Webinar Recap: Top 5 Ways to Boost Sales with GovSpend

Last month, GovSpend host Paige Mockler hosted a practical webinar on the top 5 ways customers can boost their public sector sales using data and workflow tools on the GovSpend platform. Below, we recap her primary takeaways, giving readers a comprehensive guide to winning more government contracts with GovSpend. Whether you’re in education, software, transportation, or any other industry, these tips are designed to help you identify opportunities, generate leads, and close more deals. Let’s dive in!

1. Identify and Segment Your Total Addressable Market (TAM)

Understanding your Total Addressable Market (TAM) is crucial for targeting the right opportunities. GovSpend’s new Report Builder feature makes this process seamless. Here’s how you can leverage it:

• Spending Heat Map: Use this tool to visualize where money is being spent the most and better understand which areas are best for expansion and growth. For example, if you’re selling pop sockets, you can see which states have the highest spend and build your go-to-market strategy around that region.
• Quarterly Spending Reports: These reports help you understand spending trends over time. For instance, if you sell rock salt, you’ll notice peak spending in Q3 and Q4, which helps you time your efforts accordingly or pinpoint when contracts with your competitors are up for renewal.

2. Generate Targeted Lead Lists

Once you’ve identified your TAM, the next step is to generate a targeted lead list. GovSpend’s platform allows you to create lead lists based on agency location, agency types, spending thresholds, quantities, expiring contracts, upcoming renewals, and other criteria:

• Expiring Contracts and Subscriptions: Filter your search by issue date to find contracts that are due for rjenewal. This proactive approach ensures you’re reaching out at the right time.
• Customizable Filters: Use filters to target specific states, product types, or contract durations. This helps in focusing your sales efforts on the most promising leads.

3. Develop an Action Plan

With your lead list in hand, it’s time to develop a strategic action plan:

• Prioritize Leads: Use the data to prioritize leads based on factors such as contract value, renewal dates, or those most likely to purchase.
• Personalized Outreach: Warm up your cold calls and break away from the cliche intros by referencing specific purchase orders and transaction details in your outreach. This personalized approach increases the likelihood of engagement and conversion.
• Build Relationships Ahead of Bids and RFPs: Identify agencies most likely to buy and begin building a relationship before the planning/drafting stages of the RFP. 

5. Leverage Channel Distribution and Partnerships

Expanding your reach through channel distribution and strategic partnerships can significantly boost your sales:

• Identify Potential Partners: Use the Companies tab to find businesses that offer complementary services or products. For example, if you sell generators, find companies that provide installation and maintenance services.
• Analyze Partner Performance: GovSpend’s analytics tools help you evaluate potential partners by showing their award trends, top agencies, and recent sales activities.

By leveraging the GovSpend platform’s powerful tools and data-driven strategies, you can enhance your sales efforts and achieve better results. From identifying your TAM to generating targeted leads, developing strategic action plans, and leveraging competitive analysis and partnerships, these five steps will set you on the path to success. Remember, the key to effective sales is not just hard work but smart work, using the right data at the right time.

For any further assistance or to explore GovSpend’s features in more detail, request a demo with our sales team. Happy selling!

About the Presenter

Paige, our expert from GovSpend, has over 15 years of experience in sales, marketing, and relationship management. Her passion for data strategy and turning insights into actionable plans shines through in her approach to boosting sales. If you enjoyed this webinar, please leave a review and let us know how we can continue to support your success.

This blog post summarizes the key points from the Top 5 Ways to Boost Sales with GovSpend webinar, ensuring you have a clear, actionable guide to enhancing your sales strategy with GovSpend.