Selecting a vertical market
Selecting a vertical market – A vertical market is an industry of enterprises in which similar products or services are developed and marketed using similar methods that cater specifically to that market. Examples of vertical markets are insurance, real estate, banking, manufacturing, and transportation.
How do you decide which market is for you?
1. Do your research. Take the time to research your idea. Not only do you want to check out the competition, but you also want to make sure there is sufficient demand for your product or service.
Do a keyword search with the search engines. This will give you an idea of how difficult this will be to market if you decide to add a website to your business.
2. Create a potential list. Review your current clients to determine what niche they are from. Study your list to determine which vertical markets can increase your sales and which vertical markets you can best cater to.
3. Create a unique selling position. What makes your product or service stand out within those vertical markets? Observe competitors learn what features they emphasize that make them stand out from the crowd. Then determine what product or service you will offer that will make your business unique from others.
It could be something unique about the product/ or service or it could be something so unique that you can offer this to a more highly defined targeted niche market. This might only be offered by you and giving you the exclusive to this type of business.
4. Build your business. The hard part is over. You have decided to go with a specified market and now you get the chance to begin promoting yourself and your new venture.
Develop a specific segment of your website that caters to those vertical markets and develop marketing materials (brochures and the like that cater towards that market. Many ventures fail to cater to a specific niche).
NOTE: You can develop several vertical markets to enhance your market base and sales potential.
Selecting a vertical market – Vertical marketing is developing a profitable business that will make your product/service stand out in a crowd. Taking the extra steps to research and build your business will allow you to become an expert in your marketing field and ensure lifelong profitable success in business.
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