How to use Market Research to Drive Product Sales

competitive_analysis_-_matrix_l

Before businesses can sell anything, they need to determine if there is a market for their products and services.

Most businesses will not necessarily be creating new product categories. As a result, they will be entering into a market place that already exists. This is true if you are a re-seller or distributor of products and services. Once you decide that there is a market for your products and services; you need to study your competitors.

You can see who your competitors are by doing internet research, reading trade publications and attending industry trade shows. On the internet, you can view your competitors websites. Once you have all of this information you need to determine the sales, and marketing channels that you will use to sell your product. Are you going to sell products via a website, direct mail, social media marketing, retail space, trade shows or a direct sales force. There are many options available to you.

Knowing who could use your product is also something important to consider. If you do not have any existing customers you will need to be the Sales rep for your business to get yourself set up in the marketplace.

To be able to make an effectiveness Sales Presentation to a customer, you will need to compile your Marketing research in a competitive analysis chart as seen below.

competitive_analysis_-_matrix_limage via smartdraw.com

You will need to perform a SWOT analysis by assessing your strengths and weaknesses compared to your competitors on the products you offer, the price, quality, the service, reliability, stability, expertise, company reputation, location and appearance of your business along with how important it is to the customer.

This a must do even if you do not hire sales reps. But if you, do it should be part of their training. This competitive analysis should be done on a regular basis.

This is how you can use Market research to drive product sales.

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2 thoughts on “How to use Market Research to Drive Product Sales

  1. Pingback: How to use Market Research as a Digital Sales & Marketing Tool | Sales, Marketing & Social Media Today

  2. Pingback: How Customer Objections are Sales & Marketing Tools | Sales, Marketing & Social Media Today

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