Industry segmentation is a means of defining the types of businesses to which your company will offer products and services and try to win over as customers. Your services will be in demand by industries that have similar needs, so it is essential to identify and categorize the industry segments and vertical market segments that will make up your potential client base.
Targeting industry segments will help expand your business because you are only marketing to companies that are likely to require what you have to offer. This saves you time and money. Targeting vertical markets will be profitable when you:
1. Establish your niche as a provider of goods for a well defined industry segmentation.
2. Dominate a vertical market by becoming the lead supplier of their goods and services.
3. Keep up with the ongoing and expanding needs of your vertical market segmentation.
Identify your industry segmentIt is essential for any business to know what companies make up their vertical market segments. Tailor your marketing campaigns to the companies that are likely to work with you.
Understand the needs of your vertical marketYour company must know what your clients need, and even what they don't realize they need. Make a personal connection with prospects to win them over. Show them not only what your company has to offer, but how your services will benefit them. Make offers that speak to them directly and solve business problems for them.
Get your message out to your industrial market segmentsTargeting industry segments via advertising is necessary to gain new clients and increase your profit margin. Work with a company that will help you with marketing to specific industry segments.
- Investigate how your competitors are advertising to industry segments that make up your vertical markets. Remain competitive with the pricing and special deals they offer.
- Produce a memorable logo or slogan that members of your industry segmentation will remember. When people have your company in mind, they are more likely to do business you.