Monitor and evaluate information to support sales planning
Overview
This standard is about monitoring and evaluating information for sales planning. The organisation should have a clear and up-to-date picture of its markets and business environment with appropriate information to support the development of sales strategies and plans. The focus of the standard is on ensuring that you collect sales information about the business environment including customer needs, potential risks, market trends, new technologies, legislation and regulation, competitor activity and pricing conditions. The standard also covers your organisation's internal operating environment and the resources available for sales activities. This standard is for sales professionals who monitor and evaluate information for sales planning.
Performance criteria
You must be able to:
1. collate information about customers and competitors to support sales planning in line with organisational requirements
2. monitor and evaluate trends and developments inside and outside the organisation that impact on business and sales activities
3. identify the strengths, weaknesses, opportunities and threats (SWOT) within your organisation
4. identify the political, economic, social, technological, legal and environmental (PESTLE) factors affecting your organisation
5. analyse the business environment in which your organisation operates
6. explore the sales opportunities and risks in operating environment and their possible impact on the sales plan
7. consult colleagues and other stakeholders about market developments and the implications for the organisation
8. collate information to support sales planning in line with organisational requirements
9. ensure that information to support sales planning is communicated to colleagues and stakeholders in line with organisational requirements
Knowledge and Understanding
You need to know and understand:
1. the current legal, regulatory and ethical requirements on information collection and use for sales planning
2. the emerging trends in the organisation's sector and geographic area of operation
3. the factors in the organisation's markets that influence sales planning
4. the range of sources and types of information relevant to the organisation's sales activities
5. the patterns of customer behaviour and how these affect the way the sales offers are tailored
6. how to carry out competitive analysis that examines competitor sales activities and sales offerings
7. how to undertake an analysis of the sales and business environment
8. the political, economic, social, technological, legal and environmental factors (PESTLE)
9. how to undertake an analysis of strengths, weaknesses, opportunities and threats (SWOT) from a sales perspective
10. how to use SWOT analysis to develop sales strategies and plans
11. the variety of sales plan options and how to assess their implications
12. how to use information and feed it into the development of strategy and plans