I'm sure you've heard the saying "It's who you know, not what you know." 

The obvious inference is that networking and knowing the "right people" will get you further than being well educated and knowledgeable. 

Well that's okay as far as it goes. "Who you know" will help you get your foot in the door. But to get the sales, create customer loyalty and earn referrals from your customers, you'll need to really know your stuff and deliver results. 

Customers appreciate referrals based on competence and trust rather than solely on name recognition, social acquaintance or academic association. 

Leverage your network to gain introductions to your prospective buyers and then follow through by proving your worth as a knowledgeable and trusted advisor. 

The Right Stuff – In the Beginning 

Really "knowing your stuff" is necessary in order to prove your worth to your customers. But even more important than that is knowing the "right stuff." 

The most elementary set of knowledge you need is product knowledge. You need to know your product or service inside out. And not just the features and functions. You need to know how it will benefit your customers; why it's a good fit for your customers; and what specifically it will do for your customers (run faster, jump higher, look better, feel better, increase sales, cut costs, increase productivity, etc.) 

But with that knowledge you're just scratching the surface. By broadening your scope of knowledge you'll be an even greater asset to your customers. 

The Right Stuff – Second Verse 

If knowing your product or service from the viewpoint of how it benefits your customers is important, then knowing your customers well enough to understand what will benefit them is even more important. 

Learn as much as possible about your prospects before you ever meet with them. Information is readily available on their Websites; on the Internet; in their annual reports; in their brochures and other literature; from other vendors who are doing business with them; in the business section of their local newspaper; and myriad other places. Learn about their background; their products or services; their customers; competing companies; and their core mission. 

Think about what it will mean to your prospects to know you're not just on a "fishing expedition" when you first meet. It will impress them that you have taken the time to learn something about them and their needs instead of just assuming that your "one size fits all" solution is right for them. 

Having information about your prospects in advance of meeting them will allow you to ask more pointed and thoughtful questions to help you flesh out the details of the “picture” that is your prospect. You’ll also be demonstrating that you care about and understand their needs. And when it comes time to deliver a proposed solution, you’ll be able to tell them what your product or service will do for them in specific terms. Your proposed solution will be grounded in your knowledge of their most important wants and needs – and you can present it that way. 

Even with all this you still don’t know everything you should to optimize your value to your customers. 

The Right Stuff – Part 3 

Next it's time to turn your attention to industry knowledge – yours and theirs. 

Learning about their industry will inform you about the challenges they face; the economic realities they contend with; trends that indicate growth or recession within their industry and their customer base; and any other areas of concern or optimism that your prospect may encounter. Knowing this information allows you to see your prospect's problems from their point of view and to propose a solution that will also make sense from their point of view. 

Becoming an expert in your industry is at least as important as knowing your prospect's industry. It's also crucial to having complete product knowledge. If you are a reseller, knowing about the manufacturers of your products as well as their competitors is very powerful. Learn about how they position themselves in the market and how their products compare on quality and price within their market segments. 

Read industry publications to find trends and to get perspective about where you fit in the industry. You'll gain valuable tips and advice on how to best sell your product or service. You'll find success stories that will give you a view into why customers buy particular products and services and point the way for you to identify opportunities to solve your customers' problems. 

We've covered a lot of ground, so far, but another crucial area of knowledge remains.  

The Right Stuff – Takin' It Home 

Learn everything you can about your competitors. You can learn about them in a number of ways (see "Second Verse," above) including buying from them. If you're a service provider, learn your competitors' methodology; who their clients are (even if it's just descriptions of who they serve); their reputation for reliability; their ability to produce results on time and on budget; and how they stack up in your market and in your industry. 

And find out specifically which competitors you'll be competing with in the deal you're working on now. Ask your prospect to share information that will help you to help them achieve their goals. 

You should learn all you can in the areas described above with an eye on how it will help you solve your customers' problems. Don't keep what you learn to yourself. Share it with your prospects and customers and they'll see you in a new light. You won't be just another salesperson. You'll be giving them valuable information; helping them solve their problems. You'll be their trusted advisor. 

© 2006 Patrick A. Hassett. All rights reserved. 

Pat Hassett draws on more than 30 years experience in sales, sales management and sales support roles across several industries. He stands ready to help you increase your sales, your profitability and your customer loyalty through the use of customer-centric sales methods, high level customer service and customer relationship management tools. To learn more about how SalesNow! can help you, go to www.salesnowonline.com or write to infalesNowOnline.com. 

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