Vertical Markets
Advantages of vertical market marketing:
-Niche Marketing: Tailoring marketing strategy and messages to the needs of your specific target audience.
-Vertical Markets fit the needs of a specific industry
-Specific Target Markets: The ability to reach out to those companies that are specifically seeking your product or service.
-Specialization offers expertise in an area, which is lacking in many conventional companies
2) Disadvantages of Vertical Market Marketing:
-Niche Marketplaces offer less selection than general markets. There are often too few consumers with a concentrated demand for your type of product, meaning you won't find many potential customers.
-Specialization places limits on your market, and can end up making you a specialty product.
-Limited Target Markets: Conventional products appeal to the masses, while business to business companies aren't always seeking out your product or service.
-You might find that you're a specialist in an area where most companies do not need your expertise.
3) How to Successfully Market Products in Vertical Markets:
-Identify Your Target Audiences: If you don't know who is buying your product and why, you can't choose the best strategy for marketing it.
-Offer something new and innovative with features that conventional companies cannot offer.
-Diversify your product line so that you cater to as many niche audiences as possible.
-Choose the best marketing strategy for your business.
-Gather information about your markets, including demographics, purchasing habits and trends of your target audience.
4) Examples:
1) Hardware Stores:
2) Retailers: "You'll see a lot of people selling to vertical markets." – Jon Warshawsky, Senior Product Marketing Manager at Eventbrite.
3) Advertisers: "Advertising agencies tend to have a slightly more traditional view of marketing strategy" -Dr. Jennifer Markey, Professor of Marketing at Marist College .
"In a vertical market like retail, the best thing you can do is focus on the vertical market, not the customer." – Bill Shriner, Chief Marketing Officer at BlenderBottle.
23) ENERGY MARKETING
Energy marketing describes different ways to promote and advertise energy products in order to stimulate demand and increase revenue. Many people think of energy marketing as promoting a specific type of fuel, but that's only one way that it can be done. Energy marketers might promote an existing technology or new technology with benefits to society or nature. Promoting new fuel types or technologies is mainly done to create competition or make people aware of the potential for such technologies in certain areas where it may be low. Energy marketing can also be used as a way to stimulate demand.
An example of energy marketing would be using mass media advertising, such as television and radio ads, and particularly in Canada, cable television ads. Although there have been some changes in these types of advertising, they remain extremely effective. They can help a company gain more notice among consumers and it may also help increase numbers of people willing to purchase the product or service. Promoting energy uses through print media is another traditional method used by many countries to stimulate demand for a specific type of fuel. Billboards are a popular way to create awareness about new technologies or fuels that can benefit society or the environment.
24) WORLDWIDE MARKETING
Global marketing is the process of selling a product or service to customers in different regions of the world. The activity does not just mean sending out a shipment of goods, or putting up a Web site for every country. It involves creating an effective strategy that allows people in many different countries to understand and use your product or service. Global marketer may have an interesting product, but they must be able to communicate the benefits better to their target audience than those in other countries. Sometimes it can be difficult to communicate the benefits and features of a product abroad, especially if they are not accustomed to using technology such as smartphones or computers. However, global marketing can start with just a few people, since marketing is a global practice.
Global marketing can be used as an effective way to communicate with customers around the world. It can be used to promote sales and usage of products and services that are not available in every country. But again, this might require quite a delicate skill set from a marketer because the knowledge will be different for each target audience. For example, if you are trying to sell your product in France and Japan, you will have to differentiate your product from others in these markets. This may mean changing your product packaging to fit the needs of each country. It may also mean that you need to change your promotional strategies.
-Globalization complicates the process of marketing products and services.
-Some global marketers have trouble communicating their message because they are not familiar with the language of the target audience. It might be difficult for them to offer a product that has an important feature for a target audience if they don't understand it.
-Global marketing is not widespread in most countries, although it is becoming more popular in recent years, even in developing countries where many people are using the Internet more frequently and adopting new technologies faster than before.
Articles: https://www.forbes.com/sites/frankminiter/2015/08/07/the-biggest-mistake-made-by-most-lawyers/#39a7b86714d5
https://www.businessinsider.com/how-to-market-yourself-as-a-lawyer-2017-2/#callout
http://www.marketingprofs.com/charts/?p=106065
https://www.b2community.com/articles/the_top_10_five_branching_strategies?elsewhere=1
https://blog.hubspot.com/marketing/hubspot-blog-update-2016-04-23
https://www.britannica.com/topic/global-marketing
https://taxfoundation.org/who_should_be_a_global_marketer
http://www.ftc.gov/tips-advice/business-center/guides/why-marketing
https://inventorsrecordoffice.wordpress.com
http://www.statisticbrain.com https://supportteamblog.wordpress.com
http://www.marketingprofs.com/charts/?p=106065
http://www.marketingprofs.com/charts/?p=106067
http://www.incamx.org
https://www.govinfo.gov/topics/agency-resources-by-industry-and-subsector https://www.businessesforgoodworldwidesupportsite.
Conclusion:
I hope this helps you in your current or future Marketing Career.
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Vertical Markets