LMI BLOG

7 Strategies to Corner MPS Sales in Vertical Markets

Posted by Gary Willert on Thu, Oct 11, 2012 @ 08:30 AM

vertical markets

As anyone in the Managed Print Services arena can tell you, knowing the range of vertical markets available to you—and the right ways to approach them—can bring in more sales and a better bottom line. The following seven tips will give you ideas for developing winning MPS strategies, including the value of listing available markets, understanding their characteristics, putting the right sales people in place, and becoming a known leader in the marketplace.  

1. List Your Vertical Markets: A few vertical markets that display great opportunity right now include:
      • Financial Services
      • Government
      • Healthcare
      • Education
      • Utilities
      • Communications 
      • Legal
      • Retail
      • Non Profit
      • Construction
2. Learn Each Market’s Characteristics: Once you’ve identified the vertical markets you can approach in your region, it’s time to do research and understand just how to approach them. This can help you develop a sales strategy to approach them with. How do they differ?
      • Each market has it’s own personality
      • Different industries have their own jargon
      • Various companies use varying applications, and use paper in varying ways. It’s critical to understand these vertical markets so that you can outshine your competitors in the market
3. Hire A Salesman from the Vertical Market to Join Your Team: You can speed up your learning curve in a vertical by hiring someone from that market and then:
      • Train that person on your MPS value proposition 
      • Have them sell your MPS program back into the vertical they came from
4. Obtain Customer Testimonials: Leverage the contacts of within each of your vertical markets:
      • Ask customers to refer you to their friends and family
      • Consider leveraging the contacts of potential customers too. Maybe the people at your last sales presentation knows some potential customers
5. Give Only One Vertical To Each SalespersonSome MPS providers have created what they call “Vertical Market Specialists” within their sales organization. By vertically segmenting your sales responsibilities you can:
      • Create much stronger focus in that market
      • Improve the sales coverage in your region
      • Increase your sales productivity because each “expert” salesperson in each market will gain experience can be easily and quickly transferred to others
      • Create blitzes in each vertical market to stimulate immediate focus on the key opportunities in your region
6. Tailor Your Marketing to Reflect Each Vertical Market: There are several key areas where you can customize your message to make vertical markets feel like you are in touch with their specific needs:
      • Customize your PowerPoint presentations to reflect each vertical market (can be as simple as changing out photos)
      • Segment and customize emails, website and sales letters to each vertical
7. Become a Thought Leader in MPS: Successful MPS providers get to the top faster by showcasing their skills in each vertical market. A few ways to increase your visibility in vertical markets include:
      • Create case studies for each vertical market that showcase the challenges, your solution, and the quantifiable benefits experienced because of your MPS solution
      • Provide customer testimonials that tout just how your MPS solution has helped them achieve their goals or solve a problem
      • Attend trade shows and MPS events
      • Also increase your presence at any vertical market event
      • Leverage blogs and social media avenues to keep your voice in the market, including Linkedin, Facebook, and more

Whether you focus on one vertical or all at once, these tips can help you and your MPS team achieve success faster than ever.

Do you have any strategies you would like to share with us?

Any success stories that set you above the competition?  Contact us at LMI 

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Tags: vertical markets, Sales strategies, managed print services, how to sell to vertical markets, marketing strategies