(See the previous posts in this series dated April 25, 27 & 29, 2006.)

Now that you know a fair amount about your prospect 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.

Next post — knowing your competitors.

Happy selling!

Pat Hassett

P.S. Tell your friends.