A Vertical Market Approach Can Pay Dividends
Realistically, marketers cannot do everything and satisfy everyone’s needs because resources will not stretch that far. Successful programs will target offerings toward customers that need and want their services, while setting aside the customers that do not fit that profile. This often involves a vertical market focus that concentrates on a specific type of business within a single industry. The benefits of embracing a vertical market approach are clear:
- You get more attention within your market space: When you market to a specific group, it is much easier to get their attention. After all, you are talking about their challenges and their issues
- You can become an expert within the segment: Being an expert in your field is a differentiator
- The world of advertising is crowded: Expertise is equated to differentiated value-add in the minds of customers and prospects
- More effective marketing to a targeted base: Once your marketing efforts become focused, your messages will sound right to the market segment
Prospective customers will view you as a partner that clearly understands them and their needs. According to a survey that InfoTrends completed in 2018, high-growth enterprises were more likely to have a vertical market focus. To differentiate themselves with a vertical market focus, savvy direct marketers are ensuring they understand the requirements of the industries they are selling into.
The Demand for a Broad Range of Services is Increasing
Enterprises are seeking to make the most of their communication budgets by working with a single provider that can offer the broadest range of services and access to a variety of delivery channels. They ultimately want one outsourcing partner that offers end-to end services and operates as a “one-stop-shop.”
Enterprises are seeking a partner with the skills, technology, and know-how to future-proof their communication strategies. Service providers must find a way to elevate their purpose beyond helping clients save money on commodities and delivery. As we move into the future, providers that can empower their clients to generate fresh revenue through communication innovations and an improved customer experience will be best positioned for success in today’s multi-channel market.
Tailor your Techniques
Due to a wealth of information on the internet, increased competition, a rising number of decision-makers, and a focus on price as the primary differentiator, selling is harder today than it has ever been before. To further complicate matters, buyers’ expectations are changing. As a result, selling techniques must be refined. Smart business teams are actively examining the needs of today’s empowered buyers and structuring their processes and sales force to address changing buying practices. We understand that some buyers will recognize that they have a problem and may turn to us seeking a solution, others will need our knowledge and insight to highlight opportunities for improved results. These groups must be sold to differently.
In response to changing buying behaviors, more and more businesses may choose to implement a dual-focus sales team. “Hunters” and “farmers” have different skills and having access to both types of salespeople can be a critical success factor. The hunters would be responsible for tracking down new business or winning back past customers, while the farmers would focus on cultivating relationships with existing customers to expand their buying potential. The bottom line is that no salesperson can be all things to all buyers, so setting your sales team up for future success means establishing a team that is capable of selling the right solutions to the right set of buyers. Savvy businesses will tune their selling techniques to a variety of buyers’ expectations as they expand into new services and product offerings.
Automation and Operational Excellence
It’s time we acknowledge we are amid a new industrial revolution called “Industry 4.0”. A shift toward improved automation and operational excellence has been in the industry talk track for most of this decade. directworx has invested heavily in improved facilities, automation platforms and LEAN manufacturing techniques. Now that the infrastructure is in place, it is time to leverage the power of automation and build production workflows that automate as much as possible. At directworx we’ve intentionally focused on automation that make it easy to work with us while solving our customers problems. This has resulted in some wonderful solutions such as automated incentive fulfillment, “web-to-workflow” and “response-to-print” all of which help our customers grow their business with greater ease than ever before.
This direction is driven by numerous factors… The rise in data volumes and connectivity; The increased need for data analytics and business-intelligence to run a business as well as support customer applications; speed to market; the need for cross-platform integration and of course, customer experience.
Management personnel must lead the transformation in their businesses to achieve the levels of operational excellence that will enable their businesses to grow. Technologies that are evolving will continue to become more automated, so we must proactively embrace automation that eliminate touchpoints in the print shop. It is also important to minimize the spreadsheet-based management that can prevent operational excellence.
- 3 Most important things; The list, The offer or campaign, The creative & Copy
- What would you like to accomplish? Think of the 5 Ws and an H.
- What is it for?
- Who will you target (client/ donor list, purchased demographic list, etc)?
- Will you send a personalized piece, an unaddressed piece or a bit of both?
- When would you like to send it?
- Who will get what (Do you have multiple offers that you want to go to separate halves of the data?)
- Is it time sensitive?
- How long will your campaign run (is it multiple drops or just one)?
- Is it an ad for a product, service or sale, an acquisition for donations, invite to an event?
- Is your design eye catching yet clear what you are trying to achieve? At first glance can the client determine why the message is relevant to them, what the offer is, why should they want to participate/ why they would want your offer. Remember sometimes less is more!
Figure out all your costs; try to imagine all the working parts required to get your mail out the door. Some things to consider; design costs, print costs (digital VS offset), what paper you want to use, all materials required for the mailing (inserts, envelopes), postage, processing costs.
- Letter or invitation in an envelope with or without inserts
- Self Mailer
- Online Component (i.e. Go to this website to sign up for the event)
Be careful on how it has to be mailed, postage can add up depending on how it will be handled.
- Are you tracking your responses VS how many went out?
- Are you doing A/B testing?
- Are you planning on doing a follow up to those who did not respond?