In Sales, Having a Market is Important

By The Sales Trainer -

All business organizations are concerned with determining what makes a company, agency or individual successful while others are unsuccessful. It was discovered that the key to success was a customer-orientation, adaptability, responsiveness, and innovation. Those companies that recognized a need in a particular market and filled that need operated more effectively and more profitably.
 
Over the years, it has been noted that certain companies tend to be more successful than others in the area of recruiting and retaining sales counselors. In the majority of cases, these successful companies recruited sales counselors to specific, designated markets.

The same was true when successful managers were examined. When they recruited sales counselors who were compatible with prospects whom they would serve or who had some common socioeconomic, geographical, or occupational trait, they tend to have a higher success pattern than did those managers who recruited less specifically.


The message becomes very clear. On an industry, company, or individual level, there is a very positive correlation between sales counselor success and the existence of an identified market for the sales counselor.

Why You Need a Market
There are several reasons why having a specific market to work in helps breed success for you:

  1. When sales counselors are recruited to specific markets, they can “speak the language” of that market, both literally and figuratively. They understand and can identify with customs, problems, and needs of that market. Also, prospects in a defined market appreciate a sales counselor who is attuned to their individualities.
  2. The agent’s training, products, and approach can be adjusted to fit the particular market. This streamlines and concentrates the agent’s knowledge and ability.
  3. Often, new sales counselors are so imbued with the fact that the market for pension plan is unlimited that they are completely non directed, going off in all directions rather than having specific plans to help them concentrate their efforts.

What Is a Market?
            A market is a group of prospects with whom you can either build upon an established relationships or can create a relationship according to some existing condition. Generally speaking, there are five commonly categorized markets:

  1. Geographic:  A neighborhood, the medical arts building, a housing development, etc.
  2. Social:  Service clubs, alumni associations, hobby groups, etc.
  3. Occupational: Pharmacists, farmers, fuel dealers, florists, freight haulers, mechanics, etc.
  4. Cultural: Language nationality, church clubs, ethnic groups, etc.
  5. Product: Sole proprietors, partners, college students, new homeowners, etc.

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