Selling products and services to higher educational institutions is crucial for B2B School Marketers for several reasons. Firstly, the higher education industry represents a significant market with a high level of demand for a range of products and services, including technology, textbooks, software, and consulting services. Secondly, higher education institutions have substantial budgets and are willing to invest in high-quality products and services that can help them improve their operations and better serve their students.
According to a report by Technavio, the global higher education market is expected to grow at a CAGR of over 11% from 2021 to 2025. This growth is being driven by factors such as the increasing demand for higher education, the growing use of online education, and the need for institutions to adapt to new technologies and teaching methods. This presents a significant opportunity for B2B School Marketers to offer innovative products and services to higher education institutions.
A survey by the National Association of College and University Business Officers (NACUBO) found that the median endowment for US colleges and universities increased by 7.4% in the fiscal year 2020, despite the challenges posed by the COVID-19 pandemic. This highlights the fact that higher education institutions have significant financial resources that they can use to invest in products and services that can help them achieve their goals and improve their operations. B2B school marketers can tap into this market by offering high-quality, value-added products and services that meet the specific needs of these institutions.
Why should a B2B marketer consider selling products and services to the higher education market?
Here are a few key reasons:
- Large Market Size: the higher education market is a vast and lucrative market with many potential customers. According to the National Centre for Education Statistics, there were over 20 million students enrolled in degree-granting postsecondary institutions in the US in 2020. This represents a significant market for products and services related to higher education.
- Long-term Client Base: Higher education institutions tend to have long-term relationships with their vendors, which can lead to stable and reliable revenue streams for B2B Companies. For example, a technology vendor that provides learning management systems to a university may have a multi-year contract that provides a predictable revenue stream.
High-value contracts: Higher education institutions typically have large budgets and are willing to pay for high-quality products and services that meet their needs. This can result in high-value contracts for B2B Firms. - Strong Brand Recognition: Selling products and services to higher education institutions can help B2B companies build strong brand recognition and credibility in their industry. Working with well-respected universities and colleges can help establish a company’s reputation and create opportunities for future business.
- Positive Impact: Many B2B Businesses that sell products and services to the higher education market are driven by a desire to make a positive impact on society. By working with institutions that are focused on education and research, B2B companies can feel that they are contributing to a greater good.
How do you sell your products and services to the education market?
Selling products and services to colleges and universities requires a strategic approach that takes into account the unique needs and challenges of these institutions.
Here are some steps you can take to successfully sell to the college and university market:
- Research the Market: Conduct thorough research to understand the market and the specific needs and challenges facing Colleges and Universities. Learn about the different departments and decision-makers involved in purchasing decisions, and identify the products and services that are in high demand.
- Understanding the Decision-Making Process: It’s essential to understand how decisions are made within a college or university. Determine who the Decision-makers are and what factors they consider when making purchasing decisions.
- Develop a Unique Value Proposition: Your value proposition should clearly communicate the benefits of your products or services and how they address the specific needs and challenges of colleges and universities. Consider tailoring your value proposition to different departments within the institution.
- Build Relationships: Establishing relationships with decision-makers and influencers in the institution is crucial. Attend conferences, events, and seminars where decision-makers are likely to be and network with them. Consider offering free trials or demos to get your foot in the door.
- Provide Excellent Customer Service: Once you’ve made a sale, it’s important to provide excellent customer service to build loyalty and establish a long-term relationship. Respond promptly to inquiries, provide training and support, and offer solutions to any problems that may arise.
- Measure Results and Refine your Approach: Regularly measure the effectiveness of your marketing and sales efforts and refine your approach accordingly. Use analytics to track the performance of your Marketing Campaigns and gather feedback from your customers to understand how you can improve your products and services.
End Point:
As a B2B Marketer looking to sell products and services to colleges and universities, there are several strategies that you can employ. First, it is important to research the specific needs and pain points of your target audience in order to tailor your messaging and offerings accordingly. Additionally, building relationships with key decision-makers through networking, attending conferences, and reaching out directly can be highly effective.
Another approach is to purchase email lists from a reputable provider such as the SchoolsEmailList website, which can provide you with access to the contact information of decision-makers in higher education. With this valuable data, you can easily reach out to potential customers and pitch your products and services. By combining these strategies and focusing on providing value to your target audience, you can increase your chances of success in selling to colleges and universities.
