N5 Sales Management 1. The importance of knowledge
Knowledge is an important cornerstone of a salesperson’s success. A salesperson must be able to position his product/service against competing products/services. Therefore he will need knowledge of his product/service, knowledge of his business, knowledge on his competition, industry knowledge as well as general knowledge.
Knowledge enables the salesperson to answer questions and to provide information, approach his presentation professionally and with confidence, overcome objections and achieve success in selling.
The most important is product knowledge. It helps the salesperson to apply the advantages and need-satisfaction to every prospect and to build his sales presentation on it: for example, when customers want to buy cars for economy, safety and image reasons, the salesperson will build his presentation around this.
Therefore, knowledge leads to the following characteristics: 1.1 Self-confidence
Knowledge boosts a salesperson’s self-confidence especially when presenting the product/ service. It also gives a salesperson confidence in matching the product/service with the prospect or customer’s needs.
1.2 Enthusiasm
Knowledge contributes to heightened enthusiasm. The salesperson cannot be enthusiastic unless he knows all the strengths of his product and business. The salesperson’s enthusiasm heightens his effectiveness in influencing prospects positively and matching his product to suit the prospect’s problems and needs.
1.3 Promotes specialisation and professionalism
Product knowledge helps the individual to be a specialist (for example an estate agent who specialises in the selling of townhouses) and a more effective salesperson.
1.4 Increased income
Product knowledge, self-confidence and enthusiasm contribute to a salesperson’s success, thus increasing sales, which in turn lead to an increase in income (for example, receiving bonuses for exceeding targets or being promoted).
Product knowledge + self-confidence + enthusiasm = increased sales (more success) = increase in income.
1.5 Personal development and progress
The more knowledgeable a salesperson becomes, the more he contributes towards his own personal development and growth. Knowledge leads to improved achievement and therefore progress in the workplace (promotion).
1.6 Knowledge builds loyalty
Knowledge of the salesperson’s business and everything related to it, gives the salesperson confidence in his business and product, which in turn leads to loyalty and defence of the business, its products, reputation and image.
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