As you’re well aware, few things describe the industry of a business better than the process that makes and delivers their products (a.k.a. the supply chain). And as such, it’s important for that vendors have industry as a requirement when defining their SCM software leads.
Now, it’s not a bad idea to use industries as categories in order to organize your software leads. So as long you don’t forget that each business should still be approached individually and aren’t closed to the possibility that they have very unique problems. If you’re going to set up categories however, you have to be sure that your industry expertise not only covers knowledge of the industry but also knowledge of it as it currently stands.
Lots of industries require manufacturing and thus, need SCM software. On the other hand, it’s good to pay attention on which of these industries are currently leading. You also need to organize further by outlining how far you will judge these industries. Ask yourself questions like;
- Will I compare by a regional or global scale?
- Do I limit my targets to businesses of a certain size?
- How soon should I quickly respond to changes?
While there are many other factors that could affect the interest of a market, knowing where certain industries stand can also help predict changes in that behavior. It can also determine the appropriate marketing strategy for your product. For example, if your SCM software is cloud-based, then you might benefit further from comparing industries on a global scale. But despite that, not all regions around the world rank high in the world’s top-most industry. If your software is flexible enough, another alternative is to learn which industry ranks highest in a particular country. Another example: just recently the New York Times published a five-part article that stated the U.S. still remains to be one of the world’s top auto manufacturers.
“But the migration of Japanese auto manufacturing to the United States over the last 30 years offers a case study in how the unlikeliest of transformations can unfold. Despite the decline of American car companies, the United States today remains one of the top auto manufacturers and employers in the world.”
This means that auto manufacturers are a good bet when targeting the U.S. Regardless, not everyone stays at the top forever. One of the risks of industry expertise is obsolescence so you need to keep your knowledge of an industry up to date. That though includes how it’s currently faring whether in regards to the industry’s place in a certain country or the world as a whole.
Sometimes, the top might not be the best place to aim for. A few more questions you should consider could be:
- Should I really be targeting the ones at the top?
- Will their place in the rankings actually work to my marketing advantage?
- What will it mean if this particular industry suddenly makes way for another one?
Targeting is important for many marketing endeavor whether it’s B2C or B2B. It’s not static either. If your targets are moving in entirely new directions, a change in strategy is in order. Therefore, your industry expertise must be ready to adapt to these changes and kept up to date.