How to Sell Your Product or Service - Product Inventory (2/11)
Summary
TLDRThis module emphasizes the necessity of creating a product inventory before sales, which includes listing features, benefits, and advantages. It illustrates the process with an example of software for small businesses, highlighting how an automatic report generator can save time. The key takeaway is to connect features and benefits to advantages over existing solutions, sparking interest in potential customers.
Takeaways
- 📝 **Create a Product Inventory**: Before selling, understand all aspects of your product.
- 🔑 **Feature Identification**: List out distinct features of your product that you want to highlight.
- 💡 **Benefit Statement**: For each feature, articulate how it benefits the user.
- 🚀 **Advantage Statement**: Explain why your product is superior to alternatives or current solutions.
- 📋 **Organize Information**: Use a structured format with columns for features, benefits, and advantages.
- 🤔 **Answer Potential Questions**: Prepare to answer questions that may arise during sales presentations.
- 🔄 **Iterative Process**: Features may have multiple benefits, and each benefit may have an advantage.
- 💼 **Software Example**: Use the software's automatic report generator as a practical example to explain the process.
- 📈 **Automation Advantage**: Show how automation can save time and improve efficiency, which is a key selling point.
- 🏆 **Competitive Edge**: Emphasize the advantage over what the customer is currently using or what competitors offer.
- 📚 **Homework Assignment**: As a task, list features, benefits, and advantages to prepare for sales effectively.
Q & A
What is the purpose of creating a product inventory before selling?
-The purpose of creating a product inventory before selling is to ensure that you understand all aspects of the product, so you can effectively answer questions and avoid floundering during your presentation.
How is the product inventory broken down into steps?
-The product inventory is broken down into three steps: identifying the feature, stating the benefit, and outlining the advantage.
What is a feature in the context of product inventory?
-A feature is an aspect of the product that you want to highlight, which is typically something that distinguishes your product from others.
Can you provide an example of how to list a feature?
-An example of listing a feature could be: 'Our product has an automatic report generator feature.'
What is meant by the term 'benefit' in the product inventory?
-A benefit is what the feature allows the user to do or achieve, such as increased efficiency or convenience.
How do you create a benefit statement for a feature?
-You create a benefit statement by explaining how the feature will allow the user to perform a task or achieve a result, for example: 'This feature will allow you to program all the reports you need to generate.'
What is an advantage in the context of product inventory?
-An advantage is something that your product offers over others or over the current solution a potential customer is using.
Why is it important to include the advantage in your product inventory?
-It is important to include the advantage because it ties the feature and benefit to a tangible improvement over what the customer currently has, making the product more appealing.
How can you demonstrate the advantage of a feature in a sales pitch?
-In a sales pitch, you demonstrate the advantage by showing how the feature and benefit provide a better solution than what the customer is currently using or considering.
What is the homework assigned in this module?
-The homework is to list out the features of your product or service, for each feature list out a benefit, and for each benefit, consider the advantage it provides.
Why is it crucial to do this homework before selling your product or service?
-It is crucial to do this homework to ensure that you can effectively communicate the value of your product or service, which is essential for successful selling.
Outlines
📝 Creating a Product Inventory for Sales
This paragraph discusses the necessity of creating a product inventory before engaging in sales activities. The speaker emphasizes that a comprehensive understanding of the product is crucial to effectively respond to potential customer inquiries. The process involves listing features, benefits, and advantages of the product. Features are aspects of the product to be highlighted, benefits are what these features enable the user to do, and advantages are the superior offerings of the product over competitors or existing solutions. The speaker provides an example using software with an automatic report generator feature, explaining how it allows users to automate report generation without manual intervention, thus saving time and effort. The homework for the module is to list out the features, benefits, and potential advantages of one's own product or service.
Mindmap
Keywords
💡Product Inventory
💡Feature
💡Benefit
💡Advantage
💡Sales Pitch
💡ABCs of Selling
💡Software
💡Automatic Report Generator
💡Homework
💡Small Business
💡Presentation
Highlights
The importance of creating a product inventory before selling.
The necessity of being prepared to answer questions about the product.
The concept of the product inventory being broken into three steps.
The first step is identifying the product's features.
The use of a feature statement to highlight the product's aspects.
The second step is creating a benefit statement for each feature.
The third step is formulating an advantage statement.
The significance of the advantage statement in differentiating from competitors.
The process of listing all features of a product or service.
The task of listing benefits next to each feature.
The importance of understanding the advantages over existing products or services.
An example of how to structure a sales pitch using features, benefits, and advantages.
The example of selling software with an automatic report generator feature.
How the automatic report generator feature allows for programming reports without manual intervention.
The advantage of the automatic report generator over manual report generation.
The homework assignment to list features, benefits, and advantages.
The purpose of the homework in preparing for product or service sales.
The emphasis on doing homework on features, benefits, and advantages before selling.
Transcripts
now in this module what i want to talk
about is what i call the product
inventory before we sell before we go
out there and share our information with
anybody we need to make sure that we
understand all aspects of that product
so what we're going to do is create a
product inventory now you have to do
this before you go out there and start
selling if you don't have this ready
you'll be asked questions and you won't
know how to answer them and basically fl
your presentation so we need to do this
this is kind of the abcs of selling here
we need to go through this now the
product inventory is broken up into
three steps now the first one is called
the feature a feature some aspect of the
product that you want to highlight and
typically you use this s our product has
fill in the blank whatever feature list
out feature that you currently have now
once you have that feature now our
product has fill in the blank feature
benefit
stature statement second benefit stat
which will allow you to so other words
this feature will allow you to and the
third part here is the advantage
statement and that means so for example
me put all together our product has this
will allow you to
that
exp walk through these first one feature
some aspect of your product different
aspects of your product what i want you
to do is create a list of all the
features that your product or service
has to offer just create a list can
brainstorm create a list then right next
to each of these features i want you to
list a benefit for each feature list a
benefit now each feature may have
several benefits could have more than
one so feature benefit and then right
after that in the third colum so to
speak i want you to add the advantage
now this is important a lot of people
always talk about the feature and the
benefit but always leave out the
advantage what is an advantage an
advantage is something i have over
somebody else or if i use a certain
product right now what's the advantage
of buying from you when i'm currently
using this see if i'm okay with what i'm
using i don't care about your features
benefits but if you can ti those
features and benefits to advantage
better than what i currently have then
i'm interested the idea let's walk
through an example let's say that you're
selling software i like to use software
because it's kind of a product and it's
kind of a service at the same time but
let's say that you're selling software
some generic software for a small
business right and now this software has
a certain feature which allows you to
automate report generator which means
you can program when the rep will be
generated you don't have to do it
manually so here's what you would say in
your sales pitch you would say our
product has an automatic report
generator feature which will allow you
to program all the reports you need to
generate the advantage and that means
that you won't have to stop what you're
doing and go back to your computer and
actually generate the report it will do
it automatically do you see the
advantage maybe today they're doing it
manually walking back to the desk and
actually actually programming the
reports and actually printing them out
but by using the autom feature it is now
an advantage so here your homework in
this module very simple very simple i
want to take small steps i want you to
list out features and for each feature
list out a benefit there may be more
than one and it's okay for each of those
benefits there may be an advantage maybe
more than one create cols and then list
those out to provide a work can through
process will help formulate benefit and
advant have to do before you begin
anything in terms of selling your
product or service so now is the time to
do some homework feature benefits
advantage go to
it
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