FREE online courses on Selling Step by Step - Establishing Needs - Minimize potential problems-Know your market  

 

Market analysis need to be undertaken to determine the following:

• The current size of the market in which you sell your products- whether local, regional, national or international.

 

• The number and type of customers available in order to chart your future market share.

 

• Purchasing patterns of the buyers- weekly, bi-weekly, or monthly.

 

Such analysis will help you to overcome the problems of over-manufacturing, unwanted stocks, unnecessary pressure on all aspects of the business etc.

Thus, you will be able to know what customers want, how much, and when do they need /buy it.

 

Consider this example: A specific situation happened in one of the Industry. An Instrument was developed and made available for certain tests that took about one hour to determine the results.

Since then, through five different manufacturers, the time required to perform the test dropped from one hour to thirty minutes, to ten minutes, to five minutes, to only a matter of seconds!

Each company believed that it had the technological advantage to finally capture the market and dominate sales.

Imagine all of the highly charged sales meetings that undoubtedly took place to celebrate each breakthrough, all of the brochures that were rewritten to announce the latest technology, all of the revisions of the price lists, and all of the hours of new product training.

Yet in spite of the excitement and anticipation of new breakthrough, the selling advantage lasted at most two months for each of the manufacturers, WHY?

Because the product was practically obsolete before it hit the market.

 

 

It is essential to constantly analyze the market in order to establish customer needs- both current and future. Awareness of market variations removes uncertainty and minimizes potential problems.