Niche Customer Sales Tactics
Selling to Workers' Compensation Insurance Businesses
In spite of high levels of competition, there is a big growth opportunity for new businesses to enter the B2B workers' compensation insurance business market. The challenging part is devising a sales approach that captures the attention of the industry's major players.
The world is a fluid business environment and businesses are constantly adapting their sales approaches to respond to market demands.
Leveraging the strength of the market, entrepreneurs are streaming into 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 workers' compensation insurance businesses.
Casting a Broad Net
The first step in selling to workers' compensation insurance businesses is to take a broad approach to the marketplace. Strategies that limited to the local market are not likely to succeed in an environment that is becoming increasingly reliant on e-commerce and other long distance marketing channels.
Although a geographic concentration may be a useful strategy for new sellers, you will eventually need to increase your bandwidth to include prospects outside of your initial range. You can also broaden your prospect base by introducing new products and partnerships into the mix.
Marketing Mix
Since sales and marketing are connected business activities, your company's marketing mix plays a central role in bottom line sales revenue. The industry's leading sellers employ multichannel marketing strategies and prioritize channels that target decision makers.
Despite the fact that there are multiple way to market to workers' compensation insurance businesses, B2B sellers can realize a competitive advantage from outsourcing lead generation to a third-party provider. Experian and other vendors maintain accurate and up-to-date lists of workers' compensation insurance businesses. For many businesses, these lists establish a framework for the rest of the sales cycle.
Review Mechanisms
It's also important to implement regular review mechanisms to evaluate the effectiveness of both your sales team and your strategy. Internal review processes should be based on quantifiable data as well as direct input from workers' compensation insurance businesses themselves.
If necessary, modify your hiring and/or strategy to accommodate changes in the marketplace.
Share this article
Additional Resources for Entrepreneurs