In our six years as a managed service provider we have never specifically set out to provide services to any one vertical in particular. We have built strong services serving all verticals and ultimately claimed specific vertical knowledge by looking back at our client base and realizing we had a large group of clients in professional services, or non profit.
This has served us well in the pas but I am a strong believer that focusing on specific verticals in the second half of 2009 into 2010 will allow all managed service providers to maintain growth. I am not suggesting abandoning general managed services but rather adding vertical specialization to your list of tricks, I mean services.
As you make the decision to provide services focused on a specific vertical it is important to do some homework and figure out where the money is. For example President Obama is busy passing legislature that will refund doctors money in order to move their medical records to an electronic medical records system. The law requires all doctors to conform to this standard by a specific date.
That alone should get you thinking about how you can take advantage of opportunities like this. Education is another place that will see money flowing in from the new administration. Have you started thinking about these and other verticals you might be able to use to advance your business?
As I think about launching our verticals I realize there are specific items we will need to cover such as:
- Knowing the industry language – if you cannot talk the talk you will not get through the door
- Knowing the 3rd party apps – once you can talk the talk you best be able to walk the walk by knowing the 3rd party application players in the specific vertical and how to support and work with them.
- Sales materials – once you know the language and the players you need to get yourself out there as an expert. Find the trade shows, vendors, and organizations that already have access to your audience and get in the door with them.
- Regulatory requirements – make sure you can answer the questions about compliance in the industry. Either develop the expertise or partner with someone who has it and can work alongside you while servicing the client.
If you get these four things right and you are in a vertical industry that is spending money you will surely increase your expected growth for 2009 significantly over remaining a general managed services play.
What verticals strategies are working for you that you would be willing to share?
Josh
