06 Sep Grab Your Market Share! There’s Plenty
Peak Performance Sales Professionals Know That There is Plenty for Everybody
The concept of “The land of plenty”, is the type of attitude that has made America great,
How big is the market for your products and services? What percentage does your company have?
If your company has 15% or less market share then there is plenty of business for you and your team.
When my partner and I started our auto insurance company in Florida (I have since excited to start my sales consulting business) we knew the market.
The market in Florida for auto insurance was 12.5 billion. The level of insurance risks we wanted to ensure was around 3 to 5 million.
We knew our direct competition was insuring about 1 billion.
All we needed was to take a small percentage of the 1 billion. In 5 years, we grew to 25 million dollars in insurance premiums.
One of the key reasons we were able to raise 16 million dollars in 2008, this being a bad year to raise capital, was how well we knew the market size and where we would take the business from.
My point is unless your company or you can create an innovative product then you need to take business from the competition.
The problem with thinking that there are limits to what is available is that it leads to a bad attitude.
It leads to people limiting the growth of their sales and self-development.
Peak Performing Sales Professionals do not succumb to mediocre thinking.
They know that in order to access the plenty, they have to be creative, innovative, visionary, and have the courage to lead others to the understanding that there is plenty out there.
They know that they have to share knowledge, wealth, and not hoard.
They know that there is no need for taking from others on their team if we just look at the company as one team.
1. Research the market size in dollars for your products or services in your target markets
2. What percentage of revenue do you then divide into the total market size to the percentage of business you have?
3. Know which competitors you have the best chance of taking the business away from.
4. Create a file with information on your competition or have them in your CRM and add as much information about them.
This helps with presenting your products or services as well as knowing strengths versus their weaknesses. It also helps with staying away from your weaknesses versus their strengths.
Greatness is being world-class
Sell to greatness