Different markets have diverse needs. In the SME space it's impossible to be all things to all clients, especially if those clients are in different vertical markets. You can, however, master one vertical market at a time.
Instead of simply casting your net as widely as possible and hoping for the best, many businesses are finding success by narrowing their focus to one defined market, achieving success and then moving on to the next define market.
Defining vertical markets is beneficial for both you and your clients – from a client’s perspective, identifying vertical markets actually simplifies their buying process. A business that specialises on serving these client’s specific needs (and your business) can be found easier in organic searches using strategic keywords.
However, accessing a specific vertical market requires more than using some jargon or adding a page to your website. An essential part of any vertical marketing strategy is to directly engage with your potential clients and gain as much insight as possible into their pain points, buying processes and their needs. This may mean contact at several levels in the business and may even include bringing people into your business with the expertise in that vertical market.
Never stop evolving – time and technology wait for no person, and client loyalty has to be earned, it is not a given. Merely having a presence in a vertical market won’t matter if you don't keep a finger on the pulse of new market trends, new technologies and your competitors' offerings. If you can stay one step ahead of the curve, your business can keep growing. It’s as simple as that.
Narrowing your focus to specific verticals can lead to major benefits. This not only reduces the threat of competition within that industry, but it can provide a solid launching pad to support your efforts in branching out to other vertical markets.
A vertical marketing strategy is one that is tightly focused on meeting the needs of a specific market. By tailoring your marketing communications to an industry or client, you could maximise your selling efforts and likely shorten the sales cycle and lessening the cost of sale.
How have you used vertical marketing in your business to drive sales?