Module 2 • Essential knowledge needed for successful selling 2.2 The industry
The salesperson must have the following knowledge of the industry in which his business operates: • Is the businesses market local/national/international/combination? • History of the industry • Market growth and profit potential of industry • What current events (political, natural disasters, economic, government) could affect your industry (problems in the industry)
• What government regulations currently affect your industry? • Size and trends of the industry • Legislation that applies to the industry (for example, RICA legislation) • Present developments: for example, in the motor industry there is a trend to buy smaller cars because of their more economical fuel consumption (given the higher fuel prices)
• Future tendencies of the industry • His businesses market share and competitive advantage in the industry • Who the leading businesses are in the industry • Is the industry seasonal?
2.3 Competitors
Salespeople should know the following about their competitors: • The products/services they provide • How they market their product/services to customers • Prices of their products • How they distribute/deliver products • What after-sales service they offer • Their media activities (where they advertise) • How they use IT in their business (for example, a website/e-mail/social media) • Size of market share.
Only once the salesperson has knowledge about his competitors he can show the customer the differential advantage and overcome objections.
Activity 3
You are a salesperson for RedBull. Do some research on this specific industry and its competition and answer the following questions:
1. What industry does RedBull operate in? 2. List your main competitor(s). 3. Can you think of any government regulations that might affect this industry? 4. How does the competition market their products?
3.
Product knowledge
Product knowledge is of utmost importance to the salesperson, because if he cannot answer a prospect’s questions about the product or prove that the use of his product will enable the prospect to satisfy his needs, solve his problem or fulfil his desires, the salesperson cannot expect to achieve any success in selling.
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