I always heard this from my family who owns a manufacturing company with over five branches domestically and internationally.

 “Product knowledge. Product knowledge. Product knowledge is very important”

I never really got it why they kept on telling me this until recently. It’s because product knowledge is everything when closing the sale.

In the startup arena, they call this the “product market founder fit.” Product knowledge is all about this tackling the three circles of the “product market founder fit.”

So what do we exactly mean by product knowledge then and can product knowledge increase sales?

Can Product Knowledge Increase Sales? – Answer Lies Here

Product knowledge is simply understanding the three arenas of this circle.

Is it possible to sell your product when you have no working knowledge of it?

You want to understand the ins and outs of your product while at the same time understand the market you are selling to, in order to get that competitive edge.

An example would be at Sam Walton: the founder of Wall Mart.

One day Sam Walton’s competitor found a strange man lying down at his floor, squat down, seemingly observing the floor’s dust. The staff quickly called security and found out that it was shockingly, Sam Walton.

What was this crazy man doing at his competitor’s store??

Sam Walton was a businessman that was notorious for studying his competitors, he would shop at his competitors and buy everything they had. The reason was simple though, he wanted to learn about the market.

Another example was billionaire Mark Cuban. When he first started, he learnt programming, Basic C programming so he could sell software for his company: Micro Solutions.

Elon Musk as well is an example of a businessman with deep product knowledge of engineering and rockets, in addition to market knowledge.

If your goal is 4 or 5-figure income. Then close this page right now, you do not need product knowledge but if you goal is a high income with your business ($10k+/month), then product knowledge is simply not optional.

Can product knowledge increase sales? It WILL increase sales because “how much you earn is in direct proportion to how well you understand the marketplace.” -Harv Eker

Can Product Knowledge Increase Sales? – Acquire These Three Things First

Understand Product first – know the ins and outs of your product. The most important sale you have to make before selling to anyone has to be first on yourself.

Without this part done, it does not even matter what words you put down or say (80% of human communication is non-verbal), it will simply not work.

Take the time to study your product and what you are selling before lifting a finger to write copy.

Understand the market – buy products that are similar in your field. Don’t say stupid s*** like “it’s not my job to learn about the market.”

LEARN ABOUT THE MARKET. YOU ARE IN MARKETING, MARKET COMES FIRST.

See what existing solutions are out there, so you can find the “blue ocean”- uncontested marketspace.

Founder – Understand the philosophy of the business you are working with. What was the founder’s hero story.

If you are a founder yourself, then understanding your own philosophies, goals and aspirations – and being able to convey that to your audiences.

Every founder has their story, and all of this is interwoven into the product.

What business values does the founder have? You not only want to study this, but be able to convey it in your messaging.

The founder part of the “product market founder fit” is something that no one can copy from you, because each founder’s philosophy and outlook of life is different.

Conclusion

I can assure you, if you just get 10% better in your product knowledge, it will give you the absolute knife’s edge when being compared to your competition.

Just like how all of clients are currently dominating in their arenas. Find one thing from this, and apply it today.