Importance of Market Research in Selling

Ideal Selling steps
Category : Marketing and market Research
For all those Sales and Marketing specialists who wish to establish themselves, highlights the following IDEAL steps to selling a product.

  1. Search your competitor/s with similar or nearly similar features
  2. Compile a list of the competition with the maximum number of available variables of the competitors like price packaging, taglines, websites, schemes and offers, years of existence in the market, success stories if any, etc
  3. This can be done either by primary or secondary market research techniques or by a combination of both.
  4. Compile the data and create a market scenario. This can be done in terms of both value and volume based on the nature of the product.
  5. Once the same is done, target setting for the product ( existing or new ) can be decided based on the availability of resources ( Human and Financial) can be decided.
  6. Achievement mapping (sales versus Target) can be done on a monthly or quarterly basis.
  7. Once the same is done month or month or quarter on quarter, this  can be utilized to forecast the sales of the product in the short  and long term basis.
  8. The objective of selling a product for a sales man should be establish a presence by creation of a “market share” and then to sustain market share for a longer duration which could be in the range of 1-2 years.
  9. So KNOW your product well first. Then know your competitors strengths and weakness.
  10. Theory of Selling helps you to market first , analyse competition and then sell.