Targeting the right industries is key to unlocking growth for your company, but knowing where to start can be challenging. Our Industry Ranking Framework helps you prioritize industries based on what matters most, so you can focus on those with the greatest growth potential.
Here’s the easy-to-follow process to help you determine which industries should be at the top of your list.
Step 1: Create a List of All Current Industries
Start by listing all the industries your business currently serves. Use a table or spreadsheet to organize the information. This helps you see where you stand and sets the stage for the next steps.
Step 2: Add Current Sales By Industry & Estimated Total Industry Sales
For each industry, add your current sales figures and the estimated total sales for that market. This will help you understand how big each industry is and where you stand in comparison.
Step 3: Define & Determine the Weight of Each Criteria
Determine what criteria matter most when evaluating industries. These could be things like industry growth rate, competition, or your ability to serve that market. Once you’ve defined these criteria, assign a weight to each based on its importance to your business. This will ensure you give more focus to the most important factors.
Step 4: Research Each Industry (If Necessary)
If you don’t already have enough data, take time to research each industry. Look at company reports, industry publications, and market analyses.
For example, if you’re targeting the security systems industry, research its growth numbers, key drivers (like government regulations or advancements in technology), and future projections (e.g., USD 167B by 2025, with a CAGR of 10.3%).
Example research:
- Growth
- USD 167B by 2025 (CAGR 10.3%)
- Drivers
- Military and defense due to threat of terrorism
- Security systems – rise in illegal activities/ government regulations
- Increasing competition
- Advanced technologies = automation
- Government security systems – on cross border safety
Step 5: Rank Industries Based on Your Criteria
Now that you have all the data, it’s time to rank the industries. Update your table with how each industry scores based on your chosen criteria. This gives you a clear picture of which industries are the best fit for your growth strategy.
Step 6: Prioritize Based on Weighted Rankings
With all the information laid out, prioritize the industries based on the weighted rankings you’ve created. This will give you a focused strategy to target the industries that offer the most potential for growth.
Final Thoughts
Ranking and prioritizing industries is an essential step in building a marketing strategy that maximizes growth. By using a structured approach to evaluate each industry, you ensure that your business focuses on the right markets, at the right time, with the right strategy.
Ready to grow? Use our Industry Ranking Template and begin to make data-driven decisions that’ll set your business up for success in 2025.