Each man is capable of doing one thing well. If he attempts several, he will fail to achieve distinction in any.
─  Plato

If your firm can’t distinguish itself using specialization, it will be known as a generalist. And that puts you at a definite competitive disadvantage. Fast-growing firms usually attribute growth to specialization. Committing to a specialization strategy enables firms to stay focused and execute on their growth strategy.

Industry specialization programs transform blurry and ill-defined growth strategies into sharp focus and clarity! The greater your firm’s focus as it strives to achieve its goals, the more efficient, productive and successful it can become.

Your firm’s reputation equals the aggregate of the individual reputations of your professionals. When trying to inspire or coach professionals, I encourage them to think of their careers as a journey from generalist to specialist. The more specialized they become, the higher the price they can command for their services and the greater the value they bring to clients.

I‘ve coached many professionals through the following career phases:

  • Generalist – Generalists typically begin their careers with the goal of providing excellent delivery of basic services for a fee, but those services are highly price sensitive.
  • Technical specialist – Once a professional has mastered a technical specialty, they’re differentiated in the marketplace. Because that skill set is harder to come by, there are fewer competitors and less fee-based competition.
  • Industry specialist layered on top of your technical service line specialty – Focusing on one or two industries, or a large umbrella industry with many niches, like financial services or manufacturing and distribution, is a real differentiator. Industry speciaists are more highly valued by clients, who are even less likely to focus on the lowest-fee provider.
  • Industry luminary – Practitioners with deep expertise in one industry can become industry luminaries – combining niche technical expertise with the relevant business acumen that makes them highly valued trusted advisors. Industry luminaries bring the highest value, command higher fees and build deeper, more long-lasting valued relationships with clients and referral sources.

Just like individuals who have serious medical problems seek out specialists to help them, your clients want and need access to the right specialist who can help guide them through the challenges and opportunities unique to their specific business, industry and market.