Exploring Additional Options In Your Vertical Markets
Let’s take a brief moment to examine vertical markets and what they can do to increase your business growth.
Exactly what is a vertical market? Think of the automobile industry for a moment. You know there are several different manufacturers, then they begin breaking it down by car classifications.
For those who are like myself, and knee deep into WordPress design and development, it’s always vital to be on the lookout for additional vertical markets.
Certainly if there is anyone within the business community and the WordPress ecosphere who understands this better than anyone, it would have to be Chris Lema.
In examining my vertical markets, rather than merely focusing on WordPress website design, I am always looking out for additional potential streams of revenue to draw more business into my agency.
Defining Your Vertical Marketing Strategy
Let’s take a moment and examine a few things that will assist you in defining your vertical marketing strategy.
I would certainly think that in any business, you are always on the lookout for additional means in which to generate revenue to your business.
While it isn’t always easy to establish this, I feel it is crucial for any company to re-evaluate their vertical markets to assist them in locating additional possibilities to generate additional business and income.
Initially my agency entered into the competitive field of WordPress design and development. Needless to say, it is a market of both companies as well as freelancers who are all interested in getting a piece of the market.
In addition, it is a market that is truly based off of the economy and how well people with existing businesses are doing. With the vast amount of fluctuation that came occur in a volatile market, you always need additional means to generate ongoing revenue.
Sometimes when beginning to evaluate your vertical marketing strategy, it can be a bit frustrating. This is where a lot of people either truly begin to define the scope of their business or totally blow themselves out of the water.
What I found the easiest to do was to sit down with a piece of paper and a pencil and begin mapping out my agency’s strategy to begin creating the additional market that we were lacking in.
In a very interesting article I was reading on Forbes, they had it narrowed down correctly. It is paramount that all areas of your business are in tune with the other in an effort to expand your present capabilities and vertical markets you are looking to gain traction in.
If you fail to establish that from the word go, you are more than likely going to experience a great deal of disconnect. This is something you do not want to have to overcome from the beginning.
Examine Potential Vertical Markets
For us it was fairly simple. As a design and development boutique agency, establishing additional areas for us to work within was somewhat of a simple process.
Not only were we looking to expand our markets, but increase our residual monthly income as well.
I see it all the time. Too many companies are looking to make bank on the initial project. What they are not focusing in is whether or not that very same project is producing income to their business.
We do try to keep our vertical markets close to what we already provide. Thus making it easy for our staff to fall in line with and to have the capabilities of bringing the two together when necessary.
Exploring The Value Factor
Half of the battle in taking our businesses into uncharted waters, is moving beyond the “fear factor.”
As with any business, there are always going to be a certain levels of uncertainty that come with it.
What you need to focus on is the value that you deliver to your clients. Let’s be realistic, how many of you that are designers or developers who have acquired additional work because of your initial work?
Any time we are doing a re-design of any existing site, part of our built-in process is to perform a discovery phase where we pretty much pick a site completely apart.
This is usually where we will find something in addition to the site design itself to be able to reach out to the clients and provide additional services that begin to show off our powers.
Upon our findings, we then bring it to our clients attention. Most generally they are open to receive that information and then ask for our suggestions as to how to remedy them.
There is that open door of opportunity to provide additional services that fall outside of the development and design process. Now we have added additional value to our company and justified to our client how they are benefitting from it.
As a website designer, I try not to group all of our services together in a package type environment if you will.
I like to leave certain doors closed for further usage to present other areas of opportunity to assist them with their online presence, which usually falls into something like a monthly social networking package or an ongoing maintenance package.
Not only will this yield in more customers for yourself, it will keep the bar raised for your competition.
The more services you can offer to your client, the more money you will be able to command. And it goes without saying the more valuable you will become and more marketable.