Sales Analytics Tip: How To Size Your Market

The Sales Champ, Jonathan Petalver, and the Analytics Guru, Dan Meyer, will be conducting a two day workshop on Sales Analytics on July 24-25 in Ortigas.

https://dmaiph.com/analytics-solutions/sales-analytics-quantitative-results-through-qualitative-approaches/

One of the tips we will share with attendees is our strategies for assessing the size of your market. Every business, every product or service, every salesperson has a unique market that it is trying to capture.

As analytics guru, Bernard Marr said, “If you don’t understand the size and potential of your market you can easily jump to conclusions about how viable your business proposition is. Market size analytics is the process of working out how large the market is for your products and services, and whether there is sufficient growth potential.”

The size of your market can be measured terms of volume (how many units sold), value (money spent in that market) or frequency (how often a product or service is sold). It is important to start to gather data points like these and track them over time. You will be able to build a strategy built on numbers, not just gut feel or your best guess.

Useful data includes government data, trade association data, financial data from competitors, and customer surveys. You will be surprised how much data is available just by doing a google search. They you can look at sites that produce and share data for free. And finally you might even consider buying data for your analytics.

strategy_istock_olm26250_thumb800Another important tip Just because a market is large doesn’t mean it’s profitable – especially if most of the customers that want a particular product or service already have one and are unlikely to want another. A lot of people get caught up in the width of the market, but forget about the depth. Sales analytics will help you determine opportunity in both dimensions.

Analytics in the Philippines – The Philippines is at the center of the action when it comes to solutions to the global need for analytics. Blessed with a solid foundation of young, educated and English speaking workforce, companies around the world are look for Filipino analytics talent to fill analytics positions. DMAIPH was set up to facilitate these solutions and bring the talent and the business together. And that is exactly why I wrote Putting Your Data to Work, the first analytics guidebook designed specifically for the Philippines. Contact DMAIPH now at analytics@dmaiph.com or connect with me directly so we can help you take advantage of this unique global opportunity.

Why I’m Sticking with the Philippines

The past few months have seen a lot of negativity from President Duterte and his leadership team in their  comments about the state of U.S.-Philippines relations. Add to this the uncertainty around President Trump and his vision that suppresses globalization and threatens outsourcing.

The comments are sometimes a challenge for me to listen to as my connection to the Filipino people runs deep.

I grew up in Vallejo, California which has one of the largest and most vibrant Filipino communities outside of the Philippines.

The majority of my friends from elementary through high school are either Filipino immigrants or the children of Filipino immigrants.

My first crush was a Filipina. My junior prom data was a Filipina. I ended up marrying a Filipina. My brother married a Filipina. My son spent a year going to high school in the Philippines.

I not only love eating Caldereta and Adobo, but I can cook them really well.

I’m a huge fan of Jennylyn Mercardo and English Only Please is one of my all time favorite movies.

I have no problem riding in a Jeepney.

When I was working as an Analyst at Wells Fargo, I was deeply invested in making our remittance product the best in the business. I also volunteered to engage the Filipino community of almost 4 million at numerous events and promotions.

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When I finally had the chance to move to the Philippines to set up my analytics business, I did so to fulfil my destiny… to empower Filipinos to use more analytics in their business decision-making.

To date I have hired over 200 Filipinos, have spoken at dozens of schools in the Philippines and have provided analytics training to thousands of Filipinos.

Like just about any American who spends quality time in the Philippines, I love the Philippines.

No matter what happens between my government by birth and my government by choice, I will always feel that deep down inside my place is in the Philippines.

Because the heart of the Filipino is truly special in this world.

And that is why I am sticking with the Philippines.

My Analytics Story – My passion is solving problems by bringing together the best talent, cutting edge technology and tried and true methodologies. DMAIPH is all about empowering people towards better Decision-Making through the use Analytics and business Intelligence. This is what I do best. Contact DMAIPH now at analytics@dmaiph.com or connect with me directly for a free consultation about getting more analytics into your career and your business.