Managed print services (MPS) is seen by many as a priority strategy for providing new ways to serve enterprise users. With a steady global growth rate of 10.3% from 2018 through 2025, the overall market is healthy and active, but it’s important to note that the highest growth —13.4% — will occur in the document imaging sector due to a rise in analytics and big data management.
Understanding the impetus for this market surge also assists MPS providers in realizing the complete range of vertical markets available. Once vertical markets are identified, they can be systematically approached to drive revenue for a healthier bottom line.
7 MPS Sales Strategies for Vertical Markets
The following seven tips will provide ideas for the development and deployment of winning MPS strategies. We’ll cover the prominence of available markets, how to understand each market’s unique characteristics, how to place the right salespeople, and how to become a recognized leader in the marketplace.
Let’s begin with the basics.
1. List Your Vertical Markets
Before deploying sales or marketing plans, it’s a good idea to develop a list of vertical markets that will allow you to target those that display the greatest opportunity.
Current applicable vertical markets for the MPS marketplace include:
- Financial Services
Each of these markets has unique characteristics for which you can customize solutions. This allows you to position your business as a resource that can meet the exacting needs of a specific vertical.
2. Learn the Characteristics of Each Market
Once you’ve identified the vertical markets that are active in your region, it is necessary to research each market’s characteristics. This research will help you begin to formulate bespoke solutions your sales team can leverage to drive sales and develop increased market penetration.
Here are some useful things to understand about each market.
- Each market has its own set of problems and pain points
- Different industries have specific “terms of art” or ways of speaking
- Organizations within each market have varying ways of using documents, print services, and other services associated with MPS.
Understanding the specifics of these vertical markets enables dealers to stand out from the competition and earn a larger share of potential available sales.
3. Fortify Your Team with A Salesperson from the Vertical Market
You can speed up your understanding of a specific market by hiring a high-performing salesperson from that market, then:
- Training that person on the details of your MPS value proposition
- Allowing them to sell your MPS program back to the vertical from which they originated
Because this salesperson is already familiar with the inner workings of the vertical, they are likely to have contacts and other inside knowledge that will make earning loyalty, trust, and sales easier.
Down the line, you may have this salesperson train additional team members and offer them introductions to leaders in the targeted vertical market.
4. Get Testimonials from Customers
Contacts of within each of your vertical markets can be leveraged for additional high-level contacts to increase the breadth of your sales reach. Do this by:
- Asking customers to refer your company to their business associates, friends, and family
- Consider the contacts of potential customers as prospects.
Everyone at a sales presentation may be a potential customer — or know one. Don’t be afraid to ask for referral contacts from any presentation.
5. Dedicate One Salesperson to Each Vertical Market
Many MPS providers have created “Vertical Market Specialists” within their sales organization by assigning one dedicated salesperson to each vertical market. By doing this, you are vertically segmenting your sales responsibilities. This can:
- Create a stronger, more personal focus in the market
- Improve that market’s sales coverage in your area
- Increase sales productivity by transferring knowledge among experts in each market.
- Stimulate immediate focus on the key opportunities in vertical markets your region using sales blitzes
Creating a team of experts also gives potential customers a direct line of communication when they have critical questions or issues.
6. Tailor Your Marketing to the Specifics of the Target Vertical Market
Each vertical market has unique needs and pain points. If you want your target audience to feel like you’re in touch with their specific needs, you can:
- Customize presentations to reflect terms of art and visual specifics that identify and personify each vertical market
- Segment, personalize, and otherwise customize website landing pages, emails, and sales letters to each vertical
7. Become an MPS Thought Leader
Successful MPS providers make their way to the top of the market by demonstrating a high skill level when it comes to understanding each vertical market. A few ways to increase your visibility, authority, and credibility in vertical markets include:
- Creating case studies that showcase the challenges, solutions, and the measurable benefits experienced in that vertical market using your MPS solution
- Providing customer testimonials showing how their goals were met or problems solved by your MPS solution
- Attending, speaking, or presenting at trade shows and other MPS events
- Increasing your presence at events that are specific to the vertical market you’re pursuing
- Leveraging your online authority through blogs, white papers, social media, and other digital avenues showcase your skills
Whether you focus on one vertical or several at once, employing these tips can help your MPS sales force be more successful in less time.
How the Clover Imaging Group Can Help You Access Vertical Markets
Clover Imaging Group helps dealers increase revenue and stand out in a crowded marketplace by offering value-added products and services that can be customized to meet the needs of the specific vertical market you’re targeting.
One extremely powerful service we provide to assist dealers with vertical market penetration is our marketing suite of services. This includes everything from website design to content development, blog development, SEO services, social media management, and more. Our team of marketing experts has the essential knowledge necessary to position your business for success in the vertical market of your choice.
We also focus on helping dealers skyrocket sustainability for themselves and their customers by weaving sustainable practices throughout standard service and product offerings – important aspects to drive revenue in certain verticals such as government and healthcare where RFPs have more stringent sustainability requirements.
Besides offering the highest-quality remanufactured cartridges for cost savings, excellent performance, and sustainability (our remanufactured cartridges reduce material usage by 79%), Clover has a variety of collection, recycling, and reforestation solutions to help resellers increase their environmental responsibility.
Additionally, Clover has several partner programs that allow our dealers to leverage the power of ecommerce, take advantage of high-value pricing reductions, and offer customers unparalleled cost savings while providing the highest quality products and services.
If you’re ready to discover the many ways Clover Imaging can assist your organization in reaching your target vertical market, contact a Clover representative and get started today.