One of the reasons why most start-up fails between their first two years is because they lack certain knowledge as regard to the way they tell their product to people. You can’t sell the same product/services as every other person in the market and expect to get more clients….I mean, is it not the same product? However, you can offer same product (I prefer saying similar product because you have to innovate before starting up any business) as others and still win the market. (Get the concept).
Before you go out to sell or share information about your product to anyone, it is important you know every aspect of that product. You need to know the level of materials and supplies on hand for use in manufacturing production, the work-in-process inventory, which is the value of goods in the middle of the production process, and finished goods inventory, which is the value of products to your customers. So before you go out there to start telling people about your product what you have to do first is create a product inventory. If you don’t have a product inventory you will be asked questions and you won’t basically know how to answer them and that makes you flop regardless if your product is good.
This is like the A,B,C… the basis of putting your product out in front of your client or even in a presentation. Basically, I channeled it down into three (3) part. If you don’t combine this 3 product inventory you might end up not selling your product and get kicked out of the market because each one of them depends on the other.
Here is the concept behind everything I will be talking about in this article – “Customers don’t care about what your product can do… they care about what it can do FOR THEM.” Therefore, you should always “Sell the result and NOT the product”.
The first information you should have is your feature statement (Product has) – Every item or service that a buyer is considering buying should have a feature statement which is “what your product does”. Features are some sort of surface statements about your product, such as what it can do, its dimensions and specs and so on. Whenever you are pitching your business to someone it is important to tell the person what your product has. So take out a sheet of paper and write my product has …………(Fill in the blank with as many features your product has).
Then, we want to look at the Benefit statement as well (Which will allow you to) – consider this as a statement showing the end result of what your product can actually accomplish for your client. Sometimes It can be difficult to tell the difference between your feature and benefit, as many features might sound like benefits. For example, saying that a cell phone has a fast internet connection is actually showcasing a feature, not a benefit. A benefit of fast internet would be the ability to quickly get directions when you’re lost (before you become even more lost). So you want to write down on that sheet of paper. Something like; My product will allow you to …………. (Fill in the blank with as many things your product will allow your clients to do).
Lastly is your advantage statement (Which means that) – Your advantage statement differentiates your product from every other products and thats what your clients are looking for. What do you have for your clients that they can’t get elsewhere? It does not really matter if you have many competitors and everyone is selling similar products. The most important thing is knowing what that product will do for your client. Advantages are like the intermediary between features and benefits; they are effectively what the feature does to eventually result in a benefit. For example, a 4G internet connection (feature) means that you can access web applications in a shorter amount of time (advantage), that will allow you to quickly and easily find your way home when you’re lost (benefit).
Be sure to make the distinction and understand the relationship between features, advantages and benefits.
ABOUT ARTICLE AUTHOR
Oladokun Oluwasegun (Shegs)
Oladokun Oluwasegun is the CEO of ExcessNeeds. He spends every waking moment helping sales reps exceed quota and companies grow revenue.
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