Your Sales Management Guru’s Guide To: Slammed! For the First Time Sales Manager by Ken Thoreson

Author:Ken Thoreson
Language: eng
Format: mobi
Publisher: Sales Gravy Press
Published: 2014-07-19T14:00:00+00:00

28 | Reaping the Benefits of Niche Markets

The first thing most people ask when considering whether to focus on vertical or niche markets is, of course, what are the benefits? Plenty, in my experience. They typically include:

• Higher revenues.

• Better margins.

• Lower cost of sales.

• Increased velocity of order flow.

• Bigger average order size.

Adding thought leadership to your vertical plan will create the gravity to keep your sales pipeline packed with the right prospects.

Where to begin?

First, build a vertical practice.

Second, create a coordinated sales and marketing plan in which you'll become a member of, not a vendor to, your target markets.

Third, select your target. Create a positioning statement determining what your target vertical markets offer you and what you can bring to them.

Then take the following steps to learn about — and begin moving into — them: 1. Create a market profile. List the top five characteristics for the ideal client in each vertical industry or niche market. Undertake basic market research to identify the gross number of clients in the market — and, more important, the number that match the ideal characteristics that you’ve established.

2. Identify initial sales targets: Using the market profile, pinpoint the top 150 prospects in each vertical market. For example, you might identify all companies with annual revenues of $10 million or more, or that have at least 100 employees, or that have three or more locations or that serve at least five states (or any other criteria that you consider important). Begin building a database with information on these prospects.

3. Identify key industry groups: Locate the top local and national industry associations for each vertical. Develop lists of key industry trade shows, relevant monthly meetings and the names of current and past association leaders. Shoot to attend every trade show and at least half the monthly gatherings. Increase your visibility by becoming active on an association committee.

4. Identify key industry publications: Industry magazines and newsletters can keep you abreast of major issues facing your vertical-market clients and prospects. So subscribe to and read these vehicles — and try to write for them as well. Obtain their editorial calendars (often available online) and offer to contribute articles or columns that fit in with their coverage and showcase your expertise.

5. Identify key industry influencers: Find the top consultants, lawyers, accountants and others who service and market to your target industries. Work with them to share contacts and create joint referral networks. Touch base with these sources at least quarterly. Not sure which groups, publications and influencers carry the most weight in a specific market? Ask your clients and prospects — and follow their advice.

6. Identify potentially useful vendors: Make contact with at least five companies that sell related, but non-competing, goods or services to your chosen vertical market. You can find such businesses at trade shows and through ads in industry publications. You may wish to explore developing joint marketing programs-or you may just work out a lead-sharing agreement.

7. Identify key contacts: Develop a detailed database for each verticalindustry prospect, customer and influencer organization.

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.