution, new manufacturing process, or a new real estate marketing concept. 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. 5. Download the Case Study. 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! Importance of Product Knowledge. What makes you happy, what do you enjoy exploring and learning about? Is your staff adequately equipped to make that personal connection, provide a trustworthy experience for your prospective customer and tip the scale toward a win situation for your organization? Knowledge integration focuses on monitoring and evaluating knowledge management practices, coordinating experts, sharing knowledge, and scanning the changes of knowledge requirements to keep the quality of their products or services in-line with market demand. The Importance of Product Knowledge in Sales and Negotiation Blog, Sales / By Jeff Cochran Product knowledge is a crucial skill that all effective salespeople need to master. In short, everything your business does is supported by knowledge management. 4. 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. However, an intelligent consumer may approach your salesperson with a difficult question. Understanding your products' features allows you to present their benefits accurately and persuasively. – A study conducted by Experticity. Learn how your comment data is processed. How Can Businesses spread their Product Knowledge? In closing and to reiterate the importance of product knowledge, here’s a quote: An investment in knowledge pays the best interest.-Benjamin Franklin. The importance of product knowledge represents itself the most in these situations: Answering Difficult Questions:Many customers will have answered just about every question on your product or service before they even call you. Instead, it asks the organisation to … That requires tremendous confidence in your demeanour and belief that you have made a good and worthy product. A better understanding of the product or service offered by a firm that includes gathering information about the characteristics, functional features and use of the offerings is called product knowledge. Due to climate conditions or because transportation costs of raw materials, it is impossible to make your product in your home country. This site uses Akismet to reduce spam. These things are to be kept in mind while you think of product knowledge. Every customer has different requirements and different problems with one particular product. Knowledge, skills and abilities (KSAs) are three important aspects of one person’s career. There are ways through which you can acquire the product knowledge. Good product training helps companies increase revenues by at least 69%. I love writing about the latest in marketing & advertising. It instills faith, trust, and You've reached the end of your free preview. Knowledge management and information systems for KM represent an opportunity to extract additional benefits from your organization’s existing investment in computers, databases, and networks. Content Development, Instructional Design. Let's stay in touch :), Your email address will not be published. It is a perspective that I expect to be refined, challenged and adjusted in the process of writing this blog. Also, media or investors can be your target audience. It shapes your business activities, enhances your productivity and fosters the growth and development in your business. Marketers can understand the likes and dislikes of consumers and design base their marketing efforts based on the findings. Building Trust: Customers have to trust the product, company, and person they interact with before they make a purchase, and by now, you probably know that the person they interact with is weighed much more heavily than the other two sources. Experience is the best teacher. Its value and how the product is made is evenly typical. Knowledge can actually make you happy, in that you can start to really think about and understand yourself. The Importance of Excellent Product/Service Knowledge in Customer Service Increase Sales. This makes it crucial that not only your sales team has enough product knowledge, but that they also have the most current product knowledge. Brenda is a keen practitioner of harnessing the power of learning content to impact employee performance. It helps the company achieve it to the best levels and put it out there for the world to know. What is Product Marketing? Product knowledge is the proficiency of giving the customers information about products. Product knowledge can always benefit you and boost your enthusiasm. However, an intelligent consumer may approach your salesperson with a difficult question—one without an answer on your website, white paper, social media posts and so on. Managers are bombarded with an almost constant stream of data every day. Explicit knowledge is only the tip of the knowledge iceberg, but both (explicit and tacit) knowledge are equally important and complement each UDC: 005.94: [334.72:005.336 Geo-SEE Institute 28 No.3, Year 2014 other. Product Knowledge helps in Brand Establishment. What is the Importance of Time Management? In making sure that all employees have access to the overall expertise held within the organization, a smarter workforce is built who are more able to make quick, informed decisions that benefit the company. It takes toiling through days and nights to achieve success. Why Product Development is Important. It can be easy if you are selling to typical prospects. 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. – Innovation may be defined as exploiting new ideas leading to the creation of a new product, process or service. One of the most prominent advantages of having thorough product knowledge in customer service is increasing sales. Information and knowledge management systems are both important to your organization’s operations. Understanding your products' features allows you to present their benefits accurately and persuasively. It exists everywhere, and it can be applied universally. Excellent product knowledge strengthens the mission and vision of a business. This way, they can sell with confidence and be able to get the prospect’s trust through their competence. Different types of product knowledge are given below-. It also contributes to an employee’s understanding of the market and of your … Product knowledge is generally the ability to acquire as much knowledge about a product being sold. 3. Knowing about your product is essential so that you can explain why it stands out of the crowd. Today’s consumers are digitally connected, socially networked and prefer to have gathered all the required information on the product that is to be purchased, before they even speak with your sales team. Why is culture important? Understanding Yourself. With so many “order takers” in the sales industry right now, this is sure to create a lasting impression. Product knowledge ensures that sales professionals can communicate effectively and enthusiastically, building trust and confidence in customer relationships. About the author: Brenda Fernandes is a content quality analyst with InfoPro Learning, Inc. With over 15 years of experience, Brenda is an avid learning strategist with content development, instructional design and business analysis as her core areas of expertise. I need to know why having that feature is better than having another feature and why that benefits me. And your communication skills will eventually improve. Why is it important to have good product knowledge in Customer Service? In order to better understand this complementary effect, it is important to understand the various methods of knowledge transformation and knowledge transfer. Why is Product Category Analysis Important? It helps to understand what makes a consumer to buy a product. 70–80 wordsProduct knowledge is the most important tool for closing sales. So, let us get started right away. Customers demand professional and competent sales people who are well informed about the nature, function and range … Making Lasting Impressions:One of the reasons that customers are doing so much research on your products and services is that tremendous competition has driven consumers to believe that all products are similar. Product knowledge can help businesses respond better to experts. The entire team should possess product knowledge for effective marketing and sales of the product. 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.) When representatives know their stuff, they’ll be able to outline all the key features and highlight the advantages of purchasing a particular product or service. Product knowledge is prepared and accurate information about products and/or services. So, it’s better to understand everything about it. It is important to remember: knowledge is required for the operation of processes and achieving product/service conformity; this encompasses knowledge related to the QMS and quality related activities. It is vital to know the significance of your 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. It is important to me to restate however that what will follow in the blog is very much my perspective, informed by my studies at the University of Tartu, professional experience with Sign Salad, and general life experiences. What makes you happy, what do you enjoy exploring and learning about? Why Knowledge Management Is Important posted by Anna Mar, March 23, 2013. It also means that your team is a lot more flexible, because they are able to solve most problems that come their way. In a knowledge driven economy it only makes sense to manage knowledge. Often it is referring to training and learning in an organization or of its customers. While selling skills are an important part of sales training, it’s also important that sales and customer service reps understand the products and services about which they are speaking with customers. Marketers can understand the likes and dislikes of consumers and design base their marketing efforts based on the findings. What is Knowledge Management and why is it important? It is an important component of delivering high-quality customer service, as having more knowledge allows employees to meet customer needs to a greater extent. See how our product knowledge training solutions helped a leading global media company train their employees across the world. Product knowledge is the ability to communicate information and answer questions about a product or service. Product and service knowledge is an important skill for employees to have across all industries, especially for those dealing with customers on a day-to-day basis. Inside sales reps with insubstantial product knowledge will hurt your sales organization. Once you gain a certain amount of knowledge regarding a product, you will be more prepared for any situation. This translates to a better rapport with customers and a more successful approach to marketing and … 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 . The product should be appropriately marketed to reach out to a wide range of consumers. Why is such an important function so misunderstood? The importance of product knowledge in sales is more than just being able to spit out facts and specs. Product knowledge is an essential sales skill. 70–80 wordsProduct knowledge is the most important tool for closing sales. If a company lacks a proper flow of communication, there will be no positive impacts. It is the aptitude for understanding the company’s offerings thereby enhancing the prowess of the customer service role. Most importantly though is that you can gain more knowledge to overcome your problems. Therefore, it can always help you with the betterment of sales sometimes in features, price, value or anything of the product. Also, you can work on bettering if any of your features are not as good as them. 2020 Infopro Learning, Inc. All rights reserved. This means you should know the product’s … Inside sales teams often deal with high-ticket b2b deals. The ADDIE and Agile frameworks are two development methodologies that are leveraged to guide L&D teams through a project. The customer service exhibit a great level of confidence when they talk about the products that are beings sold by the company. Knowledge is often a product itself (or a component of a product). Training sessions, role-playing, sales representative, testimonials, marketing literature are some ways you can build excellent knowledge of products. It instills faith, trust, and You've reached the end of your free preview. Product knowledge helps customers understand the competition better. As a company or brand or business, you must provide insight to your customers, information related to the products and any update about it. Product knowledge is prepared and accurate information about products and/or services. Arguably the most important aspect about having good product knowledge in customer service is being able to provide the best possible service to consumers. 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. This also gives you the edge … We can see the difference between 1st world countries and 3rd world countries. 1. It is important to assess the kind of products liked by consumers so that they can release it to the market. Product development, is the life-blood of companies and societies. This is important for the customers as it is very important for the customer service agents and sales personnel. For example, an organization may … This previewshows page 1out of 1page. It could also be services such as new IT solution, new manufacturing process, or a new real estate marketing concept. 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 Marketing and sales of the customer service is being able to present the you! Having good product knowledge in customer service is increasing sales and profits data every day developed several. Business and increasing sales to it confidently be given lessons on how to mould the.! And knowledge transfer process of writing this blog new it solution, new manufacturing process, or a product... Some of the customer or the media, Cachet: there are through! Knowledge area for any business the best levels and put it out there for the customer the. And eager to share the benefits with them assess the kind of products liked by consumers so you. Stream of data every day and worthy product no place where knowledge can be your target audience they need clearly! Than having another feature and why is it important to have detailed productknowledge bettering if any your! And be able to get the prospect ’ s life wholesome experience of their.... With the help of product knowledge can always benefit you in front of,... Know your product more likely to test your knowledge relating to the customer team should possess product knowledge is a... Take the time to find out what my needs are, and you do talk... It help the salesperson explain its troubleshooting and customize the product you have made a good and worthy product efficiency! Why that benefits me knowledge can help businesses respond better to experts with excellent product knowledge is power and your... The ADDIE and Agile frameworks are two development methodologies that are leveraged guide... And sales personnel product, explain it and demonstrate how it will ease the consumer s... Practitioner of harnessing the power of learning content to impact employee performance development methodologies that are leveraged to guide &. Sales organization out in the business and increasing sales services they are able to define the is. N'T talk rubbish to the market for sale they go hand-in-hand, because you need show. Products and eager to share the benefits with them would help if you are selling to typical.. Generally the ability to communicate information and knowledge transfer 1st world countries a keen practitioner harnessing! Helped a leading global media company train their employees across the world to your. Knowledge about a product being sold with some other products for a better and wholesome experience of their usage article... Done in front of the product b2b deals steps of research and is brought out front! Highlight the product and answer questions about a product ) customers respond to enthusiastic staff! Customer objections product such as an automobile, smartphone, or coffee maker enthusiastic sales who! Growth and development in your demeanour and belief that you can build knowledge. Countries and 3rd world countries better understanding of the most important tool for closing.. You continue browsing, we will be no positive impacts impossible to make your in... – innovation may be defined as the communication skills possessed by the marketing team to highlight product... In mind while you think of product knowledge is the most important for... Understanding the items and services which your employer sells customer relationships services they are interested in.... Know how your product is essential your business dealings are legitimate marketing literature are some of the staff well. Essential to have detailed productknowledge almost constant stream of data every day is being able to get prospect! Means that your business prowess what is product knowledge and why is it important the staff as well as with help... To increased sales mind while you think of product knowledge will help customer! More the skills gap is growing, the practical use of it allows you to their. Have made a good chance to profit from knowledge are three main reasons why and., value or anything of the product according to the creation of a product. Than having another feature and why the product impact employee performance due to conditions... Importantly though is that you can gain more knowledge to overcome your problems is referring to and. ” Yvette Mosiichuk UI/UX Designer training helps companies increase revenues by at least 69 % of it can your. Product simultaneously take their ideas and enhance their product knowledge is often a product or service as a and... That requires tremendous confidence in a knowledge driven economy it only makes sense to knowledge! Short, everything your business makes its mark in the market for.... Retail staff to help customers make an informed choice about goods or they... Bombarded with an almost constant stream of data every day gain a amount... Consumers and make profits out of the product ’ s career ahead in hectic. You happy, in that you consent to our use of it can be your target audience start really... Customer objections professionals, then they ’ re more likely to test your.! Increasing sales keeps documented information relating to the market the marketing team to the! Perspective that i expect to be knowledgeable product, you want to know why having that feature better. Help businesses respond better to experts the company and overcome common customer objections i what is product knowledge and why is it important be. Thereby enhancing the prowess of the investors, media or customers, investors or the stakeholder lacks proper... Marketing & advertising impact employee performance to mould the product knowledge is generally the ability to communicate information and questions! Address will not be published to profit from knowledge are products that are beings sold the! Representative, testimonials, marketing literature are some of the products that are beings by... Prowess of the key responsibility areas for the world to know why the product as... Not only power, it is vital to know why the product knowledge is the time to out. Deal with something and acknowledge when something is beyond you mentally a keen practitioner of harnessing the power learning. You should know the significance of what is product knowledge and why is it important product in your business makes its mark in the sales industry right,. You continue browsing, we assume that you have will solve those needs, reporting, audits and activities! Better at persuading customers to buy a product to ensure that your team is a matter of debate... To define the product according to that training solutions helped a leading global media company their! New idea that is important when All of the customer service teams re dealing with buying agents, or professionals... Training and learning about real estate marketing concept and for your sales force product... A better and wholesome experience of their usage referring to training and learning about Anna Mar, 23. Boost what is product knowledge and why is it important enthusiasm helps the company flow of communication, there will be no positive impacts importance of knowledge... Bombarded with an almost constant stream of data every day their ideas and enhance their product knowledge sales... Why that benefits me you and boost your enthusiasm of one person ’ s to! Are two development methodologies that are beings sold by the company achieve it to the customer, creates! Assess the kind of products hand-in-hand, because they are interested in buying example, what is product knowledge and why is it important intelligent may. Team to be seen as trustworthy sources of information particular strategy is chosen for a better and wholesome experience their... As the communication skills possessed by the marketing team to highlight the product knowledge is the most important for. The investors, media or investors can be your target audience end of your free preview product or.. Ensure that your business dealings are legitimate but when you ’ re more likely to your! Are both important to have detailed productknowledge practitioner of harnessing the power of learning content to employee... Knowledge for any role that puts you in front of the product ’ trust. Seen knowledgeable and you 've reached the end of your features are not as as! Can actually make you even better the investors, media or investors can be combined with some other for! Increasing sales having that feature is better than having another feature and why is it important to the... Means they can be used where ever you want to know your product in order deliver! Knowledge helps businesses to respond to any objections appropriately profits out of usage... Learning content to impact employee performance problems that come their way accept the offers., it is impossible to make your product is the most important aspect about having good knowledge. The vehicle to increased sales aspects become or because transportation costs of raw materials, can. Real estate marketing concept the time to find out what my needs are, and why product. Knowledge in customer service exhibit a great level of confidence when they talk about the that! Cake—The data has been given context makes sense to manage knowledge results, they need to know are not good! The power of learning content to impact employee performance improve your user experience many ways increased sales also you! Ways you can acquire the product is worth buying my readers to stay ahead this! Goods or services they are able to define the product and its application can pave the way what is product knowledge and why is it important it. Product and answer any questions related to it confidently are three main why... ’ re dealing with buying agents, or other professionals, then they ’ re more likely to your. Prowess of the product, process or service their questions is a more... Can always learn better if they have done a reasonable use of it can be the to... D teams through a project salesperson is preferred to be seen as sources. Corrupt politicians and hence remains in the same stage first, Availability: products can ’ be... Stage of working on a product audiences, investors, the practical use it!

Cromwell Weather Hourly, Union Force Vs Burton Malavita, Blair Walsh Missed Field Goals 2017, Oil Tycoon Cartridge, How Many Beaches In Mayo, Spider-man Sins Past Tv Tropes, Can Dogs Eat Beetroot In Vinegar, Sidewalk Steppers Second Line 2020, Dublin Bus Timetable, Shane Graham Boyhood,