Global / Marketing
How to Market to the Best Industries
by Kiera Outlaw
Jul 23 2019

Identifying the right industry for your product or service helps ensure you take a profitable place in the economy. It’s the difference between fulfilling a need and providing unnecessary noise. It could be the difference between success and failure.

Here are 5 ways to find the industry you need to market to:

1. Look at Competitors

Your competitors can tell you a lot about the industry – if it’s the right fit for you, how to market to it, how to differentiate yourself within it, and whether sunny skies or rough seas are up ahead. The success of your competitors will indicate if there is actual need for your product or service, which is an essential component of determining your ability to succeed. Businesses and consumers are, now more than ever, looking for solutions to their challenges.

What do I do?

Research competitors based on your product or service offerings. Shortlist those competitors with offerings closest to yours and identify which industry (or industries) they operate in. If your shortlist of competitors all operates within the same industry, then you’ve found a match. If you’re competitors operate in a mix of industries, then compile the list of industries and move on to point #2 to dig a little deeper.

2. Use a Mix of Tools & Resources

Employing a mix of tools and resources, like a CRM system and a market intelligence resource, provides you with a big-picture perspective. A CRM system will help you track your customer’s behavior and identify any correlations between your target audience and your performance. A market intelligence resource will provide you with in-depth data and analysis on the industry or industries within your consideration. When combined, these tools and resources can provide greater insight into the viability of marketing to a specific industry or set of industries.

What do I do?

Research the tools and resources that would be most useful to your business and team. A CRM system would allow you to keep track of your customers, their behavior and your performance. Analyzing these metrics is crucial to tracking your overall performance and ensuring you’re in the correct industry and providing the correct messaging. A market intelligence resource is critical for you to dig deeper into an industry by providing detailed performance data and analysis allowing you to understand the complexities, trends and opportunities in the industry. For the marketing intelligence tool, ensure it is comprehensive and covers a wide range of industries.

3. Understand the Market

When you’ve settled on an industry to market to, you must then understand that market, i.e. your buyers. Being aware of buyer behavior within the industry will provide you greater context on how to market to them. You’ll need to know how the industry’s markets influence the industry’s performance and any change in those trends over time.

What do I do?

Using a market intelligence resource, gain a deeper understanding of an industry by seeing its markets, the size of those markets and any changes in trends. It is also useful to know the changing customer mix and how it affects companies (including yours) operating in the industry. Use this information to assist with the development of buyer personas and related content messaging.

4. Become an Expert

Becoming an expert means being knowledgeable and well-versed in the trends, challenges and opportunities of the industry you’re aiming to market to. Essentially, it’s important to have sound knowledge of the industry so you can increase your credibility and market intelligently.

What do I do?

In addition to your tools and resources, make time to read industry-related journals, attend networking events, and even join industry-related associations. The more involved you are with the industry, instead of just marketing to it, the better you become at truly understanding it and opening the gateway to finding the niche for your product or service within it.

5. Equip Your Team

Leverage the knowledge, tools and resources you obtain on your journey to identifying the right industry and ensure you share those resources and insights with your team. Providing this insight to your team allows the information to be discussed from different perspectives and to make connections where connections weren’t made before. Long story short, equipping your team ensures that you make the best marketing mark on the industry.

What do I do?

For tools and resources, ensure you have the right level of access for your organization. That means, ensure you have enough “seats” or a licence that provides access to the essential members of the team. Also, make room in the budget to send team members to seminars and exhibitions relevant to the industry you’re trying to break into.

Follow these steps and you’ll find the right industry in no time. In the meantime, check out our article Why Industry Information Matters to gain deeper insight on how to leverage market intelligence in your business pursuits.