The learning and development market has immense opportunities in today’s dynamic corporate landscape. From honing skills to optimizing talent management, this sector is a haven for vendors seeking to make a mark. As we delve into the dimensions of market size, segmentation, and effective strategies for account planning, let’s see the potential of this domain and discover ways to excel in it.
When we speak of the learning and development landscape, we’re taking into account a broad spectrum, starting from skill enhancement to talent acquisition. Those targeting sizable companies like IT services and SaaS enterprises boasting over 500 employees find themselves in a sweet spot. This also extends to Global Captive Centers (GCCs) with a similar employee threshold. In India, this equates to a robust 2,700 companies.
Here’s a blueprint for vendors to follow:
1. Alignment of Skill Goals: The first step is identifying companies whose skill goals align with your offerings, turning it into a mutually beneficial partnership.
2. Embrace Emerging Technologies: In a world constantly evolving with technological advancements like ChatGPT, vendors should target companies embracing new skills.
3. Nurturing Relationships: Establishing and nurturing relationships go a long way. Target companies that have recently onboarded Learning and Development professionals (within the last 3-6 months), as these are the decision-makers.
It’s possible to figure out what these companies are investing in. Take Accenture, for instance. Consider how many new hires they make each year for SAP, AWS, and other technologies. These technologies demand skill upgrades, often translating into a desire for upskilling courses or integrated learning platforms.
When you communicate with these companies, focus on their skill objectives. Explain how your talent management, talent acquisition, or recruitment platform aligns with their needs. Speak in a way that resonates with them. This will increase your chances of successful conversion.
Here are the two important channels you can use:
L & D Platforms: You can leverage Account-Based Marketing (ABM) platforms to engage a wider audience. Capitalize on anniversaries and promotions as touch points and expect longer sales cycles.
Here’s what you should expect in the next 3-6 months:
1. Start with the newsletter. Your open rates will exceed 35 %.
2. Build a list of accounts that are happy with your work and consistently nurture these relationships.
3. Initiate outreach to 100 accounts every month, starting with an email sequence and ending with a phone call.
4. Focus on building relationships.
There are 2,700 companies in India, with more than 500 employee count. That is your target. You can talk to them about their skill goals, build relationships with them, and in the next three to six months, when they are hired in the new job, you will have really great conversion if you follow these two things.
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