Driving consistent sales growth is one of the biggest challenges that sales leaders face in a business environment. Companies must continuously strive to identify new opportunities and fresh insights that may generate ideas, propelling the company past the competition. The use of customer data is one of the best ways to identify opportunities for sales growth and gain a better understanding of the consumers that a business serves.
There are many effective strategies that a business can use to access sales growth opportunities. Market research is an excellent asset for sales teams in the initial stages; the information gathered provides a clear picture of what opportunities remain untouched. Many sales teams also find value in gathering information about their competitors, including sales information by category and location. It is important to consider what strategies are best suited for the particular business and its sales team.
How To Find New Sales Growth Opportunities
Most companies have a specific budget to market their business for continuous sales growth and rely on the resources available to locate prospects and generate sales leads. There are plenty of opportunities available to businesses that understand what steps need to be taken to increase their sales. These essential steps generally involve market research, customer data analysis, continuous monitoring of the competition and the use of sales territory mapping software.
Here is a closer look at some best ways to find new sales growth opportunities.
Review Purchase History Of Existing Client
An effective way to identify opportunities for sales growth involves reviewing the purchase history and budget of existing customers. Look at the products that the customer base has purchased historically, how long it has been since they last made a purchase and how frequently they make purchases. Identifying purchasing patterns helps sales leaders determine when a customer is most likely ready to make their next purchase. Looking at what products the customer has purchased in the past, a sales team can also estimate the client’s budget. It is important to offer customers products that fit both their budget and buying preferences.
Monitor Consumer Trends Using The Internet
The internet is an excellent resource for monitoring consumer trends. Sales teams should always be on the lookout for data sources on customers, such as web tracking and transaction history, which can signify where customers prefer to spend their time. Email data, such as how many people open emails and their conversion rates, can also determine level of interest. Other online sources, such as websites, social media and online communities can be used to gain customer information and identify patterns. Another important area to look at is the feedback and suggestions from customers about products. All of these sources can be used to build custom profiles for individual customer groups.
Perform An Analysis Of The Competition
Businesses can learn a lot by analyzing their competition. Taking the time to understand existing players in the market who are direct competitors can play a critical role in a business’s ability to identify new opportunities for sales growth. Businesses should determine what brands and products in an industry are seeing rapid growth, and why. It is also important to determine why one business may have a competitive advantage over another. In addition to performing a direct competition analysis, a business can also benefit from conducting an indirect competition analysis.
Utilize Sales Mapping Software
Sales territory maps clearly lay out targets and resources so that businesses are better able to create a prioritized plan to reach their goals. Territory mapping is most effective when monitored for results and reshaped accordingly. Sales teams must continually adjust territories to align with changes, such as new competition or a shift in demographics. Sales mapping software makes it easy to input valuable data and make changes to territories as the need arises. It can also help drive higher sales by evenly balancing territories among salespeople, continuously reviewing and realigning accounts and creating opportunities for reoptimization. The use of sales mapping software can even boost productivity among sales team members as they are able to keep better track of their performance and projections.
Reach Out To A Sales Growth Professional Today
Identifying new opportunities for sales growth can be challenging even under the best conditions. Fortunately, today’s businesses have access to more tools and resources, including online consumer trends and innovative mapping software tools. By leveraging consumer data, performing informative analyses on the competition and making use of sales mapping software, sales teams can achieve continuous sales growth. To learn more about how to identify opportunities for sales growth or to inquire about sales mapping software, reach out to the business mapping professionals at Geographic Enterprises.