Editor's Letter: Survey says: Ding! Knowledge Is Power July 14, 2008 July/August 2008
By Michael McCue
It's been more than 400 years since Sir Francis Bacon coined the expression, scientia potentia est ("knowledge is power"). Few statements ever uttered have been truer than that one. In fact, it's so true that several of its corollaries also have become part of our modern vernacular, including "brains over brawn" and the battle cry of every editor, "the pen is mightier than the sword."
Wars generally aren't won by the army with more soldiers, but by the one with better intelligence. The most successful generals have efficient, secure supply routes and always scout the battlefield in advance to find the high ground. Knowing where and when to fight is as important as the weapons themselves, and that explains why those of us here at Sales & Marketing Management are so excited about the return of the annual Survey of Buying Power (see this month's Cover Story). Last published in 2005, this massive repository of market research contains critical demographic data from every state and county in the United States, breaking each down by population (including age groups and racial composition), retail sales by store group (such as food and beverage, or electronics and appliances) and Effective Buying Income (EBI). Want to know what county has the highest population of African-Americans in the 25–34 age group, with household incomes of $50,000 a year or more? A few quick clicks on our Web site and that information is at your fingertips.
You've worked so hard, for so long, to ensure your team has the right products and services to meet your customers' needs. You've trained them on pitching and closing, taught them how to overcome a prospect's objections, and shown them how to negotiate the terms of a deal once the customer is ready to buy. You've equipped them with technologies that keep them connected when they're on the road, visiting with those potential customers. You've even spent thousands of dollars on highly targeted advertising and direct mail campaigns to give your sales force the support it needs to close deals and increase market share.
But there's one last hurdle, and it's a big enough one to render all of that other hard work moot: How do you know your message and sales team are reaching the right people? You might have the cream of the sales crop working for you, and you might have them trained so well that they could pitch and close in their sleep. But it's all wasted effort if they're trying to sell apples to a person who wants oranges. Do yourself, your sales team and your entire organization a favor and visit www.surveyofbuyingpower.com (the Survey will be available at the end of August). I promise that you won't be disappointed!
Sales & Marketing Management Magazine
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