Don’t be a cliché. Increase Sales with Market Research and Analysis

When seeking to increase sales, you can avoid the unpleasant consequences stemming from misguided or uninformed sales efforts that result in the oft-quoted clichés, “spinning your wheels” or “acting in haste only to repent at leisure,” by investing a little time and money into market research and analysis.

Knowledge is Power – Forewarned is Forearmed

When it comes to sales and marketing, these idioms make as much sense today as ever. There’s no substitute for current information when it comes to increasing sales.  Good market research and analysis focuses your efforts thereby avoiding costly mistakes.

Here are a few ways market research and analysis can help increase sales:

Define Your Market

Knowing who to sell to and why you should sell to them is powerful information that eliminates lost time and money from “throwing enough mud at the wall to see what sticks” or following “harebrained ideas” that are not backed up by real data obtained from research.If you know in advance why your best customers are your best customers, you would then know to market to prospects with similar demographics.

Clarify Your Message

You may love your company tag line or advertising slogan and it may even be popular and memorable.  While the former will get you nothing (the market cares not for what the CEO loves), and the latter may increase good will or top of mind awareness, but does your message actually do anything to increase sales?  With good research, you can define your message to capture attention and keep it through the close of the sale.

If you know in advance what aspects of your product are most appealing to your customers, you could target your message by highlighting those features and benefits.   Similarly, if you know in advance what aspects of your product or service are least appealing, you could devise solutions to overcome objections to those features or (assuming available time and resources), modify those features to be more appealing.

Define Your Market Offer

The classic 4P model; product, price, place and promotion, make up your market offer.  Does it not make better sense to base your decisions on current market research and analysis rather than “tried and true” methods? How you’ve done it before may have been tried, but possibly is no longer true.
So, by utilizing current market research and analysis, you can avoid “barking up the wrong tree” and avoid “eating humble pie” to become the “bee’s knees” of your company’s sales efforts.

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