Capitalizing on Niche Markets
Selling to Project Management Businesses
No doubt about it, project management businesses are important sales targets for business sellers that are prepared for a competitive marketplace. For business sellers prepared to compete, project management businesses offer a dependable channel for sales and revenues .
There are no one-size-fits-all strategies for selling to project management businesses. The basis for success is the same as it is in many other industries.
Leveraging the strength of the market, entrepreneurs are knocking on the doors of the marketplace, anxious to collect their share of the profits. Competition can be tight, so emerging businesses have to be careful about the way they approach project management businesses.
Get To Know Your Market
Start with good market research, which is a prerequisite for profitability in this industry. High volume sales teams conduct thorough research on market demand, pricing and niche opportunities.
More importantly, they conduct research on the specific project management businesses that they want to add to their customer roster.
Since relationships are an important part of the selling process, meetings with project management businesses leaders and their staff can establish a basis for the sales cycle. These meetings can also provide information that can improve your competitive position.
Reaching Prospective Customers
Prospecting transforms contacts into qualified leads.
Networking can fine tunes prospecting performance and conversion ratios. However, it's important to make sure your sales force isn't so focused on conversation that they miss the point of prospecting, i.e. the identification of likely buyers, key decision makers and high value industry contacts. In other words, quality is just as important as quantity when prospecting for project management businesses.
Lead lists are useful because they narrow the field for your team. Third-party lists from reputable vendors (e.g. Experian Business Services) arm your sales force with good leads, making it easier for your company to balance the quantity and quality demands that are prerequisites for effective prospecting.
How to Sell to Project Management Businesses
After you have established contact with a prospect, how do you close the sale?
Like many of us, project management business business owners are busy professionals operating on tight schedules. As a rule, be respectful of your customers' time constraints and clearly communicate your main points first.
In some instances, your initial contact at project management businesses you call on may not even be the decision maker, making it necessary to quickly locate the real decision maker and adjust your approach accordingly.
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