Knowledge - Insights: White Papers

People’s ears prick up when they learn that knowledgeable employees can sell up to 87% more than less knowledgeable colleagues, while 89% of customers get frustrated when they have to repeat their issues to multiple representatives. These aren’t fine margins.

If you know more, you can sell more. You can upsell and cross-sell more too. Figures vary but research in the retail sector suggests that upselling can increase promotional purchasing by 200-300%. That diminishes with poor knowledge, required to make relevant recommendations.

The impact of product and service knowledge goes beyond just sales though. 75% of customers believe that businesses simply don’t offer excellent customer service. Product and service knowledge training offers an opportunity for differentiation and, in turn, improved customer retention.

Employee retention is another benefit. We know that customers are more likely to interact with sales associates who are passionate about the products they’re selling and that’s driven by strong product knowledge. The confidence that creates also improves employee morale; more engaged employees are 59% less likely to look for a job elsewhere in the next year.

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