The most successful and profitable businesses are specialists at what they do.
Others who are more generalist and aim to please more people often tend to use price to attract new customers, and thereby have lower margins and must have higher volumes of customers.
That strategy works for companies like Walmart who specializes in High volume and Low pricing . . . with less concern for great selection and quality. (They SPECIALIZE in high volume/low cost)
So . . . as you consider how to build your business (whatever it is), Here are some reasons to specialize.
– Specialists pick a way of doing business and achieve MASTERY at THAT way over time. They get to be known by everyone in their Sphere of Influence as the “GoTo Person” when someone needs THAT.
– When you define your specialty well – In easy to understand language – people who know you and have done business with you have a MUCH easier time referring business to you . . . and they refer more “appropriate” prospects to you
– When you are highly specialized, you stand out from the crowd of your competitors for those people who crave your way. We are in a world in which differentiation is critical for success. Plain vanilla isn’t proving to be profitable these days.
– When you are specialized, you get to REALLY know your business better than ANYONE else. You know things at such depth that you become the “Expert” . . . this makes you infinitely more “publishable” for the media . . . and viral word of mouth influence grows exponentially in your sphere of influence.
– Specialists have more FUN because they practice total immersion . . . Their way of doing business aligns well with their way of living. This is a level of authenticity that exudes “comfort with self” and is a “strange attractor” as people who witness their success (with apparent relative ease) seek them out to learn their “secret”.
– People are intrigued by specialists. If someone were to ask me what I do for a living, and I were to respond: “I sell houses!” the conversation may be shorter than a response like “I specialize in selling houses in Whispering Farms and preserving our community”. If that person is interested in Whispering Farms or Community, that conversation continues to deeper levels and relationship builds.
– The more specialized your business (and life) the faster Your sphere of influence will evolve in a more healthy and organic way . . . and will be more PRODUCTIVE for you. Leads flow naturally to Specialists.
There might be another couple hundred benefits to being a specialist . . . Perhaps you’ve got a few you’d be willing to share?
Nice, cool, crisp morning here in Nashville 🙂
We’re building some community TOMORROW with the Nashville Real Estate Consortium www.nashvillerec.com . . . It’s ALL about relationships.