In theory, every business would like to aim for widespread appeal. Reaching the level of ubiquity that brands like McDonald’s, Coca-Cola, or Kleenex enjoy is a highly ambitious, but understandable goal. However, one big reason why companies fail to capture the hearts and minds of millions of consumers is that they simply don’t offer products that everyone needs. (Consider the previous three examples: everyone eats, drinks, and sneezes.) Rather, like a company that specializes in pharmacy POS, for instance, most businesses have one or two niche verticals that they focus on. The good news is, you can work to identify industries that hold great potential for your company. Here are three ways to get started:
- Explore Common Threads
Ask yourself: what makes your product or service valuable? What separates you from the competition? What can you do that others can’t? Once you’ve determined why people have decided to do business with you in the past, begin to explore common links between them. What was the problem you were able to solve? Chances are, even if they didn’t have much else in common, you were able to address similar issues with different clients. As such, you can then take the results of this introspection and apply them to other markets. Ask yourself this final question: what type of companies would most likely benefit from the product I offer?
- Examine Your Competition
Any business that refuses to learn from their competitors is likely doomed to be passed by them. There’s no shame in going through your rivals’ resources and seeing if they’ve begun to explore vertical markets that you can also take advantage of. In fact, you’d be limiting yourself greatly if you only entered fields that were completely devoid of competition. See where your competitors have headed in the past; it just might provide you with a path forward in the future.
- Monitor Trends
While most businesses strive toward financial stability, the truth is the market is always in a state of flux. Industries –– just like individual companies –– undergo periods of growth and recession, and figuring out which industries are on the rise can go a long way toward finding entrepreneurs you can do business with. Plus, industries that are expanding will naturally be in need of more specialized products, and more willing to spend extra capital on them. Keeping your ear to the ground and doing your homework on national trends will ensure you’re in a solid position to act when a new vertical marketing opportunity arises.
