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Are you considering selling into vertical industry sectors? Not sure it’s a good fit for your organization? Read on for my take on why organizations should adopt a vertical “go to market” strategy, and how to get started.
1. Customers like it
Every industry thinks they are unique! Buying behaviours throughout the value chain make vertical markets more important. Clients expect their suppliers to work in vertical markets because they have to work in vertical markets themselves.
2. Build on your strengths
You will probably be focusing on vertical markets where you already have a success story. Focus should allow you to accelerate your growth—both in penetrating existing relationships and acquiring new ones. More clients, more income, more market share, more profit.
3. Target better
If you know the industry you are more likely to know the attractive targets. Segmentation becomes better informed, more efficient, more effective. You should be able to track moves and leverage relationships.
4. Build a reputation
Your references will be relevant. People will hear about you – but be warned: this works for if you look after your relationships but it works both ways. Reputation management is more important in sectors.
5. Focused marketing material
You can match your collateral to identifiable personae in a specific sector. Your case studies, examples, quotes and business cases can be more relevant and effective. You will be able to use sector-specific language that will resonate with your target audience.
6. Expertise
You’ll encounter common challenges and opportunities. This allows you to say “This is well-traveled territory for us.” You can demonstrate your expertise with relevant examples. It becomes easier to identify and replicate global best practice
7. Consolidation
As customers consolidate their supplier base they are increasingly looking for a limited number of suppliers who can demonstrate specific sector experience. The increasing role of procurement makes this approach to “certified suppliers” for the sector even more important.
8. Competition
As competitors focus increasingly on vertical markets it becomes more and more difficult to be a generalist.
9. Measurability
Easier to track penetration, market share…
10. Value proposition
Perhaps the biggest and best reason to work in vertical markets. Of course each customer is unique but there are clear trends and themes. Vertical markets make it much easier to build compelling propositions and demonstrate value.
This blog on selling into vertical industry sectors comes to us from our partner experts at SalesLevers.
Built on decades of experience, SalesLevers transforms sales performance for companies that want to survive and thrive in a changing world. Through an integrated approach spanning diagnostics and development to reinforcement and recalibration, SalesLevers is known for delivering real results and consistently creating value for clients around the world, from multinationals to startups. Based in London, SalesLevers has offices in Scotland and Yorkshire. To learn more, visit saleslevers.com.
