Rethinking and Reimagining Vertical Markets

One beautiful Sunday afternoon in December, I decided to take a hike.  I hiked over five miles through a nature reserve near my house. Yes, I know a hike in December sounds crazy, but I live in Texas, and that's one of the benefits of living here, especially in the fall and early winter.  I'm not sure you'll find me on this same hike in late August.  

As I was hiking, I turned the corner and saw this image of this path before me. This got me thinking about our industry and reflecting on how it is changing and the challenges we are facing. So many times in life and business, we take the path forged by others and laid out for us. This path tells us exactly where and what to do, like the path I hiked that day.   

In our industry, especially today, with all the changes we have faced over the past few years, it's time for us to forge a new path.  It's time for us to do things differently. It's time to get off the paved road in front of us, be creative, and come up with new ideas, products, and services.  We need new ideas to support our customers, to support the workplace, and to help us build our businesses.  

Now, don't get me wrong. There is a lot to be learned from the paths laid by industry trailblazers and leaders. If you're young in the industry and just coming up, you absolutely want to get to know people in our space who have walked the path that you want to walk so they can help you.  

There is a lot of power and benefit to having a mentor and coach. They can share and show you what they did, some of the things that they learned, and much more. I've been fortunate in my career to have some amazing mentors, like my former boss at Haworth, Bob Kimball, the VP of Global Accounts, who taught me so much about sales and how to win major projects and contracts successfully. Even today, I use some things he shared with me in my business. 

However, as important as it is to understand the path of others, we need to focus on going off the path and forging our way.  With all the challenges and issues facing those of us who work in and support the built environment, we need new ideas and people who have the courage to be creative and start something new or challenge the status quo.  

For example, let's explore the topic of vertical markets. Now, when we think about vertical markets, we historically think about the big three: Healthcare, Education, and Government. Successful businesses, organizations, and products are built around these well-known verticals. I'm certain you likely have a few success stories around these. But just like the commercial space, vertical markets are changing and evolving, and it's time we explore new ways to change and evolve our approach to these markets. 

Let's be clear: Not everyone wants to sell to the government or work in health care or education. We need revenue from multiple areas to help our business grow and thrive, but these verticals do not fit all businesses.  

As I've worked with clients and brands, I've heard many reasons why and why not to focus on these topics, especially in creating strategic plans and sales strategies. We are at a point where we should stop and reflect on these verticals and see if we can create something new and different.  

For example, let's look at healthcare. When we say we are in "Healthcare," we typically provide products supporting patient care. It could be a doctor's office, a professional office building, or, most notably, a hospital. I worked for a healthcare-focused dealer a long time ago and was told one day to "follow the blue signs to find new business."  For those who may not understand this reference, all hospital locations are noted on the highway or road with a blue sign with an H on it - just follow the signs to your next customer.  

We know the population is aging, and healthcare products are in high demand, but rather than jumping into the race of selling recliners or over-bed tables—not that there's anything wrong with that—how could you reimagine this category?    

Reframing Healthcare to Wellness opens us up to a broader spectrum. In addition to patient care, Wellness allows us to address the workplace and Wellness in the workplace. 

How many times have you listened to a podcast, read an article, or been part of a conversation where someone talked about employee wellbeing?  We all know about the impact of COVID-19 on the workplace and employee wellbeing. Now, it's the return-to-office mandates that will have an impact on employees (and our industry).  According to reports, workplace stress and anxiety are at all-time high rates, which impact employee productivity and more.

If we expand and change the healthcare vertical to wellness, we will broaden the opportunities and the customers we can reach. Have a wellness expert on your team rather than having a healthcare expert. This gives you the ability to stand out among your competition and offer different products and solutions. It puts you in a visionary and leadership role in changing how we do things.  

This is just one example of what's possible when we have the courage to step off the path laid before us and explore new ideas and ways to move business forward.  Vertical markets will always be important, but now is the time to rethink and reimagine them.