Industry groups are close-knit communities. They make it easier to find direction and focus as you build your network and reputation as an industry specialist. Industry specialization is a sure-fire way to improve your marketplace efficiency and productivity, ultimately making you more successful. Here’s why:

  • You want to fish where the fish are. Each industry community has its own pond, or ecosystem, where the key players, micro-environment, the micro-financial and economic factors live. In addition, you’ll find all your competitors fishing for their next client in the same pond.

Your firm and professionals will want to stake out your territory, where you become a known quantity, build trusting relationships and demonstrate your expertise – your corner of that big pond. 

For example, if your target market is attorneys for litigation support, you want to network with lawyers where you can find them ― perhaps in the real estate section of the state bar association where you work to become a speaker or known quantity within this smaller community.

Taken to the next level, an even narrower focus is an approach proven to be extremely successful for some. Strive to become a big fish in a little pond, rather than another little fish in the ocean! If you’re one of just three national experts in a narrow niche industry or market ─ let’s say, fisheries, or dairies – while the market is certainly small, it has the advantage of being very well-defined, a small community where everyone knows everyone else. You can become the “go-to” preferred valuation specialist in this small ecosystem. There is much less competition, and very soon you’ll have almost cornered the market.

If the ecosystem is nursing homes, then players in this industry are nursing home owners, their CFOs or controllers, and the bankers and lawyers who also specialize in this specific marketplace or ecosystem. This ecosystem includes ancillary healthcare services such as contract therapy services, pharmacies, medical van transportation providers, medical equipment providers and many more.

The supermarket ecosystem, on the other hand, is comprised of food processors and distributors, store fixture providers, grocery retail software providers, food equipment purveyors, and of course, the bankers and lawyers who contribute to sustaining the supermarket sector of the food and beverage industry. 

The point is, industry specialization helps you network and build relationships and distribution channels with an industry ecosystem’s relevant players, allowing you to become known and market your service expertise far more effectively.