How to build a Vertical Market Strategy

Just recently I′ve been discussing with a business partner how to build presence in a vertical market. Most business with a vertical market strategy consistently report higher sales win ratios of opportunities within their specialty.

One concern is that there will be missed horizontal opportunities if you focus on one industry. But industry focus doesn't mean that you have to stop horizontal marketing. They are two separate approaches. You can continue your horizontal marketing – just focus in on one segment of your prospect base that fits your industry criteria.

While there is no magic formula, by taking a systematic approach & commitment, you can build your reputation to become an industry specialist.

1. Choose the industry, and be as specific as possible. While that may sound obvious, it seems to be the biggest stumbling block. There are countless technology providers who claim to be "Distribution" or "Retail" industry leaders. Find a smaller pond to fish in with a more specific definition. For example, "FCMG Distribution" or "Consumer Electronic Retailers."
2. Do your research. You likely already have some insight into the industry you choose to pursue, but you need to do your research. At a minimum, buy industry reports or other current market research that is available. Find and follow all of the professional websites/groups/profiles/etc. that serve the industry. Identify someone to monitor these regularly to get to know the hot topics, as well as industry leaders and social influencers. 
3. Define your value proposition and solution set. To be successful in sales and marketing, you need to have a very specific value proposition. What problem does the client have and how are you going to solve it? Identify the components of the solution set and define the entire set in terms of the benefits to clients. Validate with current customers in the industry. Ask them if they think your value proposition is compelling.
4. Build specific content. Create a website/landing page that is specific to the industry. It doesn't have to be a complex site, keep it simple and direct. If you have the resources, start a blog and update it often. Make sure all content, collateral, e-mails, e-books –  whatever you create – directly supports your value proposition. 
5. Participate in the community. Immerse yourself in the industry's professional community, both virtually and in person. Join the professional associations & LinkedIn groups that serve the industry. Follow the common industry hashtags on Twitter. Listen and learn before you start to participate. Attend industry events to meet people face to face. Seek meetings with the industry influencers that you have identified to see if there is a way you can work together.

Deal sizes, win ratios, referrals are all likely to increase when you build your reputation in an industry. Be systematic, genuine and looking for ways to give back the community so that everyone is more successful.