Related Stories

• No related posts

These five factors provide a very clear picture of where the next great sales goldmine could be lurking.

1. Unemployment rates. Great sales organizations monitor employment rates by region on a regular basis. The employment rate provides an accurate gauge of which markets/territories are on the upswing (and which are still struggling). Monitoring these rates over the course of months will also provide an in-depth picture of which regions are prone to remain stagnant for a long time to come.
2. Real estate availability/prices. Its important to know how the housing market in each region is doing, but whats even more important (from a sales perspective) is how business real estate is doing. Are the rental rates for office space rising? Declining? Is there more office space available in a specific region? Is that because the region is busting or booming? Keeping track of real estate prices (and comparing them) by region provides another indication of where prospects have money, and, more importantly, where theyre willing to spend it. One federal metric thats incredibly helpful for determining how the housing market is functioning is the U.S. Census Bureaus Affordability Index. Another is the Purchasing Application Index (released weekly).
3. Mortgage/Interest rates. These are generally based on what the market/region can bear. If the rates in a specific market are increasing steadily, its a sign people are in a position to invest again. Its also a pretty solid indication that local institutions are willing to lend again, which is key to any sales organization whose products and/or services require a major investment.
4. Retail sales. Monitoring retail sales numbers by region gives sales managers an idea of where consumer confidence (and spending) is on the rise again. From a B2C perspective, this statistic is perhaps the most important in terms of whether tapping a specific region is worth your time and resources, or whether prospects are still tapped out and unwilling to consider new purchases.
5. Classified ads. Believe it or not, a quick look at the Services Wanted section on Craigslist and/or regional newspapers provides a fairly strong indication of how healthy each market is. How so? If people/businesses are actively seeking out services, or hiring outside contractors, its clear theyre willing to spend again. In many cases, youll be able to see whether theyve gone back to investing in services that were either rolled back or cut out altogether over the past few years.

Can you think of any other ways to pinpoint where the next great prospecting opportunity might lie? Feel free to share your thoughts in the Comments Box below.