Obtain and analyse sales-related information
Overview
This standard is about obtaining and analysing sales-related information. It covers understanding customers, competitors, markets, volumes, and the mix, value and profits of the products and services your organisation sells. The standard includes finding information from different sources, analysing it and considering the changes for the organisation. This standard is for sales professionals who obtain and analyse sales-related information.
Performance criteria
You must be able to:
1. consult sales colleagues about the customer, competitor and market information they require
2. identify appropriate sources of information relevant to the organisation's customers, competitors and markets
3. ensure that information sources are sufficient, relevant, valid, reliable and accurate
4. evaluate the benefits and implications of using each source of information
5. create a plan to obtain sales-related information using a range of sources
6. gather sales-related information using planned systems and outcomes of research
7. select and use variety of analytical tools and methods to analyse the organisation's customers, competitors and markets
8. identify the target audience for each category of sales-related information and communicate it to your sales team
9. obtain feedback from colleagues about the relevance and usefulness of the sales-related information
10. ensure that the sales-related information is stored securely in accordance with organisational, legal, and ethical procedures
11. evaluate the implications of sales-related information for your organisation and make relevant adjustments, where required
Knowledge and Understanding
You need to know and understand:
1. the current legal and ethical issues relating to the use of market and sales-related information
2. the sales-related codes of practice for the industry and sector
3. the information requirements for the sales functions
4. the differences between primary and secondary data
5. how to identify trends in sales-related data
6. the sources of market information and variety of analytical tools for sales-related information
7. how to use appropriate software packages for analysing and presenting sales-related information
8. the methods of processing and presenting different types of sales-related information
9. how to evaluate the suitability, relevance, validity, reliability and accuracy of market information
10. how the use of sales-related information can result in organisational changes to the marketing mix, marketing and sales strategies
11. the relationships between marketing, sales and other functions and how these impact on the overall organisation