Horizontal Markets, like Vertical Markets, are important to consider. In the previous article, we talked about using Standard Industry Classifications (SIC) to identify customers. SIC should become a part of your vocabulary. It can help you impress people at parties, but remember to wash your hands and call your mom.Let’s now talk about the marketplace approach. The Horizontal market approach expands on the vertical market and operates on a larger scale.
You can still use SIC coding for this. With the North American Industry Classification System (NAICS), it uses a first, second, third, etc. level set.For example, Finance and Insurance falls under code 52. Within the 52 code base are subsets like 5211 and 5221, with 5221 being Depository Credit. This further expands to 522110, which contains 68,789 businesses, including banking institutions.
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The SIC and NAICS are invaluable tools for developing a business strategy or for conducting research.
So, how does this relate to selling more? It’s about simple lists. You can isolate businesses by various demographic breakdowns such as geography, years in business, employees, and sales.
While it might be frustrating that this information is for sale, take advantage of it and master the situation. You can determine the type of business you want to be based on what you enjoy. Create a successful business by doing what you love, as long as customers are willing to pay for it.Define your first pillar and build on that success.
If you’re already successful but want to grow, consider acquiring a business list. This is an investment in yourself. Once you have the list, start reaching out to potential customers via phone, visits, or mail to get your name out there.
