Capitalizing on Niche Markets
Selling to Payroll and Payroll Tax Preparation Services Businesses
Many payroll and payroll tax preparation services businesses offer opportunities for emerging companies to earn profits. Product quality, pricing and customer service are all important considerations – so businesses that sell to payroll and payroll tax preparation services businesses need to demand excellence from their team.
Although there is a strong market for products geared toward payroll and payroll tax preparation services businesses, breaking into the market can be daunting.
The best sales teams combine personal motivation with a set of tools that equips them to rise to the occasion during sales cycles that target payroll and payroll tax preparation services businesses. Whether you're a new business or an established industry presence, here are a few of the tools you need to have in your toolbox.
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 payroll and payroll tax preparation services business 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 focus their marketing budgets on 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.
Sales Strategy Tips
Effective payroll and payroll tax preparation services business sales strategies are concerned about both sales techniques and ROI. Some sales techniques are more effective than others and the ones that maximize ROI need to be prioritized.
Also, it's important to avoid a silo approach to payroll and payroll tax preparation services business sales. Companies that isolate their sales units lag in the marketplace, especially when they compete against companies that encourage collaborative processes between sales, marketing and other units.
How to Evaluate Sales Staff
Periodic staff assessment is essential for companies that sell in this industry. Businesses that achieve significant market share hire quality candidates and routinely evaluate them against performance goals and benchmarks.
Although annual reviews may be acceptable for other business units, sales units should be evaluated quarterly with monthly or weekly reviews of sales totals. Training, coaching and sales incentives can be useful for improving performance and revenues. In some instances, it may be appropriate to team underperforming sales reps with reps that have more experience selling to payroll and payroll tax preparation services businesses.
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