The private sector represents $9.8 trillion of capital, while the public sector represents $125 trillion of capital, according to wealthbriefing.com.
Ready to wet your feet in the public sector?
Selling to the public sector is not as difficult as business people think. It is somewhat similar to the private sector. After all, you still have to understand the problem and offer your product or service as a solution. However, you need a slightly different approach.
In this article, you’ll learn four strategies to help you succeed in public sector sales.
- Know your buyer
There are several reasons why public sector sales are difficult, but one of the most common is that many public sector buyers are unfamiliar with how business works.
To succeed in public sector sales, you need to know your buyer. Here are some tips for doing just that:
- Understand your buyer’s role
The first step is understanding your buyer’s role in the organization. Are they the decision maker? The problem solver? The implementer? Knowing your buyer’s role will help you tailor your pitch and approach to them specifically.
- Know their priorities
Once you know your buyer’s role, it’s essential to understand their priorities and what they’re looking for from a purchase. For example, do they want technology solutions? Process improvements? Training resources? Knowing what your buyer wants will help you zero in on the right products and services for them.
- Get to know their team members.
Public sector buyers often work with a team of people who may have input into the purchase decision-making process. Getting to know these team members and understanding their roles will help you better understand how the purchase will be implemented within the organization and whether any specific needs or dependencies may exist that need to be taken into account when pitching or selling products or services
- Use data to make decisions
To successfully sell products or services to public sector entities, it is important to understand the specific needs and challenges these organizations face. This understanding can be gained through data analysis.
One way to use data to make decisions is to create a customer profile for each organization you try to sell to. This profile should include information such as the size of the customer base, which types of products or services they purchase, and their average spending ability. You can rely on a market intelligence platform such as Intermedium to get such data.
Once you have this information, you can tailor your sales pitch accordingly. For example, if a particular organization typically purchases expensive software licenses, you may want to try pitching them on the benefits of buying a more affordable package instead.
Additionally, it can be helpful to target specific market segments within an organization. For example, if you know a certain department purchases a lot of office supplies but rarely buys software licenses, targeting that department with sales pitches focused on office software may make sense.
Using data, you can ensure that your sales efforts are highly targeted and effective.
- Be a relationship-focused company.
No doubt, the public sector is a complex and competitive market. To succeed in this industry, you must have a relationship-focused approach.
- Build relationships from the beginning: Start by building a rapport with your potential clients and stay in touch throughout the process. This will help them trust you and feel comfortable working with you.
- Be patient: Don’t expect overnight success in public sector sales. Building relationships and solidifying deals can take time, so be prepared to work hard for success!
- Stay positive and upbeat: No one likes a Negative Nancy, so keep your attitude positive and optimistic throughout the process. This will put your clients at ease and help them feel confident.
- Stay consistent but be ready to face rejections.
It’s essential to keep your message consistent across all customer interactions. This will help them understand you better and make decisions more efficiently based on what they know about you and your business.
In public sector sales, there’s a higher chance of rejection than in sales within private companies – this is often due to different buying processes and regulations that organizations must adhere to (for example, submitting purchase requests through proper channels). Don’t get discouraged; instead, use rejection as an opportunity to learn more about the organization and its needs. Keep track of what didn’t work during the process so you can improve next time around.
Summary
Selling to the public sector can be challenging, but with the right strategies, you can succeed. This article outlines some of the most important tips for success when selling to the public sector.
By understanding the key principles behind effective public-sector selling, you can improve your chances of securing a deal and meeting your sales targets.
