How to Sell Your Product or Service - Product Inventory (2/11)

Summary

This 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.