Let’s address the big concern first
Won’t specializing lose me business in other areas?
The answer is not necessarily. Specialization can give your business a boost, providing a focus for your brand and audience. Not to mention that a well-chosen specialization can go a long way in helping to define your brand and differentiating you from competitors.
1. Expertise helps show value
When you try to be good at everything, you deprive your business of the opportunity to showcase the skills that differentiate you from your competitors. Differentiation, and those special skills, will help you generate more specific leads and get new clients that you’re uniquely positioned to serve.
2. Customers prefer to work with experts
Customers who don’t have all the details on a subject are more interested in turning to someone who has proven that they know much more about a specific topic.
Just think about it. When someone needs brain surgery do they head down to a general practitioner at the nearest clinic. No, they get a referral to a Neurologist because the Neurologist is the brain expert. They’ve taken extra time to learn specific skills related to their craft which leads to more confident and accurate results. Your years of experience, a number of clients worked with, projects or procedures completed all lend to your credibility as an expert in specific areas.
What can you be considered an expert in?
What part of your business do you know better than some of your competition?
3. Specialists can be more efficient
Once you start narrowing the type of work you specialize in, you can start making your processes more efficient.
You begin to see the same problems or situations more frequently.
You start getting the same questions and concerns repeated from clients and you already know how to respond to them.
Now that you know what a typical project, order or service call looks like, you can start creating templates that help make your job easier.
As a specialist in a specific area, when you get a new project It will take you less time to get up-to-speed and you can earn a higher profit.
All of these things will help you get more done in less time. The literal definition of efficiency.
4. Specialists earn more
In almost every industry you’ll notice that experts, those who specialize in a narrow niche, are paid more than generalists. A neurosurgeon bills more than a general surgeon. A writer who specializes in writing technical electrical engineering manuals can charge more than a jack of all trades writer due to the experience and knowledge required for that industry.
By specializing you can demand a higher rate while still remaining competitive with your pricing.
5. Specialized services are easier to market
When someone asks you what type of clients you are looking for, if you say ‘Anyone that breathes’ you are doing yourself a disservice. By being too general people are thinking about who specifically needs your services or products.
It is MUCH easier to market a specific service to a small group of people that may need it rather than marketing all of your services to everyone.
Remember that a specialization is not a restraint; it’s actually a focus that helps you better serve the clients you’re best suited to help.