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Marketing
Vertical Markets
Marketing: Vertical markets offer a splendid way to develop your business. The question is though, "Should you pursue vertical markets from the start or let them evolve naturally?" The answer is highly dependent on your business plan and how you have positioned yourself in the marketplace.
However, with a business such as consulting, vertical markets tend to come about naturally. A vertical market is such in which vendors offer goods and services specific to an industry, trade, profession, or other group of customers with specialized needs. It is distinguished from a horizontal market, in which vendors offer a broad range of goods and services to a large group of customers with wide range of needs.
Such as businesses as a whole, men, women, households, or, in the broadest horizontal market, everyone. Start with getting a good base of customers. That's how you will resonate as a real expert. Aggressively pursuing vertical markets doesn't make sense when you are trying to build customers and a reputation.
When you have a good reputation then you can think about how vertical markets might expand your business. Focus on finding the sweet-spot clients that have a need for your services on a consistent basis and are willing to pay premium rates for them.
From that point, vertical markets may open up for you. You might end up with 10 clients who are attorneys. Suddenly you have a vertical market in the legal profession. You then concentrate on serving the needs in the vertical market whatever they may be.
Natural Vertical Markets There are times when vertical markets will make sense from the start. If you have experience in a particular industry like the medical or banking fields, you'll probably concentrate there. The best place to start your business is always with what you know, so you will create a vertical market within an industry due to your expertise.
The Bottom Line on Vertical Markets Vertical markets are a great way to grow your business. Your primary concern as you start your business however, is on gaining a steady client base.
Whether these clients come from a vertical market from the start or your
business evolves into one over time - the bottom line is the same. Build your clients and your reputation first and worry about a vertical market second.
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