Recently, I bought a car…
From a local dealer. I researched the car I wanted online so I knew what I wanted before I hit the show room floor. The salesman could tell I did my homework–I knew the suggested retail price, how much it cost to make the car, how much the dealer probably paid, and how much competitors’ were selling it for. So the sales process was simple.
Background product knowledge, or competitive intelligence, enabled me to know almost as much as the salesman.
Do you know more than your customers about the products you’re selling?
According to a recent survey (http://pewinternet.org), 48% of all American adults 65 or older are on the internet. Six-in-ten adults (58%) have done research online about the products and services they buy. On a typical day, 21% of adults search for product information online.
Like or not, more and more customers are going online and doing their homework.
If you are an insurance agent…
You either know how your products stack up, accurately, or you don’t. You either add value, or you don’t.