Many managed service providers (MSPs) avoid specializing in several verticals, which could lead to a missed opportunity to grow their business. The overall goal is to expand the pool of prospects while not having to compromise the quality of service you’re delivering to existing customers.
There are several ways MSPs can effectively break into new verticals and expand their target market.
Get involved with industry associations
Joining industry associations allows you to learn more about the challenges of the industry you are targeting. For example, by joining a healthcare association and attending its meetings, you’ll better understand the unique needs of healthcare providers. I also encourage you to attend industry conferences and trade shows. Sit in on sessions, walk around the exhibit hall and network with as many people as possible. The more you immerse yourself within these communities and become an active participant, the less you’ll feel like you’re an outsider looking in.
Become an expert in the target industries
When you decide to market to a new vertical, go all in! Be sure to stay up to date on industry challenges and trends, pay attention to who the key players are and read what the analysts are saying. I suggest frequently reviewing the industry’s trade publications, registering for webinars hosted by industry experts and leveraging your network. Take in as much knowledge as possible of the industry you are targeting.
Are you tailoring your offerings and messaging to the industries you’re targeting?
Creating industry-specific offerings and messaging can go a long way. Think about the specific challenges the businesses in the industry you’re trying to break into are facing and the types of services they’ll need to make their business run more effectively. For example, what kind of government regulations must they comply with? If they’re healthcare providers, is HIPAA a factor? If so, what can you do to ensure they comply?
In your marketing strategy, think about what messaging will attract customers to your services in one industry versus another. You want to be intentional with how you market to your prospects by tailoring your marketing messages based on their specific needs.
Your MSP can diversify its customer base and extend the reach of its services by marketing to new industries. By joining industry associations, developing specialized knowledge about different sectors and tailoring solutions based on specific requirements, your MSP can create unique value propositions to help you stand out from competitors. With these strategies in place, you can capture more business from current customers and tap into new sources of revenue.