Developing a Market Analysis

As you’ve probably noticed, we put a lot of emphasis on the analysis and planning steps when it comes to the sales process. The reason why, is that very few sales professionals take the time to develop an effective analysis prior to entering the field. This mistake leads to more objections, more stalls, and fewer closed sales. In this blog post, we’ll discuss a few research items you’ll need to develop an effective analysis, as well as 3 primary groups of “impacts.”

First, we’ll list out a few tasks you’ll need to check off your list prior to entering the field:

  • Conduct web research about the industry, market, and company you’ll be selling to
  • Find solid contact information
  • Look for any available market data- including tendencies, trends, etc.
  • Find out what your buyer’s decision-making process is
  • Research their corporate goals

Many sales professionals might be wondering, “How do I find out what the buyer’s decision-making process is?” Times have changed since cold-calling was the only go-to method for achieving sales success. Today, we have social media, digital marketing channels, and newer selling methods like social selling. In this situation, when you must know how your buyer thinks, what influences them to buy, and how to turn them toward your product/service, it is extremely important to use the correct strategy to achieve maximum results. In some cases, picking up the phone or sending an email survey may be a better answer than engagement via social media. Phone calls and email surveys allow you to practice target questioning, which is an analysis strategy that allows you to uncover 3 primary impacts:

  1. The personal impact- How does your product/service affect the buyer personally?
  2. The organizational impact- How does your product/service affect the buyer’s organization?
  3. The financial impact- How does your product/service affect his bank account?

When you combine the completed tasks above with answers to these 3 primary impact questions, you will have taken the first step to conducting an effective market analysis. This analysis will allow you to uncover personal, organizational, and financial impacts that could benefit you, or bust the sale. If you’re able to discover these answers prior to entering the field, you will notice fewer objections, fewer stalls, and a higher close rate. If you or your sales team needs a more in-depth training about this topic, check out our e-learning course titled “Conducting an Effective Analysis.

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