Marketing how to: How to Target a Vertical Market
Vertical market is defined as “a particular industry or a group of organizations in which similar products or services are developed and marketed using similar methods”. Transportation, retail and banking are some examples of vertical market.
There are many advantages of targeting a vertical market. It enables you lower sales related expenses, earn higher revenue, and to get repeat and bigger orders. Meticulous planning and dedicated implementation are the keys to success while targeting vertical markets.
To succeed in a vertical market, it is very important to have a clear picture of your ideal client. Marketing how to experts recommend that you list out the characteristics of your ideal client. That gives you an idea of how best you can position your product or service.
Work on creating a list of around 100 prospects to start with. It is advisable to target larger organizations in the beginning. Identify contact persons and positions. Create sales messages for each. Your message should be very specific. Customization is important while targeting vertical markets. It is advisable to contact your prospects at least eight times in a year.
Identify local, national and international associations related to the industry. Marketing how to experts suggest that you identify and attend trade shows regularly. Subscribe to publications and websites related to your vertical market.
Interact with writers and editors of these websites and publications. It helps to keep abreast of issues facing the industry. It also helps you to become conversant with the industry jargon. Your prospective customers are more likely give you business if you speak in their language.
Successful businesspeople play an active role in industry advisory boards, which involve professionals (like lawyers and accountants) catering to your vertical market. Maintain a regular interaction with these professionals. They are sources of valuable information related to your vertical market.
Marketing how to experts recommend that you identify and interact with non competitive vendors who sell to your vertical market. They usually turn out be great sources of leads. This approach may also offer opportunities for joint ventures for mutual benefit.
It is advisable to use a good vertical marketing software program. Many of them are available in the market. They enable you to manage your marketing efforts directed at that particular vertical efficiently.
WEPOS (Windows Embedded for Point of Service) is an example of vertical marketing software program. This Microsoft product is designed specifically for retail and hospitality industries.
It is very important to train your front end employees to speak the language of the vertical market while interacting with the prospects. Marketing how to experts recommend that you provide them access to various resources which would help them to stay current on the vertical.
By implementing the above mentioned tips, you are sure to make the most of your vertical market.