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
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.
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.