Journey of a Serial Entrepreneur

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How to get from where you are to where you want to be

Industry Identification

“We miss 100 percent of the sales we don’t ask for.” Zig Ziglar

Having a product or service to cater to a host of industries is always a good thing. It gives you the ability to scale your business across several industries in the future. However, where do you start a web development company where just about anyone could be your client? What has worked for me has been to firstly identify an industry to which I have the strongest links and relationship and then do some in depth research about this industry. This process helps bring focus to your business and allows you to become an expert in a particular domain, in which you could then leverage to reach out to other domains in the future.

Think about it, if you are a web developer and Toyota saw that you had created web identities for 3-5 major automobile brands successfully, they would be a lot happier working with you rather than another developer who had created all sorts of websites. By becoming an authority in a particular area, allows you to expand your business in a more structured manner which is essential for early stage companies. Focus is a key aspect for any company whether you are a single person entity or a multinational company. You will be able to create sustainable competitive advantages which will help you fend off new entrants in your space and help expand your business at a much faster pace.

When I am looking at a particular industry I look for any data I can find on the trends taking place in it. This involves a lot of research and reading to bring yourself up to speed with who the major players are and the strategies they are employing, as well as give you an idea of how the smaller players are positioning themselves. When you have sufficient data on the industry as a whole you can successfully zoom onto the companies where you can leverage on your network and build stronger value propositions for them.

The next time you are deciding whom to market your product/service to, look to your personal network first and do your homework on the industry where you are the strongest and have a higher probability of closing the deal.

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One Response

  1. […] 1. Industry Identification: Two factors need to be decided upon before you set out to get your prospect list sorted out. The first factor is identifying the industry that will have the greatest utility for your product/service. The second factor is identifying which industry you have the greatest links to through your personal network. Balance these two factors to arrive at an industry where you have the highest % chance of closing a deal. To read more please click here. […]

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