Knowledge

Knowledge
July 23, 2017 Gary Shotton

Aggressively obtaining and maintaining knowledge about everything related to your business will help you succeed in your business. By Gary Shotton #000115

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Knowledge

By Gary Shotton

This text is in Extreme Rough draft and will be edited in the near future.

hello my name is Gary Shotton and I’m sitting here in my manufacturing company and I’m going to talk to you today about knowledge particularly quality and product knowledge your product do you know enough about it and about your competitors and what’s expected for your customers to choose you now we’re all faced with a challenge especially with the internet now people shop around a lot more maybe than they did in the past it’s becoming a big problem for those that have what we call a brick-and-mortar store where they pay for the expense of a nice building and air conditioning and a person that’s knowledgeable in the sales base there and they’re there they’re selling and then the customer comes in and I’ve done a little bit of this go in and shop around and then I can leave even just in my car and check my phone and search it on the internet and say oh man I can save 20% if I just buy it online buy it online deliver it to me have it tomorrow wow that’s a great deal so we have to be careful about what we know and how we share it and how we create a knowledge base so people will stay with us now service industry is just a little bit easier maybe then the product industry because truly the product industry has a problem because you can have the most knowledgeable sales force you could go into great depths you could be very convincing you could have the best facility the best-looking facility and bang like I mentioned they could go on the internet buy it have it delivered tomorrow and you’re basically out of the loop I don’t have a whole lot of solution to that problem right now so I’m going to talk a little bit more about products that you can’t buy online and we’ll deal with those that you can buy a buy online maybe a little bit later I learn about that but there are certain things that you can’t buy online I am in that kind of industry you can’t go to the Internet my customers can’t go and buy what I am selling because it’s customer specific and we have a contracting commitment to make that work not much more anymore can you go buy a car online you could but there’s usually some kind of a dealership involved by most transactions so I’m not saying you can’t find it and you can’t buy it from a dealer that is advertising online but at some point they probably have to come to you another one is air conditioner in my house I just had a new air conditioner of being installed in fact this week the old one went out so I needed to buy a new air conditioning unit which I just can’t go online and buy it I need to somebody to install it so it’s more complicated than just shopping around so we’re talking about those kind of customers those kind of situations and you know I have to believe that there’s one sometimes we lump sales and marketing or marketing and sales in the same breath or in the same thought pattern here’s how I divide the two marketing is the tool that gets the potential customer in front of me in front of me in the store on my website or in somehow made contact through the marketing many many ways for marketing to be effective but once they are in touch with me the very first time sales needs to take over I was just talking to a friend about the internet again I’m not being that that knowledgeable but they’re able to measure what’s considered the bounce that means somebody found you and within seconds within just five seconds or less they click off because something maybe they were on the wrong website but maybe they saw something that they bounced off that’s an indicator so marketing got them to your store even if it’s way based and sales must complete the sale in my opinion now this sale a lot of people don’t spend the time to get truly engulfed in the knowledge about their product or service they lay it on a high level and maybe rely on just sales techniques I I can pick up when somebody is just using sales techniques because I don’t want to be used as an object of just good salesmanship I want to know that personally that the customer are the the supplier that’s explaining to me the product or service they have knowledge and I can pick up on that really really fast I can pick up on that because I start asking some basic questions of basic questions that you should have been explained to me and certainly they should have knowledge of that and that should have come forth before I even ask let me give some examples I have a reason to look at certain investments from time to time and these people came to me and wanted me to invest I told them first it would be a small amount and the likelihood of me investing would be less than 25 percent so I’m not giving any illusions to me being aggressive going to buy for just any old thing and this particular product was really a company that they want to be the S invest in so there they’ve got marketing I’m in touch with them so the marketing whatever it may be it was a word-of-mouth in this case now they need to sell that investment to me so I started asking them some basic questions well they first pulled out the balance sheet and income statement showed how much money we’re going to make well that’s just numbers that’s okay that might work out like that but we saw some holes in those numbers right away the what was presented to us really could not have been very factual somebody’s not telling the total truth based on the numbers we saw but let’s go deeper so I started asking a about the knowledge that they had about this product and we became very out of us obvious these two people that had come to me had not done enough research they didn’t know they had not even gone and looked at the product be in use that we were selling we’re selling replacement parts for somebody and so I was not sold let’s talk about maybe 30 years ago there was a one of the big three in the automotive industry was was Chrysler and they were in trouble sales were off it wasn’t working and this leader called Lee Iacocca he regrouped because he had his cut his sales department his showrooms they became very knowledgeable let’s talk about my a/c air-conditioning unit my friend really came to me because I need an air conditioning I called them happened to be a friend but I have a challenge here their price is higher than somebody else could and the person presented the facts to me because they were knowledgeable about this air conditioning unit they explain things in a way that I could see I was buying quality and thus I could justify paying some higher price than this bare-bottom price let’s talk about my shop here I other people can make these parts other people can do this but I’m constantly selling selling the parts over and over and over again because we’re knowledgeable we have a quality department that brings knowledge to the base they know how to read prints they know how to defend themselves they know how to look what’s the right material is that we are machinists know how to fix things and how to do things where our customer doesn’t you want to become in essence the regional expert that’s another subject on your product and many people do not spend the time to be knowledgeable enough about their product to be able to really defend it so if there is a slight price or our margin increase you’re going to sell quality you’re not always going to be the cheapest so you’ve got to sell quality but if you don’t have knowledge about it you’re not going to be able to sell and if your people don’t have that knowledge you’re gonna have to create test-retest and double check to be sure your people have that knowledge or how it goes to your marketing and it served the job but you didn’t make the sale hope this helps glad you’re with us hope you’ll help us on our website here in inspiring better business ivb talks comm please spend share the word thank you
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Gary Shotton
Founder | IBBTalks.com
The founder of IBBTalks.com which was formed to "Inspire Better Business."
As an astute businessman, he is passionate about helping others in the business world achieve maximum profits. He has a keen interest in international business. www.InspiringBetterBusiness.com

1 Comment

  1. Tim 3 years ago

    This…Mr. Gary is one of your finest presentations. You covered some very important topics.

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