Institutions such as schools, universities, hospitals, government offices and libraries represent a $4.1 trillion market, according to a November 2006 Direct magazine article “Predictable But Not Easy” by Larry Riggs. That’s a big market that small businesses can target!
However, the article points out that it is not so easy to reach this market. For one, these institutions are governed by a different set of accounting principles. Here are the tips from the author on how to reach this market:
- Understand that these organizations need to spend their entire budget within the fiscal year, but timing is everything
- Target school districts between April and June, when their fiscal year typically ends.
- They have concentrated buying powers, but sending your catalog or offer to the purchasing officer is not always going to work because this officer is not likely to know the needs of all departments.
- If you are targeting colleges and universities, it is best to target deans and department heads.
- If marketing to elementary and high schools, target the principals, and even individual teachers
Read the full article at Direct magazine