#29: B2B Growth Through Untapped Industry Verticals

Chip Royce, Flywheel Advisors

Time to read: 5-7 minutes

Businesses facing the pressure to grow quickly must remember that the best B2B companies focus on customer needs.

The B2B customer purchases a solution to solve one of two problems:

• Prevent financial loss
• Generate more revenue

Your company’s success depends on providing real value that affects the customer’s bottom line.

Problem 1: One Product, For Everyone

Companies often make the mistake of marketing their B2B products to the broadest possible audience.

Some haven’t pinpointed exact use cases.

Others fear that narrowing their focus will cause them to miss out on sales.

Skipping these crucial steps means losing the chance to show why they’re the top pick for a certain industry. It leaves customers to figure out how the product fits their needs. Customers shouldn’t have to do your work for you.

Problem 2: One Product, One Industry Vertical

Some companies pick just one product for a certain industry.

They start by focusing on a small, highly-defined market. This focus helps them get going at first.

But many times, these companies get stuck in one area. They then miss chances to grow into different parts of the industry or new markets.

Solution: One Product, Many Verticals

To boost your chances of success and grow your B2B business, take a proactive approach to verify untapped industry verticals.

Here’s what you’ll achieve:

• Uncover untapped opportunities for growth
• Diversify your revenue sources
• Create options for changing marketing conditions

Uncovering Untapped Industry Verticals Through Revenue R&D

Flywheel Advisors uses a process called Revenue R&D to uncover untapped industry verticals. These verticals create growth opportunities through new markets, new products, and new sales channels. Revenue R&D drives sustained growth and fosters innovation within an organization.

Our process requires discipline as you dedicate a small set of effective resources to scout for new industry verticals, sub-segments, or potential channel partners.  This targeted approach enables companies to expand their market reach and tailor their offerings to meet the specific needs of different customer segments.

Effective, Agile Approach for Untapped Industry Verticals

Our approach leverages agile methodologies and goes beyond traditional research and development activities to uncover new revenue streams and market opportunities.

Customer Discovery

We conduct thorough customer discovery and gather competitive intelligence to gain valuable insights that inform strategic decision-making and product development.

Test Marketing & Sales

We test market new versions of your product or service with new customer segments to measure and confirm our theories before going to market to new verticals, introducing new products, or engaging new sales channels.

Business Plan

We develop robust business plans with detailed capital and staffing investments and revenue projections. We review this company management and refine based on opportunity and resources.

Launch, Revise, and Refine

We help your team launch these new initiatives. We revise and refine based on customers and stakeholders, to ensure alignment with market demands.

Integrate and Sustain

Finally, as the new market vertical runs smoothly, we help our clients determine the best way to integrate within their company. Most companies create a dedicated business group for each new vertical, or integrate the customer vertical within existing operations.

In conclusion…

Broadening your B2B company’s perspective in a disciplined manner is key to identifying new:

• New industry verticals for your current products
• New products for your current customers
• New, effective sales channels to reach more customers

By combining strategic foresight with agile implementation, our clients mitigate risks, capitalize on emerging opportunities, and establish a solid foundation for scaling in a rapidly evolving business environment.