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The Sales Triangle - Part 3 "Knowledge"
Michael Boone & Associates Newsletter
The Knowledge Triangle Part 3     July 25, 2005 

Greetings!


This is the third and final of a three-part series on the triangle of selling.

The Sales Triangle - Part 3 "Knowledge"

In previous articles, we covered the two sides of the selling triangle - attitude and skills. This week, we address the very base of selling success - knowledge. It is impossible to succeed in sales without knowledge. The three main ingredients of your sales knowledge are:
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Product Knowledge, Market Knowledge, Knowledge of company policies and procedures

As an end result of "proper knowledge," you will gain more confidence in your ability to deal with any issues that may arise during the sales interview and an ability to make a more effective presentation. Actually knowledge is the springboard to real enthusiasm.

What knowledge should you have about your industry?

It may seem too obvious, that you should know why prospects use a staffing service; but in asking this question, the reality is that you will be amassing a base from which to draw. Those answers will usually be a main buying point which you will utilize later when you make a presentation. Other questions would be how they plan to use your service, when they have a need, and how they might go about choosing the service which best fits for them.

Some key components of your base of knowledge would be the ins and outs of the Family Leave Act, Cobra, Co-Employment and for your prospect, what goes into a pay rate beyond just the hourly wage or salary - these costs are sometimes known as "hidden" costs.

What knowledge should you have about your market?

What events are happening in your area that causes other, similar companies to feel a need for your service. (If one similar company has a need, then likely that same need will resonate to their similar, possibly competitor companies). Some other questions would be (a) what seasonal events would likely increase the need for your services (b) what skills would be needed (c) when do "the large bids" come out?

It would also be helpful if you know what the competition is doing in your market, i.e. what is the level of service they are offering and, if possible, what are they charging? As a knowledgeable merchant of your product, you will know whether they can actually "produce" if they are selling their product at a less than profitable margin.

What knowledge should you have about your company?

You will need to know at what terms of payment your company needs to operate in order to be profitable, and what are the credit procedures.

Questions you will receive over and over again are what is your policy on temporary-to-hire and unique recruiting programs you have in place to insure your prospect that you have the right people for him.

This information is just a start to highlighting what you will need to know to enjoy the success to which you are entitled. Personally, I believe the most important knowledge you can have is what benefits others have received as a result of having utilized your services. If you learn this and use it with great sensitivity, you will have a major key to your success.