Friday, September 25, 2015

Knowing Your Market

No matter what business you are in, it is essential that you know your market.  If you are in sales, you need to know what your customers are interested in and capable of buying.  If service is your business, it is necessary to know what services your customers want and can afford.

It is not enough to simply state your goals at the beginning of the year claiming that you will increase sales by 10% or 20% without a roadmap of where the sales will be because of the needs of your customers.  Don't plan to sell a $20,000 product or service to customers that are only capable of buying $5,000 things.

If you are a manager of an organization or a teacher, the same rules apply.  You must know your market and know what they want, need, and are capable of acquiring.  Then and only then can you set about achieving your goals.

I would call this market intelligence and this kind of information needs to be observed, recorded, and passed on to other members of your organization.  Your marketing plan, sales plan, and management plan must be based on the knowledge of your market.

At Fluid Power World we know the fluid power market very well.  Our team can assist your fluid power company in reaching and surrounding your customers and prospects with fluid power information including your sales message.  For assistance with planning for a very successful 2016, please contact me at mference@wtwhmedia.com