PRODUCT KNOWLEDGE

A competent and professional salesperson can sell any type of product or

service as long as he or she applies proper sales techniques . But you won't
be able to sell anything, no matter how much technique you have, if you
don't know what you're dealing with. That is, if you have no knowledge of
the product .

This is the first rule in selling. The first thing to know is THE PRODUCT we
have to sell. Get to know him thoroughly. And when it comes to presenting
it to the Client I give you three basic rules:
1st. Always speak the same language as the Client.
2nd. Converts the attributes or characteristics of the PRODUCT into
benefits for the Customer.
3rd. The Customer is not interested in the Product itself, but rather in what
it can do for him.
Let's take a closer look at these rules.

Speak the same language as the Client

One of the sales techniques that are currently being used are the so-called
technical conferences. In them, the Company promoting the event is
concerned with disseminating the event among a very limited professional
group and raising a specific problem that directly affects said professionals.
During the talk, this issue is addressed and a specific solution is proposed
with the Products of said Company. As is easy to imagine, the lecturer will
use a technical and concrete language aimed at people qualified to
understand him, assuming that all the technical concepts on which said
conference is based will be understood by the respectable person.

Imagine for a moment that you are an employee at an appliance store. A

woman appears through the door interested in a washing machine. You, as
the good professional that you are, know the machine perfectly. Whether
you tell Mrs. the revolutions per minute that the drum reaches when
spinning or the computerized technology used in creating the machine's
operating controls, the poor thing will surely decide to continue washing by
hand.

Speak the Client's language. But how can we find out what knowledge the
Client has about the PRODUCT they are offering? I am going to reveal to
you a great secret jealously kept by me that solves this question: Ask the
Client what they know about that PRODUCT. Jokes aside, don't you think
it's the best way to find out?

Convert attributes or characteristics into benefits

Whatever language you have to use with the Customer, present the
attributes or characteristics of the PRODUCT as benefits to them. The best
way to do this is to break down the presentation into three phases. The
first states the attribute or quality of the PRODUCT. In the second, its
specific meaning is explained in the Client's language. And in the third a
beneficial conclusion is presented for him. Let's look at an example:

1st. This car has a 2,000 cubic centimeter engine. (PRODUCT attribute) .
2nd. This means… that it has a great repris. (Concrete meaning) .
3rd. This is why... You can make overtakes in less time, providing more
security for you and yours. (Benefit for the Client) .
This technique that I just explained can and should be used whenever you
have the opportunity. This way it will be easier for you to present the
qualities of the Products . To practice, I suggest the following: Select a
Product that you sell. Take a blank sheet of paper and make three vertical
columns. In the left column write down the most important attributes of
that Product. In the central column write a specific meaning for each of
them. And in the right column it converts each attribute into a benefit for
the Customer. Do it and you will be surprised by the results.
The Customer is not interested in the
PRODUCT itself
But what it can do for him.

Whatever you sell, remember that the Customer is not interested in the
Product, but in the BENEFIT that it will bring.

The Client is not interested in the Product, but in the BENEFIT that
it brings.

Going back to the appliance store employee example above, the lady who
was interested in the washing machine is actually buying more free
time for herself . What it is about is focusing on the specific attributes of
the machine with a specific meaning for it and turning them into benefits.
But not everything is as simple as the previous example. In this third point
we fully enter into what is called PURCHASE MOTIVATIONS by the Client.
This specific point was perfectly clarified when it was discussed in the
corresponding chapter, wasn't it?
Something as important as knowing our Products is knowing those of the
competition . If there is a sale, it is because there are a variety of
different offers to choose from. If you want to be a competent professional
seller, you are obliged to know the competition's products and find out
what the differentiating characteristics are compared to those you offer. Or
put another way: what advantages do my products offer over those of the
competition?
Analyze your Products, find out the differentiating characteristics compared
to the competition and learn to approach them in an argued way.

Find out the differentiating characteristics compared to the competition and

learn to approach them in an argued way.

SUMMARY
1. Know your Products in depth, and those of the competition.
2. Present your Products in a language understandable to the Customer.
3. Convert Product attributes into benefits.
4. Sell what the Product can do for your Customer .
WHAT IS THE LIFE CYCLE OF A PRODUCT?
In marketing, the life cycle of a product is understood as the set of stages that
a product goes through from its introduction into the market until its
withdrawal.

The concept of the life cycle of a product arises from the analogy between the
evolution of living beings and that of products, since both go through different
stages throughout their existence. A living being traces a life curve that passes
through birth, adolescence, adulthood, old age and death. As for the products, a
similar cycle occurs, which you can see below.

STAGES OF THE LIFE CYCLE OF A PRODUCT

The identification of the factors that affect the evolution and demand of the
products, as well as the duration of each of the phases, will determine the
company's ability to adapt its products to the new needs of consumers. The life
cycle of a product consists of 4 main stages: introduction, growth, maturity and
decline.

1. INTRODUCTION
In the introduction stage, after developing the marketing plan , the product is
launched for the first time on the market, we are faced with a first stage full of
uncertainty and risk. Furthermore, it is the stage in the life cycle of a product that
entails the highest cost, since the first approach of the product to the consumer
occurs, in which both the previous market studies and the development of the
product itself, as well as the investment in communication campaigns and
promotional marketing actions.

Normally at this stage, demand is lower than supply, since the highest percentage
of sales come from the most innovative consumers and early adopters, who are
those who accept a greater risk when purchasing and are enthusiastic about
experimenting with new products. .

The key in this stage of a product's life cycle is to define and work on
positioning and investigate the market's response to the product, so that if it
is necessary to react with agility and be able to reorient strategies.

2. GROWTH
In the growth phase, the product is positioned in the defined segment, and begins
to be accepted by consumers. This causes sales and therefore profits to increase.

Typically, increased profits occur because manufacturing costs are reduced either
by economies of scale or by the acquisition of manufacturing experience.

Despite this, competition in this second stage of a product's life cycle is usually not
very intense. It is likely that new competitors have appeared, but these new players
will try to differentiate their product and begin to build their brand positioning .

The key at this stage is to reinforce the positioning and make modifications to
adapt the product to growing demand.

3. MATURITY
The maturity stage occurs when the product has reached the top in terms of
market share. This stage, the third of a product's life cycle, usually lasts longer than
the rest.

Sales continue to increase, but at a slower and decreasing rate, until they reach the
point where they stabilize and then begin to stop.

At this stage, the competition is already considerable, so we do not have to

compete only on prices, but other factors relevant to consumers must also be
identified and worked on, to truly achieve a product and a differentiated value
proposition.

The key at this stage is to anticipate the drop in sales by looking for proposals
and innovations that make the product attractive again in order to sustain
sales.

4. DECLINE
No company wants to reach the decline phase, since it is the last stage of a
product's life cycle. Sales begin to gradually decline because the product has been
replaced by other more attractive options for consumers.

Profits can become losses and, therefore, the product may no longer be profitable
for the company, if the necessary measures are not taken.

At this stage I usually recommend that the product be withdrawn from the market,
since there is little opportunity to achieve a revival of the product.
The key at this stage is to minimize the investment and plan actions that take
into account different aspects: replacing the product or modifying it to focus
it again on the market.

LIFE CYCLE OF AN EXAMPLE PRODUCT

Apple launched the iPod on October 23, 2001, beginning the introduction stage
of a product's life cycle. In 2002 sales had already reached 600 thousand units, the
iPod was in the growth stage . Due to the popularity achieved, in 2003 Apple
created the iTunes application, creating a new way to sell music legally and easily.
In the following years, Apple developed different versions of the iPod with new
technological advances, such as video playback on the device. As you can deduce,
the iPod was in the maturity stage of a product's life cycle.

After the launch of the iPhone in 2007, the direction of the iPod changed, and its
sales began to stagnate and it entered the stage of decline . The iPhone terminal
included all the functions of the iPod, plus a whole new world of possibilities. Who
was going to buy an iPod when they could buy an iPhone? Steve Jobs himself,
seeing the life cycle situation in which the iPod found itself in 2007, decided to
make a statement where he stated that “the iPhone is the best iPod in the world.”

Finally, Apple eliminated many of its iPod models, and 17 years later it has been
simplifying the line and focusing on two models, which do not even appear in the
central line of the official website. Furthermore, the last renewal occurred in 2017,
therefore, the device continues to be on sale to satisfy the demand of a minimum
percentage of consumers who continue to buy it, but in the short term it is
expected to be withdrawn from the market.

As we can see, the iPod is a good example of how a product can go through all the
stages of a product's life cycle.

CONCLUSION:
It is important to know and know how to manage the stage in which your product
is, since the decisions to be made in each one vary and are different. Therefore, it is
vital to carry out actions appropriate to each circumstance, to overcome the
challenges that arise at each stage of the cycle. A company's marketing strategies
must adapt to the fluctuations that products suffer over time, in order to optimize
decision-making in the best possible way. Identifying what stage your product is in
will help you define your strategy and enhance your marketing efforts. As you have
seen throughout the article, it is important to study and work on the life cycle of a
product, since it can directly affect the survival of a company.
 What is the Product Life Cycle?
It is the progression of a product through the four stages of
its time on the market. The four life cycle stages are:
Introduction, Growth, Maturity and Decline. All products
have a life cycle and the time in each stage varies from
product to product.

Life Cycle through the Stages

In the introduction stage, the product enters the market
and the business appears to have a foothold on the sales
ladder:

 Establishing the brand and assuring the market of the

quality of the new product.
 A low price policy to reach the market, although with
little competition, the price may be high initially to
recover development costs.
 Selection of a distribution model to bring the product to
the market.
 Promotion of the product aiming at the specific audience
such as online forums.
After the Introduction stage comes the Growth stage. This
will seek to take the developments of the first stage to the
next level:

 Maintaining product quality and adding any extra services

or support that become obvious during the introduction
stage.
 Keeping the price at a good level to maintain sales
growth.
 Increasing distribution and providing new and faster ways
to get product to shelves.
 Marketing campaigns targeting a broader audience and
growing market share for the product.
With growth established, the next stage in the life cycle is
Maturity. Businesses deal with this:

 Adding features that make the product different from

competitors entering the market.
 Reducing prices to counteract competition.
 Reviewing distribution channels and using incentives to
encourage stores to carry original product merchandise
instead of preferring new products.
 New promotions whose objective is to show the
difference between products.
When the Decline stage arrives, the business will consider:

 Keep the product on the market but add or remove

certain features, or find new uses for it.
 Reduce costs and production and keep it only for a niche
market.
 Discontinue the product or sell the rights to it to another
company.
By keeping a strong focus on the four stages of a product's
life cycle, a business can maximize returns and realize
when is the best time to divest a product. Overlooking this
can cost the business their money and lead to a limited
product life cycle.