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Wednesday, September 13, 2006

The Meaning of Vertical Markets

Vertical markets can help you grow your business. When dealing with vertical markets, you need to think about whether you should go after them from the start of your business or simply let them grow naturally from your business.

In order to figure out how vertical markets can work with your business, you need to look at your business plan and your market position. With computer consulting, generally vertical markets will emerge naturally when you start by getting a good customer base and begin to be known as an expert.

Going after vertical markets with gusto makes no sense if you are trying to get a good base of customers and improve your reputation. Once your reputation is more established, think about how vertical markets can expand your business.

You should concentrate on finding sweet-spot clients that will need your services over the long term and will pay you the best rates. Vertical markets might open up after this point, and you could end up with ten clients that are attorneys. Suddenly your vertical market is the legal profession and you can concentrate on serving these specific clients’ needs.

THE NATURE OF NATURAL VERTICAL MARKETS

Many times vertical markets will just fall into the place at the start of their appearance. If you have banking or medical industry experience, you will probably start there. Always start a business with what you know, creating a vertical market within an industry that fits your specific expertise.

Your first concern at the beginning of your business should be developing an on-going client base and your reputation, but vertical markets will become an excellent business-building tool.

Blogged By: Computer Consulting 101 Professional Kit