4 Steps To Taking A Vertical Leap

Companies enter new verticals for a variety of reasons. Taking your product or service to a new customer base can be a viable way to drive revenue or diversify revenue streams. It is also a strategic way to gain an edge over competition and increase market share.  

Whatever your reason may be, taking a vertical leap requires planning. Here are our top tips to growing from a relative unknown into the go-to option in a vertical market:

Know your audience

It’s important to identify decision makers and their needs prior to expanding into a new vertical. These individuals are the ones who will make or break your success. But don’t neglect other influencers who make up the broader audience you need to consider – including industry leaders and even end users. Look beyond the demographics to understand their behaviors, motivation and preferences. 

There are a handful of ways to get to know your projected audience. Attending trade shows, networking with potential customers and conducting formal, and even informal, market research are simple ways to gain insight. Visiting with others already catering to the market is another smart way to gain the benefit of what they have learned by doing business within that sector.



Speak the language

Buyers trust knowledge and expertise, so immerse yourself in the new market and become a trusted resource. Understanding all components of your new industry will assist in establishing your brand as an authority. When you speak their language – and do so correctly – you will showcase your expertise.  

Spend the time necessary to strategically craft the message you want communicated to your audience. What will resonate and motivate them to buy your product or select your service? The answer to this question will lay the groundwork for how you communicate with your audience moving forward. 

Unite and conquer

External audiences can sense internal confusion instantly, so it is essential all employees are on board and aligned before entering a new market. People are intuitive and they are bound to recognize any inconsistencies in a brand. Awareness and market share hang in the balance.

Make sure every facet of your business is aligned and focused on a common objective so as you move through the sales cycle, each prospect receives a clear, consistent message. From product marketing and sales development to engineering and business development, each stakeholder across the organization should have a shared vision and a common voice. 

Never stop innovating

Once you have secured yourself as a clear leader, it is crucial to listen closely to the customers within that vertical. Staying innovative and continuing to raise the bar from your primary competitors requires you to listen to your audience. 

Not only should you listen to their response to your product or service, but also to how they are interacting with other brands. Is there something they are missing? Give them what they want and offer something they didn’t know they needed. Creating your own niche within an established category is the only way to continue to be a leader – not a follower.  

If you build it, will they come?

Entering a new market takes a clear vision, a collective effort and excellent communication. Not only does vertical market expertise assist in growth, but it also allows you to tailor your product or service in a way that is better suited for a specific customer and create a better customer experience overall. Just building it won’t guarantee they will come. But with insight, clear and consistent messaging and constant innovating, they will.

Next story loading loading..

Discover Our Publications