Understanding the product before you start selling is a must. Whatever the domain you’re selling in, as an SDR, understand the product you’re selling to book more demos, get more conversions, and ultimately close more deals. The biggest misconception surrounding the concept of product understanding is that one has to remember all its specifications and deliver these in their pitches. But that couldn’t be farther from the truth. For understanding the product you’re selling, you also have to research the market and the customers. We’ll explore the detailed steps for understanding a product in this article.
Steps To Take To Understand The Product
Exploring the product you’re selling in detail is an entire process and not a simple one-step action. How well you understand the product will reflect in your product’s pitches, demos, and marketing. So, here are the steps for extensively knowing a b2b product.
Understand the actual value of the product
This step is the most basic one but plays an essential role in the product understanding process. There’s nothing worse than an SDR not knowing what the product actually does, how it’s helpful, and to whom it’s helpful. To avoid sounding gimmicky and untrustworthy, you must try to understand the inner workings of your product.
You may have a non-tech background but are trying to sell a tech product. In such cases, researching the product and building your understanding of it becomes highly essential. Knowing what the product is will also help against mislabelling or targeting the wrong markets.
Identify the strengths of the product
Every good product has certain advantages to using it over others. Identify those attributes of your product because these will become selling points later on. The more selling points you have, the more deals you’ll close, and the more markets will open for the product.
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Identify product weaknesses
This step is even more critical than the last one. That’s because you’ll be in trouble if you don’t know the product weaknesses before your competitors do and are better than your competitors do. No product lacks weak points, and that’s how it works. So, identify these points and devise strategies to sell better when you pitch to prospects.
Never refuse to acknowledge the product’s weaknesses if the prospect brings it up. However, offer a strong value proposition to counter the weaknesses and sell the strengths. If you understand the product well, it will help create a better product, and the subsequent versions will be stronger and easier to sell.
Find similar products in the market
This step will help you understand the product better and see if it’s unique. Look for products that offer similar value as your product and compare their pros and cons. For example, if you sell for a SaaS company and your product has lesser features but one highly beneficial feature for a certain lead. This can be a good selling point in your pitches because the rival product may produce a hundred features, but you have the upper hand in terms of effectiveness.
Being aware of rival products just helps finetune your presentation. Sometimes, products aren’t unique, but they offer something different in a similar category. This means that one product may offer something suitable for customer A while another might be good for B.
Identify how fluid or rigid the product is
Knowing whether your product is highly tweakable, slightly customizable, or relatively rigid is beneficial. Selling a rigid product requires a different approach than selling a customizable product. If the product can evolve much, then the primary focus should be to gain loyal customers to make the most sales happen. On the other hand, if the product’s rigid, the focus must be shifted to gaining as many customers as possible. These changes in sales approaches can only be made when you understand the product well.
Use the info to build a solid funnel
After you know what your product is capable of, what differentiates it from the rest, and what could be the possible product life cycle, use all this info to create the best funnel and drive sales. Check for products that could be good add-ons to your product and approach those companies to discuss deals.
Identify the right ICP when you understand the product fully, and go after the target markets with a laser-sharp focus. A good product team is essential for good sales and marketing teams in a company. So, use all the info you can get but never include any irrelevant info in your demo or pitches.
Final Words
When SDRs understand the product they’re selling, they know how to work smarter, not harder. Of course, knowing every nitty-gritty detail of a product is impossible, but knowing the relevant information is a game-changer. So, taking the time to explore the intricacies of a product and converting them to high-yielding selling points is a skill that can only be mastered with time. Staying focused will help SDRs become a pro at handling product details and using them to bring in sales.
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