Expanding into new verticals is a major component of online lead generation. Creative marketers and online entrepreneurs alike are interested in growing and expanding their businesses, especially if there is a good fit with other activities in their portfolios. But the lead generation industry is also a very competitive industry where David and Goliath meet on a daily basis. Big, established companies and smaller businesses are both fighting over their pieces of pie. Many small companies are easily deterred from entering new verticals because they think they won't be able to compete with large companies, especially in automotive, insurance, education and payday. But these seven tips will make it easier for smaller companies to establish themselves in industries dominated by big businesses.
1. Unique Selling Proposition
The first consideration should of course be what you can bring to the table that sets you apart from the rest. Do you have unique marketing or branding strategies that will put you ahead the competition? Do you have advanced technology that puts you ahead of the game? Small online businesses should examine what they are particularly good at and whether those competitive advantages can help them establish themselves in a new industry.
It's also a huge advantage for smaller companies to enter a new vertical that is similar to industries they are already active in. This will make the entrance into the new market easier and allow for the process to run more smoothly.
2. Market Research
Know your Stuff! Research the size of the market, the key players and the lead buyers and how the industry "works." This is a lot of preparation, but knowing what you're getting into will prevent a lot of confusion, mistakes and potential losses.
Knowing the trends of the industry will not only help you devise successful marketing strategies, you'll also be able to understand the dynamics of the industry and anticipate where the market is going and how to respond to new developments. You will also be taken more seriously within a new industry if you know what's going on.
Frans van Hulle co-founded PX, the world’s first transparent customer acquisition platform that provides a single marketplace for companies to acquire customers from hundreds of vetted and sought-after sources. The company provides a mar tech solution for marketers to grow and efficiently scale their customer base, and is active in the Home Services, Financial Services, and Insurance industries.