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 is 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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My Top 5 Articles from 2012

In my last post, I shared my top 10 articles of all time. As today is New Year’s Eve, I wanted to reflect on my top five articles of 2012.

 #1 How to Deal with Difficult Customers

In sales, we all have to deal with difficult customers. Today, I am going discuss how to deal with difficult customers. In a previous post, I discussed how to get customers to pay on time. Before I can discuss how to handle difficult customers, the situation needs to be put in context. In other words, why were the customers being difficult? Were they being difficult because you screwed up their order or service call? Are they just miserable people? Does the customer constantly cancel their orders? What kind of relationship do you have with this customer? How important is your customer to your bottom line or monthly quota. …

 #2 How to Build Your Business & Brand Using Facebook Pages

In my last post, I discussed about how to build your personal brand on Facebook. Today I am going to discuss how to brand your business using Facebook pages. Remember Facebook is the largest Social networking site which means that your customers and prospects are on the site. Your job as a business and a brand is to engage with fans, prospects and customers. The goal is to convert this engagement (marketing) to product sales. Facebook pages are a great way to do this. …

 #3 10 Things a Sales Leader Needs to Do or Have to Be Successful

Deciding to go into sales management is a very big step for a sales person. Recently, I received an offer to serve as a sales trainer or de-facto sales manager; based on my time in field sales and my blog.

What are a VP of Sales, Sales Director and Sales Manager? …

#4 How to Handle the Objection: “call me after the holidays”

The holiday season is upon us. Everyone is in holiday shopping mode from Black Friday, Cyber Monday and many other things. Also, everyone is thinking about going to parties. So the last thing on your customers and prospects mind is to make a year-end purchase; unless they receive a year-end tax advantage. As a sales rep, you are under pressure to close deals so you can earn that bonus.  Unless your customer is in a buying mood, you are going to …

 #5 How to Generate Leads for Your Business

Lead Generation is an essential building block for businesses to find potential buyers who are interested in their products and services. In previous posts, I discussed how to prospect and identify your target market. In this post, I will discuss how businesses can find leads and what mediums can be used to obtain leads.

Many mediums can be used to obtain leads. These mediums include: Direct mail, Email, Marketing, Surveys, Advertising, Social Media, referrals from current customers, business networking, trade show marketing. …

Happy New Year! Thank you for reading my blog, I appreciate your support. There are more articles to come in the coming weeks. Feel free to send me your comments, questions and suggestions. Have a wonderful 2013.

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