February 4, 2025 • 11 mins
Retail Insights Blog: Retailers Are Sitting on a Goldmine: Unlocking Sales Through Better Product Knowledge https://multimediaplus.com/retailers-are-sitting-on-a-goldmine-unlocking-sales-through-better-product-knowledge/
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Hey everyone, thanks for joining us today.
(00:01):
I know you're all super busy, but we're going to dive right into something pretty interesting.
We're talking all about how product knowledge can really be like a secret weapon, you know,
especially for retail executives like you.
And we've got a great blog post here for Multimedia Plus as our guide.
You know that they specialize in mobile communication solutions for associates, so they really know
what they're talking about.
(00:21):
And what really caught my eye in this article was this idea that retailers are sitting on
a gold mine, but it's not, you know, some fancy new tech or some crazy marketing strategy.
It's something way more fundamental.
It's their associates' product knowledge.
So help us really unpack all of this.
We have our expert in retail trends and associate training with us today.
(00:42):
I'm really excited to get your perspective on this whole thing.
What are your initial thoughts?
Yeah, it's really interesting, isn't it?
We're always so focused on these big flashy initiatives.
And this blog post really kind of reminds us that sometimes the most powerful tools are
the simplest ones.
I mean, think about it.
Your associates are the face of your brand, right?
They're the ones interacting with your customers every single day.
(01:04):
Their product knowledge is literally the bridge between your product and your profits.
Okay, so we all know product knowledge is important, but this blog post really gets into the why.
They lay out these four key benefits.
And the first one is something that I think we can all relate to, boosted customer confidence,
which we know is the key to higher conversion rates.
They actually cite this PWC survey in the article.
(01:26):
And it found that 73% of consumers say that customer experience is a major factor in their
purchasing decisions.
So what are your thoughts on this connection between product knowledge and the customer
experience?
Oh, it's absolutely crucial.
Customers today are so much more savvy than they used to be.
They come in armed with all this information from their online research and reviews.
They expect your associates to be just as knowledgeable if not more so.
(01:50):
When an associate can confidently answer questions and offer really personalized recommendations,
it just builds that trust.
It reduces uncertainty and makes the customer feel valued.
Yeah, exactly.
And I loved how they brought up upselling and cross-selling as the second benefit.
You know, they use the example of a customer buying a smartphone.
And the associate recommends a case or a screen protector, maybe even some compatible headphones.
(02:14):
And suddenly you've got a bigger basket size and a happier customer.
Have you seen this play out in real world retail scenarios?
Oh, absolutely.
And it goes beyond just suggesting add-ons.
It's about understanding the customer's needs and connecting them with solutions, not just
products.
A knowledgeable associate can explain the value of those accessories, how they enhance
the customer's experience, and maybe uncover needs that the customer didn't even know
(02:36):
they had.
That's the power of product knowledge.
Now, the third benefit they highlight is all about reducing returns and enhancing customer
satisfaction.
And it makes sense.
When associates can guide customers to the right product based on their needs, you're
naturally going to see fewer returns and happier shoppers.
It's a win-win, right?
Exactly.
(02:57):
It all comes back to that idea of informed decision-making.
When customers feel confident in their purchase when they know they've chosen the right product,
they're less likely to second-guess themselves later.
And fewer returns obviously mean lower cost for the retailer and a smoother, more positive
experience for the customer.
Absolutely.
And that leads us to the final benefit they outline, bridging the gap between online and
(03:18):
in-store experiences.
And this is something we hear a lot about these days.
Customers are doing all this research online, but they still crave that in-posting connection.
So how can strong product knowledge help retailers bridge that gap and offer a truly valuable
in-store experience?
I think it's all about meeting and exceeding customer expectations.
They've already done their homework online.
(03:40):
They've read the reviews.
They've compared prices.
They've maybe even watched product demos.
When they walk into your store, they're looking for something more.
Advice advice, expert insights, maybe even a deeper understanding of the product that
they could get online.
Your associates are the key to delivering that.
So it sounds like we're talking about a shift from transactional interactions to something
(04:02):
that's more consultative, more relationship-driven.
Exactly.
It's about transforming your associates into trusted advisors, problem solvers, even brand
ambassadors.
And that's where the real magic of product knowledge comes in.
And that's where this blog post gets really interesting for retail executives like you.
It's not just about having product knowledge.
It's about how you cultivate it, how you invest in it as a core strategy.
(04:24):
And they highlight some really innovative approaches that leading retailers are using.
Yeah.
And the first one that really jumped out at me was this whole idea of integrating mobile
learning solutions.
It's about ditching those clunky old training manuals and giving associates access to product
information right at their fingertips.
I'm curious to hear your thoughts on the potential of mobile learning in the retail
(04:45):
environment.
I think it's a game changer, especially for today's workforce.
We're also used to having information instantly available on our phones.
Why should it be any different for retail associates?
Mobile learning allows them to access product updates, training videos, even interactive
quizzes all in the go.
It makes learning more engaging, more accessible, and frankly, more aligned with how we consume
(05:07):
information in the digital age.
And it's not just about the delivery method.
It's about the content itself.
The blog post also talks about using video and interactive content to make trading more
engaging and more effective.
What are your thoughts on this shift away from traditional training methods?
Well, I think it's about recognizing that people learn in different ways.
Some people thrive on visual content.
(05:28):
Others prefer hands-on experiences by incorporating things like video demos, interactive simulations,
even gamified challenges.
You can cater to a wider range of learning styles and make the training stick.
It's about moving beyond memorization and towards genuine understanding and application.
And I think this ties in perfectly with the third approach that they highlight, creating
(05:49):
a culture of continuous learning.
So it's not just about that initial training.
It's about fostering an environment where associates are constantly encouraged to deepen
their expertise.
What are some ways that retailers can cultivate this kind of learning culture?
I think it's about embedding learning into the daily workflow.
This could include short huddles on the sales floor to discuss new products or share customer
(06:11):
insights.
It could involve peer mentoring programs where associates with different areas of expertise
can learn from each other.
It could even mean using those mobile platforms to deliver bite-sized product updates or challenges.
Just little things to keep those associates engaged and motivated to learn.
And speaking of motivation, the blog posts share some pretty compelling data here.
They say that associates with strong product knowledge can drive up to 15% higher conversion
(06:36):
rates and larger basket sizes.
Those are numbers that definitely get a retail executive's attention.
Have you seen similar results in your work?
Absolutely.
And it's not just about the direct impact on sales.
When associates feel confident in their product knowledge, it boosts their morale, their engagement,
even their retention rates.
They're more likely to go the extra mile for customers to offer that personalized experience
(06:59):
that sets your brand apart.
It creates a ripple effect that benefits everyone involved.
It's a win-win all around.
So as we're diving into these benefits, these strategies, these impressive statistics, what's
the core message you're taking away from this blog post?
I think it's a call to action for retailers to really prioritize product knowledge.
It should be a strategic imperative.
Investing in your associates' knowledge is investing in your business's success.
(07:22):
In today's market, which is so hyper-competitive, customers have more choices than ever.
Offering a knowledgeable and personalized experience, that's what will drive loyalty.
Get your brand and ultimately keep you ahead of the curve.
And as we move into a world where technology is constantly changing the retail landscape,
how do you see this focus on product knowledge evolving in the future?
(07:43):
Well, I think it's only going to become more crucial, as technology empowers customers with
even more information.
The role of the associate is going to shift even further towards that trusted advisor,
that expert guide.
They'll need to not only understand the products, but also how those products integrate with
customers' increasingly tech-sabby lives.
It's almost like we're talking about a new breed of retail associate, someone who's
(08:05):
not just a salesperson, but a consultant, a problem solver, a tech enthusiast, maybe
even a storyteller who can connect the dots between products and people's passions.
Exactly.
And to cultivate this new breed of associate retailers, we'll need to embrace continuous
learning.
They'll need to leverage technology to deliver personalized training and foster a culture
(08:26):
where knowledge sharing and innovation are celebrated.
So for all those retail executives out there listening, what's one key takeaway you want
them to walk away with from this conversation?
Start thinking about product knowledge not as a training program, but as a core business
strategy.
Invest in it, champion it, and empower your associates to become the knowledge experts
that will drive your brand forward.
(08:47):
I love that.
So for those of you listening, what specific actions will you take to level up product
knowledge in your organization?
That's a great question.
And to help you answer that, this blog post actually suggests checking out a tool called
Insight.
It's a mobile platform designed specifically for retail associate communication.
Oh yeah, I saw that mentioned in the article.
It sounds like it has everything.
(09:08):
Mobile learning, real time updates, even those social media style engagement features.
Yeah.
Can we have any experience with platforms like this?
I've seen it in action and it's pretty impressive.
It allows retailers to create customized training content track associate progress and even
measure the impact of training on sales.
It's not just about delivering information.
It's about making sure that knowledge translates into real results on the sales floor.
(09:32):
So it's about closing that loop between learning and doing between knowledge and action.
I love that.
It really speaks to the idea that product knowledge isn't a one time event.
It's an ongoing process that needs to be woven into the fabric of the store.
It's about creating a culture where associates are constantly learning, growing and sharing
their expertise with each other.
And when you have that kind of environment, the results speak for themselves.
(09:56):
You see higher sales improved customer satisfaction and a more engaged and motivated workforce.
It's a win-win for everyone involved.
So as we wrap up our deep dive into this blog post, I think the key takeaway here is that
product knowledge is not just a nice to have.
It's a strategic imperative for any retailer looking to thrive in today's market.
It's about empowering your associates, differentiating your brand and ultimately building those lasting
(10:22):
customer relationships that are so crucial in today's world.
Couldn't have said it better myself.
In today's market where customers are bombarded with choices and information overload, providing
a knowledgeable and personalized experience is the key to cutting through the noise and
building true loyalty.
Absolutely.
So to all those retail executives out there, I encourage you to really reflect on this
(10:42):
conversation and consider how you can leverage product knowledge and a competitive advantage.
How can you make it a core part of your strategy, your culture and your overall approach to
retail success?
That's the million dollar question.
And as you consider your next steps, I challenge you to think beyond just training programs.
How can you create a learning ecosystem that's engaging, accessible and constantly evolving
(11:05):
to meet the needs of your associates and your customers?
That's a fantastic point to ponder.
And if you're looking for more resources or inspiration, I definitely recommend checking
out the Multimedia Plus blog.
They have some great articles and even a free ROI calculator that can help you assess the
potential impact of product knowledge training on your bottom line.
It's a valuable tool for any retail executive looking to make a data-driven case for investing
(11:30):
in their team's knowledge.
Thank you so much for joining us on this journey into the world of product knowledge.
It's been a fascinating conversation and I hope you're walking away with some valuable
insights and a renewed sense of excitement for the power of knowledge in the retail world.
Until next time, keep learning, keep growing and keep pushing the boundaries of what's
possible in retail.
Hey everyone, thanks for joining us today.
(00:01):
I know you're all super busy, but we're going to dive right into something pretty interesting.
We're talking all about how product knowledge can really be like a secret weapon, you know,
especially for retail executives like you.
And we've got a great blog post here for Multimedia Plus as our guide.
You know that they specialize in mobile communication solutions for associates, so they really know
what they're talking about.
(00:21):
And what really caught my eye in this article was this idea that retailers are sitting on
a gold mine, but it's not, you know, some fancy new tech or some crazy marketing strategy.
It's something way more fundamental.
It's their associates' product knowledge.
So help us really unpack all of this.
We have our expert in retail trends and associate training with us today.
(00:42):
I'm really excited to get your perspective on this whole thing.
What are your initial thoughts?
Yeah, it's really interesting, isn't it?
We're always so focused on these big flashy initiatives.
And this blog post really kind of reminds us that sometimes the most powerful tools are
the simplest ones.
I mean, think about it.
Your associates are the face of your brand, right?
They're the ones interacting with your customers every single day.
(01:04):
Their product knowledge is literally the bridge between your product and your profits.
Okay, so we all know product knowledge is important, but this blog post really gets into the why.
They lay out these four key benefits.
And the first one is something that I think we can all relate to, boosted customer confidence,
which we know is the key to higher conversion rates.
They actually cite this PWC survey in the article.
(01:26):
And it found that 73% of consumers say that customer experience is a major factor in their
purchasing decisions.
So what are your thoughts on this connection between product knowledge and the customer
experience?
Oh, it's absolutely crucial.
Customers today are so much more savvy than they used to be.
They come in armed with all this information from their online research and reviews.
They expect your associates to be just as knowledgeable if not more so.
(01:50):
When an associate can confidently answer questions and offer really personalized recommendations,
it just builds that trust.
It reduces uncertainty and makes the customer feel valued.
Yeah, exactly.
And I loved how they brought up upselling and cross-selling as the second benefit.
You know, they use the example of a customer buying a smartphone.
And the associate recommends a case or a screen protector, maybe even some compatible headphones.
(02:14):
And suddenly you've got a bigger basket size and a happier customer.
Have you seen this play out in real world retail scenarios?
Oh, absolutely.
And it goes beyond just suggesting add-ons.
It's about understanding the customer's needs and connecting them with solutions, not just
products.
A knowledgeable associate can explain the value of those accessories, how they enhance
the customer's experience, and maybe uncover needs that the customer didn't even know
(02:36):
they had.
That's the power of product knowledge.
Now, the third benefit they highlight is all about reducing returns and enhancing customer
satisfaction.
And it makes sense.
When associates can guide customers to the right product based on their needs, you're
naturally going to see fewer returns and happier shoppers.
It's a win-win, right?
Exactly.
(02:57):
It all comes back to that idea of informed decision-making.
When customers feel confident in their purchase when they know they've chosen the right product,
they're less likely to second-guess themselves later.
And fewer returns obviously mean lower cost for the retailer and a smoother, more positive
experience for the customer.
Absolutely.
And that leads us to the final benefit they outline, bridging the gap between online and
(03:18):
in-store experiences.
And this is something we hear a lot about these days.
Customers are doing all this research online, but they still crave that in-posting connection.
So how can strong product knowledge help retailers bridge that gap and offer a truly valuable
in-store experience?
I think it's all about meeting and exceeding customer expectations.
They've already done their homework online.
(03:40):
They've read the reviews.
They've compared prices.
They've maybe even watched product demos.
When they walk into your store, they're looking for something more.
Advice advice, expert insights, maybe even a deeper understanding of the product that
they could get online.
Your associates are the key to delivering that.
So it sounds like we're talking about a shift from transactional interactions to something
(04:02):
that's more consultative, more relationship-driven.
Exactly.
It's about transforming your associates into trusted advisors, problem solvers, even brand
ambassadors.
And that's where the real magic of product knowledge comes in.
And that's where this blog post gets really interesting for retail executives like you.
It's not just about having product knowledge.
It's about how you cultivate it, how you invest in it as a core strategy.
(04:24):
And they highlight some really innovative approaches that leading retailers are using.
Yeah.
And the first one that really jumped out at me was this whole idea of integrating mobile
learning solutions.
It's about ditching those clunky old training manuals and giving associates access to product
information right at their fingertips.
I'm curious to hear your thoughts on the potential of mobile learning in the retail
(04:45):
environment.
I think it's a game changer, especially for today's workforce.
We're also used to having information instantly available on our phones.
Why should it be any different for retail associates?
Mobile learning allows them to access product updates, training videos, even interactive
quizzes all in the go.
It makes learning more engaging, more accessible, and frankly, more aligned with how we consume
(05:07):
information in the digital age.
And it's not just about the delivery method.
It's about the content itself.
The blog post also talks about using video and interactive content to make trading more
engaging and more effective.
What are your thoughts on this shift away from traditional training methods?
Well, I think it's about recognizing that people learn in different ways.
Some people thrive on visual content.
(05:28):
Others prefer hands-on experiences by incorporating things like video demos, interactive simulations,
even gamified challenges.
You can cater to a wider range of learning styles and make the training stick.
It's about moving beyond memorization and towards genuine understanding and application.
And I think this ties in perfectly with the third approach that they highlight, creating
(05:49):
a culture of continuous learning.
So it's not just about that initial training.
It's about fostering an environment where associates are constantly encouraged to deepen
their expertise.
What are some ways that retailers can cultivate this kind of learning culture?
I think it's about embedding learning into the daily workflow.
This could include short huddles on the sales floor to discuss new products or share customer
(06:11):
insights.
It could involve peer mentoring programs where associates with different areas of expertise
can learn from each other.
It could even mean using those mobile platforms to deliver bite-sized product updates or challenges.
Just little things to keep those associates engaged and motivated to learn.
And speaking of motivation, the blog posts share some pretty compelling data here.
They say that associates with strong product knowledge can drive up to 15% higher conversion
(06:36):
rates and larger basket sizes.
Those are numbers that definitely get a retail executive's attention.
Have you seen similar results in your work?
Absolutely.
And it's not just about the direct impact on sales.
When associates feel confident in their product knowledge, it boosts their morale, their engagement,
even their retention rates.
They're more likely to go the extra mile for customers to offer that personalized experience
(06:59):
that sets your brand apart.
It creates a ripple effect that benefits everyone involved.
It's a win-win all around.
So as we're diving into these benefits, these strategies, these impressive statistics, what's
the core message you're taking away from this blog post?
I think it's a call to action for retailers to really prioritize product knowledge.
It should be a strategic imperative.
Investing in your associates' knowledge is investing in your business's success.
(07:22):
In today's market, which is so hyper-competitive, customers have more choices than ever.
Offering a knowledgeable and personalized experience, that's what will drive loyalty.
Get your brand and ultimately keep you ahead of the curve.
And as we move into a world where technology is constantly changing the retail landscape,
how do you see this focus on product knowledge evolving in the future?
(07:43):
Well, I think it's only going to become more crucial, as technology empowers customers with
even more information.
The role of the associate is going to shift even further towards that trusted advisor,
that expert guide.
They'll need to not only understand the products, but also how those products integrate with
customers' increasingly tech-sabby lives.
It's almost like we're talking about a new breed of retail associate, someone who's
(08:05):
not just a salesperson, but a consultant, a problem solver, a tech enthusiast, maybe
even a storyteller who can connect the dots between products and people's passions.
Exactly.
And to cultivate this new breed of associate retailers, we'll need to embrace continuous
learning.
They'll need to leverage technology to deliver personalized training and foster a culture
(08:26):
where knowledge sharing and innovation are celebrated.
So for all those retail executives out there listening, what's one key takeaway you want
them to walk away with from this conversation?
Start thinking about product knowledge not as a training program, but as a core business
strategy.
Invest in it, champion it, and empower your associates to become the knowledge experts
that will drive your brand forward.
(08:47):
I love that.
So for those of you listening, what specific actions will you take to level up product
knowledge in your organization?
That's a great question.
And to help you answer that, this blog post actually suggests checking out a tool called
Insight.
It's a mobile platform designed specifically for retail associate communication.
Oh yeah, I saw that mentioned in the article.
It sounds like it has everything.
(09:08):
Mobile learning, real time updates, even those social media style engagement features.
Yeah.
Can we have any experience with platforms like this?
I've seen it in action and it's pretty impressive.
It allows retailers to create customized training content track associate progress and even
measure the impact of training on sales.
It's not just about delivering information.
It's about making sure that knowledge translates into real results on the sales floor.
(09:32):
So it's about closing that loop between learning and doing between knowledge and action.
I love that.
It really speaks to the idea that product knowledge isn't a one time event.
It's an ongoing process that needs to be woven into the fabric of the store.
It's about creating a culture where associates are constantly learning, growing and sharing
their expertise with each other.
And when you have that kind of environment, the results speak for themselves.
(09:56):
You see higher sales improved customer satisfaction and a more engaged and motivated workforce.
It's a win-win for everyone involved.
So as we wrap up our deep dive into this blog post, I think the key takeaway here is that
product knowledge is not just a nice to have.
It's a strategic imperative for any retailer looking to thrive in today's market.
It's about empowering your associates, differentiating your brand and ultimately building those lasting
(10:22):
customer relationships that are so crucial in today's world.
Couldn't have said it better myself.
In today's market where customers are bombarded with choices and information overload, providing
a knowledgeable and personalized experience is the key to cutting through the noise and
building true loyalty.
Absolutely.
So to all those retail executives out there, I encourage you to really reflect on this
(10:42):
conversation and consider how you can leverage product knowledge and a competitive advantage.
How can you make it a core part of your strategy, your culture and your overall approach to
retail success?
That's the million dollar question.
And as you consider your next steps, I challenge you to think beyond just training programs.
How can you create a learning ecosystem that's engaging, accessible and constantly evolving
(11:05):
to meet the needs of your associates and your customers?
That's a fantastic point to ponder.
And if you're looking for more resources or inspiration, I definitely recommend checking
out the Multimedia Plus blog.
They have some great articles and even a free ROI calculator that can help you assess the
potential impact of product knowledge training on your bottom line.
It's a valuable tool for any retail executive looking to make a data-driven case for investing
(11:30):
in their team's knowledge.
Thank you so much for joining us on this journey into the world of product knowledge.
It's been a fascinating conversation and I hope you're walking away with some valuable
insights and a renewed sense of excitement for the power of knowledge in the retail world.
Until next time, keep learning, keep growing and keep pushing the boundaries of what's
possible in retail.
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