Improving Industry Knowledge

Industry knowledge and sales results go hand in hand. Often, asking a well-thought question will demonstrate your industry knowledge at a higher level than generalized statements that aren’t specific to the company you’re representing when reaching out to prospects.

By asking the right questions, you can demonstrate your industry knowledge while determining your potential customers’ needs. You can also build rapport by engaging in a meaningful conversation to decide what problems you can solve.

Rather than assuming that your client understands their need for your service, asking questions allows you to realize how you can convince your client of their condition. In addition, by asking the right questions, you’ll show that you understand the issues inherent in the field while improving your industry knowledge and end sales results. Industry knowledge isn’t a “nice to have”; it’s a definitive “must” for salespeople today.

There are 3 reasons why industry-specific / “vertical” knowledge is essential to your prospects and customers.

REASON 1: Industry-focused Products are Superior to General Ones.

“One size fits all” is rarely the best option in life or business.

  1. Industry-specific knowledge: Industry-focused products are developed with a deep understanding of a particular industry’s specific needs and challenges. They are tailored to the industry’s unique requirements and can provide more effective solutions.
  2. Increased efficiency: Industry-focused products are designed to automate and streamline specific processes and workflows, which can result in increased efficiency and productivity.
  3. Better customer service: Industry-focused products often come with specialized customer service and support teams with specific knowledge and expertise to address the needs of that industry.
  4. Better scalability: Industry-focused products are often built to handle the specific scalability needs of an industry, which can make it easier to expand and adapt as the industry changes.
  5. Competitive advantage: Industry-focused products can give companies a competitive advantage by providing unique and specialized features that are not available in general products.

REASON 2: IT Decision Makers Want more Relevance and Specificity.

IT decision-makers are looking for people they can trust. To be that person, you cannot be “tone deaf” about the industry they sell to or are in. They want more relevance and specificity in their products for several reasons:

  1. Efficiency: IT decision-makers seek products and services tailored to their organization’s needs. This allows them to automate and streamline processes and workflows, which can result in increased efficiency and productivity.
  2. Better ROI: IT decision-makers want products and services that provide a better return on investment. By choosing products and services tailored to their organization’s needs, they can ensure they get the most value for their money.
  3. Better alignment with Business Strategy: By choosing products and services tailored to their organization’s goals and objectives, they can ensure that technology investments support the business’s overall success.
  4. Competitive advantage: They can ensure they get unique and specialized features not available in general products.

REASON 3: A Business’s Financial Needs are Specific.

For example, a childcare center receives much of its revenue in the late summer and early fall; a restaurant gets the bulk of its revenue in cash in the summertime; road construction companies submit bids to the government and, when awarded a contract, get paid slowly. Cash ebbs and flows differently for various industries, and companies manage their working capital uniquely. Because there are so many different segments, it’s beneficial to have a feel for a prospect’s specific industry before you meet with them. This will give you a better perspective on the cash management or accounting challenges they may be facing, allowing you to offer more helpful advice.

Updated on June 27, 2023

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