Now that we are in full swing with the new year, it’s a perfect time to think about your sales approach and ways to increase your performance for 2018.

You’ve heard us preach again and again about how choosing a handful of niche industries is a great way to focus your prospecting efforts and provide truly tailored financial advice for customers within those verticals. So, let’s take a look at the 10 most popular Vertical IQ Industry Profiles from 2017 to see what “sweet spots” other bankers have found.

  1. Commercial Building Contractors

Did you know?: A shortage of labor continues to plague the commercial building industry, and it’s getting worse. Commercial construction firms are forced to turn down building opportunities due to lack of staff.

Good to know: Fifty percent of commercial building contractors use their bank for commercial mortgages; 42 percent have unsecured short-term loans or working capital line of credit (less than one year).

  1. CPA Practices

Did you know?: Technology and related issues are top concerns in the accounting industry and are pushing firm to stay ahead of the curve. Disruptive technologies like data automation, Blockchain, and artificial intelligence are expected to change the nature of the services accountants offer.

Good to know: Credit lines secured by receivables, inventory, property or other assets are used by 44 percent of CPA firms; nearly 40 percent utilize unsecured short-term loans or working capital lines of credit (less than one year).

  1. Plastic Product Manufacturers

Did you know?: Mergers and acquisitions are on the rise in the plastic packaging segment of the industry, according to Plastics News. Consolidation reduces the number of companies in a market but typically gives larger companies more market control.

Good to know: Fifty-seven percent of plastics manufacturers utilize their bank for credit lines secured by receivables, inventory, property or other assets, and 56 percent have a commercial real estate mortgage.

  1. HVAC & Plumbing Contractors

Did you know?: HVAC and plumbing contractors can perform more jobs in a day, look more professional, and create a better customer experience by carrying the general parts they need to the jobsite. An organized and well-stocked vehicle may carry $5,000 to $6,000 in inventory and tools.

Good to know: Credit lines secured by receivables, inventory, property or other assets are utilized by 45 percent of HVAC and plumbing contractors, while almost one-third use their bank for unsecured short-term loans or working capital lines of credit (less than one year).

  1. Auto Repair Shops

Did you know?: Auto repair shops are likely to see a significant increase in vehicles that sustained flood and body damage after Hurricanes Harvey and Irma. Over 635,000 vehicles with comprehensive auto coverage are being processed by insurers and retitles for salvage. This will create a bump in the supply of used parts such as body panels, tires, trim, fluid reservoirs, windows, and windshields that repair shops can use for replacement parts on other vehicles.

Good to know: Forty percent of auto repair shops use credit lines secured by receivables, inventory, property or other assets; over a third use their bank for unsecured short-term loans or working capital lines of credit (less than one year).

  1. Trucking Companies

Did you know?: The driver turnover rate at truckload carriers surged in the 2Q 2017, a sign that the market for drivers is quickly tightening, according to the American Trucking Association (ATA). Increased demand for freight movement could exacerbate the driver shortage.

Good to know: Unsecured short-term loans or working capital line of credit (less than one year) are used by 55 percent of trucking companies, and 44 percent have credit lines secured by receivables, inventory, property or other assets.

  1. Law Firms

Did you know?: Law firms are seeing a rise in labor and employment lawsuits. The uptick is attributed to a heightened awareness of sexual harassment in the workplace after recent accusations against high-profile people have been publicized.

Good to know: Twenty-two percent of law firms use their bank for unsecured short-term loans or working capital lines of credit (less than one year), while 17 percent utilize credit lines secured by receivables, inventory, property or other assets.

  1. Physician Practices

Did you know?: The rise in opioid use and demand for testing is driving some physician practices to open their own urine testing labs. The steep rise in testing is driven by physicians monitoring patient intake of prescribed painkillers and to catch the use of illegal or nonprescribed opioids and other medication to identify addiction risk early.

Good to know: Almost 40 percent of physician practices have credit lines secured by receivables, inventory, property or other assets, and almost one-third have a commercial real estate mortgage.

  1. Restaurants

Did you know?: Higher prices are affecting customer traffic in the U.S. restaurant industry, especially in full-service establishments. The average check at foodservice outlets rose by 2.6 percent, the largest increase in several years.

Good to know: Unsecured short-term loans or working capital lines of credit (less than one year) are used by nearly one-third of restaurants. Over a quarter have credit lines with their bank secured by receivables, inventory, property or other assets.

And the most popular Vertical IQ Industry Profile for 2017 was…

  1. Dental Practices

Did you know?: More dentists are expanding their practices’ services by offering patients assistance and access to medications to help them stop smoking. Smoking is the top risk factor for developing periodontal disease and is the most common link to oral cancer.

Good to know: Credit lines secured by receivables, inventory, property or other assets are used by 37 percent of dental practices. Nearly one-third of dental practices use their bank for unsecured short-term loans or working capital lines of credit (less than one year) and/or term loans or equipment financing (one year or more).

The secret to sales success in 2018

You’ve probably heard the adage that it takes 10,000 hours to achieve the “expert” level with a skill or on a topic. But with Vertical IQ, you can become an expert on over 350 industries with just the click of your mouse!

All of the information about the industries listed above came directly from the corresponding Vertical IQ Industry Profile. Check out some success stories about how our bank clients used Vertical IQ to get ahead of their competition and win the deal.