Capitalizing on Niche Markets
Selling to Private Schools
To be sure, private schools are major players in a growth industry -- and that presents an opportunity to companies who are eager to get in on the action. We'll tell you how to overcome selling hurdles in the private school market and dominate the rest of the field.
Despite robust demand for products sold to private schools, breaking into the market can be daunting.
With market momentum on their side, entrepreneurs are knocking on the doors of the marketplace, eager to earn their share of the profits. Competition is fierce, so new businesses need to be intentional about the way they approach private schools.
Sales Incentives
In a perfect world, you want your sales force to be self-motivated to perform at a high level. But to encourage constant improvement, consider offering sales incentives to sales reps that exceed private school sales targets.
Incentives don't have to break your budget -- sometimes just recognizing an employee's worth to the organization is more valuable than an expensive incentive that lacks recognition or prestige.
Marketing, Promotions & PR
Young B2B companies are often tempted to buy their way into the market. Rather than taking the time to develop relationships with private school owners, these companies blanket the market with high-priced marketing content in hopes of scoring fast conversions from buyers.
Marketing is useful and necessary. But new businesses should channel their energy toward initiatives that support their value proposition. Although lead lists obtained from third-party vendors like Experian can dramatically increase the quality of your prospects, the effectiveness of your marketing efforts is limited to your team's ability to connect marketing, promotional and PR messaging with your company's unique product traits.
Know the Competition
Companies who sell to private 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. As a result, private schools are regularly targeted for prospecting and tend to be very knowledgeable about their buying options.
By researching the competition, you gain the ability to evaluate and establish differentiated sales features. Although there are many ways to research your competitors, discussions with private schools themselves may be the best source of information.
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