How do I differentiate my business from my competitors? This is a question that many managed service providers (MSPs) are battling with. One potentially successful approach is to specialize in a particular vertical market. By focusing on vertical markets, you acquire specific knowledge and expertise about the objectives, processes, and IT issues related to that type of business. You become an expert and specialist rather than a generalist, which enables you to solve problems more effectively and to offer a more relevant mix of products and services. Eventually, you will be able to leverage your specialist expertise and add greater value to your customers than your competitors.
When choosing a vertical to enter, there are several factors you will need to consider. How big is the vertical? Are there any of these types of businesses located in your area? How big is the expected profit margin? These are important factors to consider. However, there is more to choosing a vertical. You should also assess whether your business is a good fit. What are you passionate about? What are you interested in? Are you already servicing a number of clients in a vertical market?
When exploring potential sweet spots, there is a good chance that the professional services industry is among your options. With over 428,000 professional services companies in the US alone, it represents a very important and attractive market for IT products and services. In this white paper, you will explore why you should focus on the professional services industry, how to add value to these businesses, and how to successfully approach them.