While the Ed-Tech industry may be thriving, selling to universities and schools can be challenging due to their complex decision-making processes. That’s where SDR agencies like Whistle come in. We take a look at how SDR agencies can help Ed-Tech companies sell their products and services to key decision-makers in the industry.
From developing targeted messaging to accelerating the sales cycle, we’ll share our insights and expertise to help Ed-Tech companies achieve success in this fast-paced market.
As the Ed-Tech sector continues to grow, it’s important for companies to understand the unique characteristics of the market in order to successfully penetrate it. Here are two simple things you need to know about Ed-Tech buyers:
Ed-Tech buyers base their decisions on cost/benefit, reputation, and access.
Universities and schools are very sensitive to budget restrictions and may choose a solution solely based on cost. However, the lifetime value of a university client may far outweigh a commercial client. Once a decision is made, a university will prefer to “lock in a price” for a number of years. Therefore, it is important for Ed-Tech companies to introduce upsell opportunities that appeal to different departments in the university, allowing for additional budgets to be added to pay for the service.
Universities care greatly about their reputations and need to feel that their vendor is “proven and trusted”. As such, the professionalism of the sales team, the need for sponsorship and thought leadership at conferences, and the careful selection of clients plays a major role in buyer acceptance.
Universities and schools prefer to work with vendors and solutions that are accessible – meaning that they are seen at the regular conferences, are available during operational hours, and have a leading presence across the digital space with regards to thought leadership and best practice. White papers, case studies, and webinars are vital.
The typical buying behavior of universities and some schools can be challenging. Universities and some schools operate like large enterprises, with all the challenges of red tape, politics, authority, and security assessments. Buying cycles can last up to 12 months in some cases and will typically take 6 months to initiate. The sales structure must take into account a ramp-up period for account executives, as well as a “heavier” investment in market education and building trust and acceptance.
Ed-Tech companies should keep in mind that universities are not as concerned with technological capabilities as they are with vendor credibility, so an investment in a working product with happy customers will out-weigh any industry-leading technology.
To successfully sell Ed-Tech, companies need to focus on market education, relationship building, and a segmentation of the market to ensure that familiar institutions are utilizing the service. Referral business, as well as affiliation with industry bodies, can play a key role in the acceptance of your Ed-Tech company as a market leader.
Interested in penetrating the Ed-Tech market? Contact us, here.