From the course: Sales Channel Management
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Market research: Customers and competition
From the course: Sales Channel Management
Market research: Customers and competition
- [Male Voiceover] When we're selling to customers and clients, one of the critically important first steps in the sales process is planning, gathering information, and preparation. This sets the foundation for developing a sales plan with an account. The same type of procedure holds true as we survey the marketplace to determine the best strategy for selling a product or service. The gathering of market research is like being an investigative reporter, as we ask questions and obtain information and facts. We need this market research if we are to make the right choices. It's this planning and preparation that will guide our sales channel decision making and strategy. Two good roots that will provide you with solid market research is tracking your competition and asking customers for feedback. I think that monitoring your competition is always important. Whether you're exploring a new venture or have an established offering, it can give you a lot of insight and a heads up when maybe…
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