Today’s world is changing and becoming more digital. Many of the tried-and-true practices businesses once employed no longer have relevance. However, that doesn’t mean it’s time to abandon all processes.
In-person direct contact still drives many business partnerships between suppliers and retailers. Making the most of your approach matters. Here are six reasons it’s worth your time to do targeted sales territory marketing.
1. You Discover Underserved Markets
Sales happen when you connect with a consumer who needs your products. If you watch any restaurant rescue and remodel show, you’ll notice one trick celebrity chefs use when planning their menus is investigating the local area and seeing what cuisines are represented and which are lacking in the community.
Discovering underserved markets lets you employ the free market principle of competition to increase sales. For example, if there is only one store in a given area where people can buy a particular good, they’re at the mercy of non-competitive pricing not to mention a pinch if their local go-to run short on supplies.
Furthermore, people appreciate the choice. When you move into a market with only one or no alternatives, people will try what you have to offer, if only for something different. You have ample opportunities to wow them once you get them in the door.
2. You Learn What Areas Are Oversaturated Already
Imagine you want to go out to eat. You’re craving Thai but the choices in your town are burgers, pizza or the local grocery to DIY. If you were a budding restaurateur, would you consider opening yet another pizzeria, or would you introduce some variety into the mix?
Targeted sales targeting mapping doesn’t only tell you where there is a need. It also lets you know what areas are already saturated so that you can avoid them.
For example, you might manufacture pharmaceuticals and employ your sales team to approach medical groups. If every doctor in a given area already offers your product to patients, your sales representatives would be better off walking a different beat.
Please note that saturated markets sometimes offer valuable clues to your future endeavours. For example, does your product have a price advantage? Can you offer add-ons that make your goods look more appealing to customers? Can you improve on existing models and earn customer loyalty?
3. You Manage Your Drive Time and Resources More Effectively
Targeted sales territory mapping protects the planet and your pocketbook. You might not feel the aggravation your sales team does when they arrive at their destination only to discover there is no need for your product or service. However, you see the impact on your profit margin when comparing fuel and vehicle maintenance costs to the total revenue generated.
Using targeted sales territory mapping allows you to employ technology to find the best and fastest routes to cover the greatest number of customers. You can have your sales team download an app to plan their route.
5. You Keep Your Agents Active and Engaged
The sale is a tough gig. You have to have a thick skin that’s not easily penetrated by disappointment. However, even the most optimistic individuals quickly grow jaded and burned out if their efforts amount to nothing especially when they work on commission and have bills to pay.
Targeted sales territory mapping prevents unnecessary “nos” by sending your agents to the areas where they’re most likely to succeed. It also means a more positive welcome when they come calling. Many folks resent it when salespeople interrupt their day, but they’re more agreeable if the representative has something they need.
6. You Improve Overall Profitability and Growth
The bottom line: Targeted sales territory mapping increases overall profitability. You are in business to make money, after all.
This technique also helps you plan your growth. If you’re a nationwide company, consider where you’d like to open new headquarters as you expand. Investigate the local area — is there a demand for your products or services in the region? If not, what’s the next best place?
Targeted Sales Territory Mapping Is Worth Your Time
Some business practices have passed into antiquity like using a Rolodex to store client contact information instead of an electronic database. However, it’s still worth your time to do targeted sales territory mapping for all of the above reasons.