The effects of specialization is such a broad concept that it touches upon almost everything in our daily life,” Franck admits. “And our natural urge for specialization is also one of the main reasons why professional services exist. Society and businesses cannot know everything and therefore need specialists with practical experience to help and guide us.”
While you may not be mentally prepared at the moment to consider shifting away from your generalized focus and stepping out on a leap of faith to pursue specialization, it’s something that you’ll need to consider in the coming months and years.
As the internet and new business tools continue to tear down barriers to entry in many industries, business owners everywhere are experiencing increased competition and noise. And while much of the competition poses little threats, there are always one or two companies that seem to emerge from the shadows and successfully steal clients.
But why should our entrepreneurs adopt specialization model?
1. Better Value Proposition
When you specialize, you’re able to provide your target market with a superior value proposition over companies that generalize in a related field. You essentially become a bigger fish in a smaller pond, as opposed to the other way around.
“By specializing, you become an expert in a specific field,” digital strategist Paul Boag says. “This narrows down how many other companies can compete with you for that specialist work. Furthermore, you are able to offer services that are not replicated by automated tools or that justify being a permanent part of an in-house team.”
Smaller Learning Curve
There’s a lot that goes into running a successful business including staying up to date on new trends, best practices, and developments. If you’re in an industry where innovation happens at a swift pace – such as in medicine or IT – then you’re all-too familiar with this challenge.
By specializing, you can lighten your load by reducing the learning curve. When you’re only focused on one or two niches, you’ll find it easier to focus your time and attention. This results in better comprehension and expertise.
3. Higher Perception of Authority
If you have a brain tumor, who do you perceive as being more authoritative and knowledgeable – a general surgeon or a cranial neurologist specializing in the diagnosis and treatment of spinal cord tumors? That’s obviously a rhetorical question. The individual with the specialty is viewed as authoritative.
When your business decides to specialize, it automatically garners a higher perception of authority in the marketplace. This can allow you to charge more, while also accepting fewer clients.
To be continued…..