Targeting Adjacent Industries: A Superpower for Small Businesses
As a small to medium-sized business owner, you know how challenging it can be to stand out in a crowded market and build a recognizable brand. You may have a great product or service, but without a strong brand, it can be difficult to attract new customers and generate sales. That’s why targeting adjacent industries can be an effective strategy for growing your brand.
What are adjacent industries?
Adjacent industries refer to the industries that are closely related to your own, but may not be directly competitive. For example, if you’re a clothing store, adjacent industries could include fashion bloggers, personal stylists, and fashion photographers. By targeting these adjacent industries, you can reach a new audience and create stronger links and awareness for your brand.
Why is targeting adjacent industries effective?
Reach a new audience: By targeting adjacent industries, you can reach a new audience that may not be familiar with your brand. This can help you attract new customers and increase sales.
Create stronger links and awareness: By working with businesses and individuals in adjacent industries, you can create stronger links and awareness for your brand. This can help you build a loyal customer base and establish your brand as a leader in your industry.
Expand your market: Targeting adjacent industries can help you expand your market and increase your revenue streams. This can help you achieve your business goals and grow your brand.
Builds partnerships: Building partnerships with adjacent industries can provide you with valuable insights and knowledge about your target audience, that can help you create better products, services, and experiences that support and relate to their needs.
How to target adjacent industries
Identify your adjacent industries: The first step in targeting adjacent industries is to identify which industries are closely related to your own. Look at your product or service and think about how it can be used or applied in other industries.
Research your adjacent industries: Once you’ve identified your adjacent industries, research them to learn more about the businesses and individuals operating in those industries. Look at their websites, social media profiles, and customer reviews to get a better understanding of their target audience and their needs.
Create a plan: Develop a plan for how you will target your adjacent industries. This can include creating content, networking with businesses and individuals in those industries, and building partnerships.
Execute your plan: Once you have a plan in place, execute it by creating content, networking, and building partnerships. Remember to track your progress and adjust your strategy as needed.
10 actionable steps you can take to target adjacent industries and grow your brand as a small to medium-sized business
Identify your adjacent industries: Make a list of industries that are closely related to your own but not directly competitive.
Research your adjacent industries: Learn more about the businesses and individuals operating in your adjacent industries by researching their websites, social media profiles, and customer reviews.
Understand the target audience of your adjacent industries: Understand the needs and pain points of the target audience of your adjacent industries, this will help you tailor your approach and messaging.
Identify potential partners: Look for businesses and individuals in your adjacent industries that could be potential partners.
Create a value proposition for your adjacent industries: Develop a value proposition that highlights how your product or service can benefit businesses and individuals in your adjacent industries.
Develop a content strategy: Create content that is tailored to the target audience of your adjacent industries and that highlights the benefits of your product or service.
Network with businesses and individuals in your adjacent industries: Attend events and conferences related to your adjacent industries, and use social media to connect with businesses and individuals in those industries.
Build partnerships: Reach out to potential partners in your adjacent industries and propose ways you can work together to benefit both your businesses.
Use social media: Use social media platforms like LinkedIn, Twitter, and Instagram to connect with businesses and individuals in your adjacent industries and to share your content.
Track your progress: Track your progress and measure the effectiveness of your efforts. Use this data to adjust your strategy and make improvements.
By following these steps, you can target adjacent industries and grow your brand as a small to medium-sized business. Remember that targeting adjacent industries is not a one-time effort, but a continuous process of research, planning, execution, and adjustment. Stay open-minded and be willing to pivot your strategy if necessary.
Targeting adjacent industries can be an effective strategy for small to medium-sized businesses looking to grow their brands. By identifying and targeting these industries, you can reach a new audience, create stronger links and awareness for your brand, and expand your market. With a little research, planning and execution, you can help your business to stand out in a crowded market and build a recognizable brand.