Business Development Strategies for Niche Markets
Selling to Law Schools
Most law schools have a wide array of needs that are not being met by their vendors. If you're tired of sitting on the sidelines, maybe it's time to start selling to law schools.
B2B sales can be challenging. To succeed in this environment, you need a strategy that is built on the fundamentals of good business.
With market momentum on their side, entrepreneurs are streaming into the marketplace, eager to earn their share of the profits. Competition can be tight, so new businesses have to be careful about the way they approach law schools.
Know the Competition
Companies who sell to law schools face no small amount of competitive pressure.
Although it may not seem like it, there are many other businesses that sell similar product lines. Subsequently, law schools are bombarded with promotional messaging and tend to be very knowledgeable about their buying options.
By researching the competition, you gain the ability to differentiate your products and incorporate your unique product characteristics into your sales strategy. Although there are many ways to research your competitors, discussions with law schools themselves may be the best source of information.
How to Communicate Your Message
Messaging is an important part of a successful sales strategy. Confused messaging dilutes the sales cycle and makes it difficult for prospective customers to discern the value of your products.
Whenever possible, the identification of key messaging should be incorporated into a comprehensive planning process that combines sales and marketing into a single, unified strategy.
The next step is to reduce your contact list to the contacts who are most likely to respond to your messaging. Although there are multiple ways to generate leads, lead lists can be a useful resource for generating a list of prospects that are receptive to your messaging. Vendors like Experian are skilled at providing targeted lists of law schools that can be customized to your precise specifications.
Networking Tips
The law school industry is relationship-based. Businesses that sell in the industry routinely use networking to advance the sales cycle.
Lead lists are helpful in expanding your network, but only if your sales force is willing to develop list contacts into long-term business relationships. As an owner or manager, you need to encourage networking strategies and proactively model relational sales techniques.
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