Description:

Vertical market knowledge is the foundation of a successful B2B solutions strategy. Without a deep understanding of the competitive and regulatory pressures that customers face, it’s difficult to provide solutions that address customers’ specific business problems. Developing vertical market knowledge and competence across the company requires a coordinated strategy—and some potentially dramatic changes. For example, some solutions companies have restructured their organizations from a geographic or product focus to become aligned to vertical industries. Measurement is critical in the shift to a vertical focus, to provide an objective method—or at least a shared language—for discussing progress in such areas as vertical market brand recognition and market share. ITSMA has created a Vertical Market Maturity Model to help gauge progress toward vertical market mastery. In this Update we examine the model and outline the steps necessary to transform a company and its marketing group into vertical market experts.