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.

Engage The Network

Networking. Why do some many people fail at it? What do the great networkers have in common that make them great? What should you do when your networking efforts don’t produce the results you expect?

Asking myself these questions a lot lately.

I know a lot about networking strategy and have seen the master’s do it well. I have a lot of experience in marketing myself and my business. I have built a strong and recognizable brand. In many ways I am an expert on networking.

Yet networking is not easy for me. I am never really satisfied with my results. I am perpetually adding and creating and sharing. It’s in my DNA. But it’s still not easy.

When I talk about analytics I get energized. The more I talk about analytics the more energy I have to put into networking. Passing out business cards while sharing my story is awesome. Having people tell me they follow my blog and enjoy my writing is super awesome. Being in front of a crowd of curious minds who want to know more about analytics is super awesome x 1000.

So for me to engage my network, I can do a lot in person. But there are so many hours in a day I can devote to that. So engaging via social media is key to building the network substantially. Social media is 24/7 and can attract people who never have a chance to see me in person.

I have a marketing plan for engaging people via personal interactions.

I have a marketing plan based on appearing at events, conferences and schools.

I have a social media marketing plan for sharing content online.

And I have a media plan to build the network through more traditional methods as well.

You have to have these plans written out so people can follow them.

You have to talk about them constantly so people understand them.

You have to measure them consistently so you know if people are engaged with them.

That’s networking. That’s how I do it.

That’s why #IamDMAI

The field of small business analytics is just starting to blossom as companies are looking for more data-driven decision-making to prosper in the age of Big Data. DMAIPH is at the fore front of providing analytics training, consulting and outsourcing options to small businesses.

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Aligning a business strategy to drive an organization forward requires a robust analytics solution. Businesses who have good analytics tend to be much more profitable and efficient then ones that do not. DMAIPH has helped dozens of companies in both the U.S. and the Philippines with adding more data analysis in their business strategy. We have joined up with our key business partner PMCM Events Management to showcase our solutions at #TechToniPH in July 2017. Contact DMAIPH now at analytics@dmaiph.com or connect with me directly to find out what we can do to help you align your business strategy with analytics.

 

 

 

 

Book Review > See-Saw-Sell by Jonathan Petalver

My good friend Jonathan “the Sales Champ” Petalver has just authored a book for both seasoned sales professionals and first time sales people. The book’s tagline… Killer-Instinct Mindset to Sell More and Win More, says it all. In short the book is about 50 pages of easy to understand and even easier to implement sales strategies that make sense to anyone familiar with sales or not.

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One of the very first things the author does is establish the belief that sales is as much a science as an art. For most sales professionals, being good is just not something you learn but something you are born with and nurture. By showing both the art and the science behind sales, Petalver blows past that myth and shows how anyone can learn sales is they devote as much time to studying data and analysis as they do to talking.

Throughout the rest of the book, readers are empowered with a number of very memorable sales strategies that stick in your head. My favorite is the concept of “ness”… everyone has a “ness” about them that is unique to themselves. Learning how to channel this “ness” into a sales tool is something truly eye opening. My “Dan-ness” harnesses my love for analytics and my passion for teaching and can make me a very powerful and persuasive sales person for the right audience.

Another of my favorite things about this book is Jonathan’s promotion of analytics… using the data in and around a sales process to make more data-driven decisions. So few sales pros really get how data can be a powerful tool… but the ones who do are much more successful. Having seen firsthand how Wells Fargo’s top sales people are constantly looking at sales data and market analysis to find opportunities taught me the value of really paying more attention to the science side of sales.

Overall, the See-Saw-Sell is a great read, full of easy to digest strategies that will add a lot of value to not just sales pro and newbies to sales, but just about anyone who is in a customer facing position who wants to do more than just close a deal, but to build a deep and long-lasting relationship with their clients.

If any of you followers or readers of this blog need some sales guidance, Jonathan Petalver is the Sales Champ you need in your corner.