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.