Boosting Sales: Mastering Product Knowledge for Financial Services Success
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We know the saying: knowledge is power. And it's absolutely true when it comes to selling and especially financial services. Possessing a strong understanding of the products you offer, and more importantly knowing precisely how these products benefit your customers, makes all the difference.
Product knowledge isn't something that can be mastered in one sitting; it's an ongoing journey as a sales professional. No matter how skilled you are at closing deals, there will always be room for improvement when it comes to product understanding. But having more product knowledge than your customer is essentialit boosts your confidence and instills trust in customers knowing they're being advised by the right person.
An investment in knowledge pays the best interest. Benjamin Franklin
So what do you need to know about products?
First, their added value to customerswhy buyers choose a diet cola over regular soda isn't because it's calorie-free; instead, they buy for its health benefits. As salespeople, we must understand how our products help customers and communicate these advantages.
Secondly, distinguishing ourselves from competitors is crucial. The internet has made consumers more knowledgeable than ever before, so being able to offer reasons beyond 'we're cheaper' or 'we've been in business longer' can make all the difference.
Lastly, understanding the specifics of each productits workings, pricing structure, and additional benefitsis also vital. It's expected that you know these basics when it comes to sales.
Let's explore five effective strategies to increase your product knowledge:
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Invest Time - Read literature, take online courses or talk with experienced colleagues. Any effort you put into learning will improve your understanding.
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Master the Basics - Products can evolve and there are numerous ones offered by organizations, so it's essential to grasp their fundamental workings before diving deeper.
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Know Your Competition - Understanding what others offer will help you highlight why customers should choose you over them based on unique features or superior service.
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Stay Updated - The market is always changing, and keeping up with these changes through industry news or events will ensure your knowledge remns relevant.
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Customer Feedback - Listening to feedback can provide invaluable insights into what customers really need and how you can best serve them.
By adopting these strategies, sales professionals can enhance their product knowledge significantly. To delve deeper into selling financial services effectively, check out Meridith’s LinkedIn Learning Course How to Sell Financial Services. This course provides a comprehensive guide on mastering the art of sales in this sector.
Access Link to LinkedIn Learning Course “How to Sell Financial Services”:
- https:www.linkedin.comlearningsales-selling-financial-products-and-serviceshttps:www.linkedin.comlearningsales-selling-financial-products-and-services
and on Lynda.com:
- https:www.lynda.comBusiness-Skills-tutorialsSales-Selling-Financial-Products-Services659273-2.htmlhttps:www.lynda.comBusiness-Skills-tutorialsSales-Selling-Financial-Products-Services659273-2.html
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MERIDITH ELLIOTT POWELL
Voted one of the Top 15 Business Growth Experts to watch by Currency Fr, keynote speaker Meridith Elliott Powell delivers dynamic messages that are both practical and engaging. Her interactive presentations help her clients learn leadership development, sales, and business growth strategies for turning uncertnty into competitive advantage.
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Hosted by sales experts Mark Hunter and Meridith Elliott Powell, Sales Logic provides insights on today's toughest selling challenges with logical strategies that help win more deals and make more money. Uncertnty can be turned into competitive advantage when you sell with confidence and integrity.
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Boosting Product Knowledge in Sales Mastering Financial Services Selling Strategies for Effective Product Learning Enhancing Sales Skills Through Knowledge Understanding Products: Key to Success Navigating the Market with Expertise