Is it better to target only a select few industries, or be an 'industry agnostic' open to everyone?

Potential client's love asking "what industries do you work with?" For them, they get a sense of assurance that you and your company know their industry well.

Often though from a company's point of view, dealing with only one or a select handful of industries can restrict you from new opportunities and leave you vulnerable to booms & busts.

Now we're in the post-mining boom era, many companies who traditionally focused on the mining industry alone have diversified and strengthened their revenue as a result.

Having a crystal clear idea of the kind of client/company your organisation wants to target makes a big difference in sales and in revenue.

Industry selective or agnostic?

I don't think there is a right or wrong answer to be industry selective, or industry agnostic, it really depends on your organisation's capabilities and the respective market opportunities...

What I do know is that companies who refuse to diversify their target markets often end up in trouble... especially those organization's dependent on industries such as mining that are more vulnerable to cyclical changes.

The woes of BHP Billiton...

When conglomerates like BHP Billiton post record low profits, this tells me that no organisation, no matter how financially robust, is exempt from the effects of being too industry selective.

Targeting by 'industry' will become obsolete...

Ultimately it is my prediction that targeting 'by industry' will eventually become obsolete. Selecting businesses according to the expertise (or value) they provide is a more lucrative method of selecting the most profitable target audiences and seeing sales and revenue skyrocket as a result.

Don't delay diversification (your competitors aren't)

Published: March 7th 2016