Business is an evolution
When you first start up your business you have a clear idea of what it is you can offer but over time that clarity starts to evolve.
Sometimes it gets more focused, but most of the time you broaden out the definition of services that you offer.
This is usually because you come across people who you can help even though it doesn’t fit within the vision of what you had in mind when you first started out. Plus, let’s face it; usually you’re keen to have any clients so there is a temptation to say “Yes” to any request.
As the months, and possibly years go by, you can end up with a very broad offering and appear as a Generalist.
No-one wants a Generalist
Although this may have appeared to serve you well in the early days, there comes a point when it becomes a hindrance, because people don’t want a Generalist. They want a Specialist.
Why? It’s quite simple really…to invest in your services your potential client will make a decision on the best way to invest their hard earned money and their precious time.
They will probably have a few options to choose from which are likely to include a Generalist and a Specialist. As they weigh up their options they will consider the likely return on their investment.
It would seem reasonable to assume the likelihood of a good return is higher with the Specialist than the Generalist as the Specialist has the specific required knowledge and skills, and thus the Specialist wins the business.
Think of it in terms of going to see a Doctor. If you had a choice of seeing your regular family doctor or a Specialist; you would chose the Specialist.
The Reality
The Generalist may have been just as qualified as the Specialist but lost out on the business because they didn’t market themselves well enough.
This is very common.
There is a fear that if you position yourself as a Specialist in a certain area you might miss out on lots of other business which falls outside of that certain area.
If you think about niching yourself do you have a panic attack over the negative effect that might have on your cashflow?
The flip side to this is the glorious positive impact having a specialism could have on your business too. Now that can be huge.
A recent experience
Just last week I was working with some fairly new clients. We were talking about how to manage capacity and work flow in their business and one of the Directors announced “Oh my gosh it’s like you’re in my head. How do you know all this stuff?”
My reply was simple “It’s because I specialise in your type of business. I’ve worked with so many businesses just like yours that I know the problems you have and how to solve them.”
I am a Specialist. I know exactly what businesses I can help and importantly, which ones I can’t.
How much is it costing you?
Have you missed out on business to another supplier because they did a better job than you at marketing themselves?
How much more business could you be winning if you positioned yourself as a Specialist?
It’s not as scary to do as you may think. The first step is to decide what your specialism is. Don’t get hung up on perfection with this; instead just make a step forward and evolve your business to its next iteration and generate a new definition of your ideal client that is based on your specialism.
Increased revenue is just around the corner. Don’t let your competitors get to it first just because they are doing a better job at marketing themselves than you are.