9 Steps to Build Presence in a Vertical Market

Many organizations today are starting to expect more from solution providers. At the top of the list of most recent IT partner qualifications is a complete understanding of the end-user business and industry, and they are willing to pay extra for it. Here are some tips for adding industry-specific solutions to your portfolio.

1. Willing to invest in your business

Making fundamental changes to your business requires investment and perhaps an equally important commitment to success. Take the time to check your finances, talk to your employees and make sure everyone is
together.

Without a long-term strategic plan for your business, you won't know what success will look like or how to measure your progress as you enter new markets. Before proceeding, take a moment to identify the what, why, and how of building the future.

2. Evaluate your current skills to determine which industry is right for your business.

The best way to make sure you're asking the right questions is to consult an industry expert. Each industry has its complexities, requirements, challenges, and rewards. There may also be geographic or economic reasons for prioritizing one industry over another.

3. Gain tribal knowledge.

Sales and marketing teams need a complete understanding of the "inside and outside" of the target industry. From issues affecting growth to "terms" used in the workplace, you and your team need to be able to speak the client's language. This is essential to being a trusted advisor to your clients and ultimately winning repeat business.

4. Hone your data center skills.

In most cases, data center-based technology is used to solve customer business problems in vertical markets. Technology is constantly evolving and customers are counting on you to recommend the latest cloud hardware, software, services, and products that meet your business goals. Make sure your team has the technical knowledge and certifications needed to meet your customers' needs.

5. Strengthen the services we provide.

Service is an essential element of a complete solution. Also, keep in mind that most investments in new infrastructure come from wanting to be more efficient and reduce operating costs, so you may need a cloud-based solution or service. Make sure you have the necessary cloud computing knowledge and resources.

6. Rethink marketing.

Marketing to customers in vertical markets requires a specific set of resources and tactics. In addition to traditional leading activities, you'll need to consider other tactics, such as branding your business as "obtaining" your target market. We also have to be very considerate of empty opportunities. You can stay ahead of the game by finding a marketing company that has the experience to help you reach your goals the first time around.

7. Check your sales incentives.

Selling to an industry can be profitable, but may require more effort from your sales force. Review your sales incentives to ensure that your incentive plan reflects the sales team's training time, willingness to accept change, and the additional effort required to identify, sell, and close deals with new markets and new customers.

8. Market Penetration - Concentrated Growth Strategy.

One of the most common growth strategies is to focus on what you do best by emphasizing your current product in today's marketplace. This strategy is also called a concentrated growth strategy because you develop and leverage your knowledge and expertise in a particular market with well-known products.

Market penetration simply refers to growth with existing products in existing markets. This can be achieved by attracting new users to the existing market in two ways. One is to attract and win over competitors' customers. Another is to influence current customers to use more of the organization's products/services. Market penetration generally involves the least risk and minimal use of resources.

9. Vertical integration

Vertical integration is something that happens in today's global business world for business growth, it is often associated with vertical expansion, namely business growth through the acquisition of companies that produce goods. market and distribute their products.

Vertical expansion is also known as vertical acquisition, which can also be used to increase size and gain market power. The acquisition of ASIANET COMMUNICATION LTD by M/s Star Group is an example of a forward vertical expansion or acquisition. ASIANET is a satellite TV company through which the Star Group can distribute its multimedia content, news, movies and television programs