Refining the message about your value proposition is a key skill necessary to successfully sell a product. In this LaunchPad Essentials Insights Seminar, two thought leaders sit down to discuss Pitching for sales in EdTech.
In the third session from the latest LaunchPad Essentials Insights Seminar series, 2 experienced EdTech leaders sat down to discuss how to communicate with educators and investors in this sales training session.
We were joined by:
- Craig Simon – Founder of ZOMO Consulting
- Karen Bohm – Founding Partner of Pangaea Impact Investments
The highlights of their discussion were:
Where does the sales process start?
Where do you start if you want to sell to K-12 schools?
How do you connect from ‘buying from a person’ to scale?
How do you shape an effective meeting and conversation with a customer?
What do founders need to do to prepare to get ready to raise capital?
What’s the best strategy to stay front of mind without being over the top?
What are the signs to look for that indicate a business is about to cross that chasm into sustainable scale?
How do existing investments in the EdTech sector measure impact?
‘People buy from people’ – what does that mean to you?
Key Takeaways
Where does the sales process start?
Craig says that selling into education starts before selling. He advises that:
- Number 1 rule about selling into education is don’t sell. Let customers buy from you.
- Let customers understand your value proposition and your connection with their problem.
- Understand that you can help them solve that problem in a better way.
- Don’t be pushy! Let your customers come to you.
“Positioning yourself as an organisation and the thought leader space you’re in is very critical.”
Craig Simon, ZOMO Consulting
Where do you start if you want to sell to K-12 schools?
Karen advises that:
- The customer discovery is critical. That will also shape the team that you are building within your business.
- Ensuring that you’ve got a well-conceived business model underpinning what you are selling
“Understanding and reaching out to all those people first will help you learn what their problems are.”
Craig Simon, ZOMO Consulting
How do you connect from ‘buying from a person’ to scale?
It all comes down to the tone of the email, says Craig.
“Having a digital sales organisation that is driven by humans is important. Don’t hide the names, personalise them.”
Craig Simon, ZOMO Consulting
How do you shape an effective meeting and conversation with a customer?
Building out customer journeys is important. As soon as you have your client on board, you need to start working out how you are going to retain them.
Karen advises that:
- One of the key metrics to look at is the rate of churn.
- You have to understand who you are selling to and have a focus on retention right from the start. It’s not something you can fix up later!
- Think about what’s next – once you have that client, what are you going to sell to them next?
What do founders need to do to prepare to get ready to raise capital?
Karen explains that:
- Making sure you have dived deeply into your customer discovery is extremely important
- Who is your team going to be? What expertise is missing? It’s important to think about who the missing pieces are in your team and who will be critical in the journey of taking it to the next level
- Having a well-conceived business model. It’s important to consider the size of the market and how you are going to tackle it
“Being clear about what you need at that point in your business is invaluable. If you get that relationship right, then it’s going to be a smooth journey for everyone involved.“
Karen Bohm, Pangaea Impact Investments
What’s the best strategy to stay front of mind without being over the top?
It’s about understanding how much information and how frequently you need to contact that person, says Craig.
He also shares these tips:
- The trick is to find out what style of communication, the frequency with a specific buyer is needed.
- Sometimes you may need to dial it up, sometimes tone it down!
- Keep them in the loop.
- Try to understand the personal motivation of the buyer.
Karen also dives in the topic, saying that:
- It comes down to relationships and it’s important to remember that it takes time.
- Different schools have different levels of people. They are all time poor and bombarded with different ideas. But, at the end of the day, if you are solving their problems, then you will get their attention.
What are the signs to look for that indicate a business is about to cross that chasm into sustainable scale?
Karen says that for her, it’s about the numbers.
“When you start to see a product bloom and sell in different markets, that’s when you appeal to investors. You appeal beyond your immediate zone and that’s how you know that scale is being achieved.“
Karen Bohm, Pangaea Impact Investments
How do existing investments in the EdTech sector measure impact?
In terms of education, Karen advises that it’s important to see evidence of efficacy. There should be research that underpins your proof of concept.
“Teachers and principles want proof that if they’re going to go into the effort of implementing this change, it has to be visible.”
Karen Bohm, Pangaea Impact Investments
‘People buy from people’ – what does that mean to you?
Craig says that it’s how you build and retain more products. Everything about you as a person and a founder is about the connection you have with your customer.
“The concepts will change and products come and go, but great businesses are led by inspiring and authentic people.”
Karen Bohm, Pangaea Impact Investments
“You have to understand what’s going to help your customer win.“
Craig Simon, ZOMO Consulting
Key Takeaways
Craig Simon –
- Thought leadership starts way before you even approach a school
- People Buy from People
- Don’t try to sell, let customers buy from you
Karen Bohm –
- Understand your numbers and your business model
- Prove that you have runs on the board, Show proof of concepts and results
- Understand what you are looking for in the investors – it needs to be a two-way partnership
Speakers
Craig Simon
Founder – ZOMO Consulting
Founder ZOMO Consulting, leading a team that has become integral in growing and expanding international businesses across all education sectors – From K-12, to Higher Education, to the Vocational sector and Enterprise and Corporate Education markets.
Karen Bohm
Founding Partner – Pangaea Impact Investments
Founding Partner at Pangaea Impact Investments, investing in social enterprises that are mission-led, driven by talented people passionate about delivering real social impact, have a robust business model and clear metrics for realising their social impact and are seeking partners that can help take their business to the next level.