Welcome to our “Question of the Week” series of blog posts where we will address some of the most common issues sales teams deal with on a daily basis. We welcome your questions and comments, so don’t hesitate to reach out if you have anything to add.
When developing a sales strategy for niche markets, most sales teams use an outbound approach. Highly personalized, fine-tuned, and account-specific, the rep must be acutely aware of the prospect’s needs.
However, some of the simplest activities can be more difficult than they would be with a more common industry focus. Here are what we find to be the top three challenges sales reps face when selling to niche markets:
1. Getting them on the schedule
One key activity is often the most challenging: connecting with the prospects themselves and convincing them to make time for you. Companies in niche markets don’t always have a presence on LinkedIn, so reps need to consider alternative ways to find and connect with them. Towards this effort, it’s important to flesh out a detailed buyer persona, plan the sales journey carefully, and develop useful supporting content that you can deliver at appropriate intervals.
2. Demonstrating a compelling value proposition
Another common challenge reps face in niche markets is in delivering a convincing value proposition. Sales teams need to know on an intimate level the unique problems of the market they’re going into and be able to position themselves and the product in a way that demonstrates undeniable value. Being able to put themselves in the buyer’s shoes, speaking their language, and generally meeting them on their own turf will help to align sales efforts toward a positive result.
3. Understanding the niche
It’s all too common for sales reps to lose important deals as a result of a minor misunderstanding or miscommunication. Not knowing the ins-and-outs of the niche you’re going into is a grave mistake. Connecting with the prospect and their needs requires some considerable preparation in order to understand the business and the industry it lives in. Speaking the language, learning the processes, and understanding the challenges they face is critical. While it may take a little time to get up to speed, the effort a rep puts in before making contact will make all the difference in the end.
In conclusion, sales reps sometimes find it challenging to understand the needs of companies in niche markets, but with some solid research and preparation, they will have a much better chance of making a meaningful connection.
Focus on these steps:
Conduct your due diligence on the niche industry before reaching out
Attend trade events and conferences to better understand current trends affecting the industry
Subscribe to podcasts and newsletters
It is this type of effort that will make all the difference in establishing a fruitful relationship with your niche market prospects.