How to Improve Your Sales Market and Revenue Growth with Sales Promotion and Marketing

Sales Market 

Targeting your sales market has become much easier. More accurate than ever. This is largely due to the fact that many companies have 21st century tools-of-the Trade which gives companies more access to prospecting markets, potential customers, and eventually, sales. Still, you have to know where to find these markets and how to successfully capture them for your own company. For example:

Segmentation

The first step to consider in finding a target market is segmentation. This can be accomplished by looking at your product or service offerings. What are you offering? Are they specific enough to reflect your target market? How do you intend to reach out to these people?

Opportunity Descriptions 

A very important part of finding your niche is to identify the kind of people you hope to attract. Are you selling to professionals? High school students? Those in a particular industry? Your sales report focuses on identifying the opportunity opportunities (i.e., the sales opportunities) within the targeted group.

Benefits

Next, you want to identify the benefits (or advantages) people will derive from purchasing products or services from you. Are there any special rebates? Any membership benefits? Any special sales offers?

Persuasive Selling Skills

Finally, you want to make sure you are selling to a prospect who is open to taking action. Are they willing to do some groundwork? Are they really motivated to take action? The salesman’s role in this process becomes critical. If you don’t use a salesman’s style of selling, the sales market segment you choose will not be as successful.

Examples

For example, let’s say you’re in the health and beauty market. One of your primary customers is a small business that provides dental care for a family. The family may also benefit from using a professional cosmetic specialist. The beauty specialist has been established in the local area. However, the family hasn’t made a final decision about the best professional for their needs. This represents a large area of opportunity for you.

In this example, you would want to determine the key benefits and advantages of working with each of these healthcare professionals. From these key benefits and advantages, you would then be able to segment the sales market into individual healthcare practitioners or cosmetic specialists. Then, depending upon the customer profiles you’ve identified, you can identify the specific marketing message you need to use to create a selling opportunity (either a free gift a discounted service, or some other incentive).

These examples demonstrate how sales professionals can apply their knowledge about the customer profile and key benefits and advantages to optimize sales performance. However, it is important to remember that the key to being an effective sales person is to understand your customer profiles and segmented market segments. Without knowledge of these segments, you cannot effectively apply your sales science skills to the individual customer and their unique needs and wants. So, think about it!

When this process of identifying key players is completed, the next step in the process is to segment the sales market into smaller geographic areas. In the example used above, the United States Southwest, consisting of Arizona, New Mexico, and Texas, would be broken down into four key players: Doctor’s offices, clinics and hospitals, home health care agencies, and home care agencies. The report focuses on these four key players, as well as all the key players associated with them within each area. Each quarter, the study will break these down further and identify the sub-segments of the market and report the relative percentage shares of the overall market share by these sub-segments. You may even break the report down by industry type, as well as by geographic region.

sales-marketing research

One of the final steps in the sales-marketing research process is to identify and document any trends that might be developing or changing. For example, if you notice a consistent pattern among doctors in terms of where they are expanding their practices or what types of medical equipment they are purchasing, you can use this information to develop a marketing plan or increase your training budget accordingly. Another example would be if you notice a sharp decrease in the number of new home health care agency patients buying in bulk from health maintenance organizations, you could use this information to set up a marketing plan or increase your staffing for in-home services. This can also be used to develop a response to any recent news reports or press accounts regarding new products or services related to your business.

Sales Market 

In order to fully understand sales promotion, marketing, and business development, a comprehensive study of all aspects of the sales market should be undertaken. Not only should a company be able to identify its key players, but all other parts of the sales landscape should be tracked as well. A comprehensive sales promotion study will require information on new products and services, competitor analysis, customer service, pricing, demographics, spending habits, and advertising. A thorough market research report will not only identify the key players in a certain industry, but also the industries’ average operating costs, sales growth, and future growth potential.

Marketing Sales 

A key way to improve your sales projections is to use a sales-forecasting model. Sales forecasting models provide a company with a realistic sales forecast based on historical sales data and current economic conditions. A sales-forecasting model can help you make better decisions about entering into and developing new clientele, increasing your marketing budget, implementing sales campaigns, creating a new product line or improving the customer experience. Using a sales forecast model will help you reduce the risk of entering a new market by predicting market growth and adjusting your marketing, selling, and production activities accordingly. This is the most accurate way to determine where your company should be in five, ten, and twenty years, allowing you to plan for the future accordingly.