Ask the Experts: Premium value placed on business specialization

How important is specialization to business growth?

MICHELA QUILICI – Marketing strategist and Ghost CEO adviser, Q. Consulting

Re-posted from Business in Vancouver – January 20, 2015

“The quickest way to business success is to be a big fish in a small pond, not a small fish in a big pond.” This is the Ghost CEO mantra. If you solve a niche problem really well, it’s almost inevitable that you will grow. Once you have a proven model for success, then you can increase the size of your pond and leverage what you’ve mastered for one vertical and open up new markets. If you trace back some of the most successful businesses to their early days, you will find that the majority that are in a mass market today first made their money targeting niche markets with a specific offering.

PAULINE O’MALLEY – Business development strategist, RevTurbo Selling System

The secret to successful selling is connection. Does your product or service connect with the audience that you are communicating with?

I have found over the years that matching “likes” to “likes” is paramount when building a winning business development campaign and closing deals. You probably have heard the expression, “Birds of a feather flock together.” People have a tendency to say “yes” more often to people they trust. People generally trust people who have things in common with them.

I had a client in manufacturing under second-generation leadership. After analyzing their product mix and their areas of expertise and carefully considering their available resources, we encouraged them to cut 172 products from their production line and focus 100% on one area. A bold move? Yes, and for the past seven years they have surpassed their annual revenues by 20% or more each year. It wasn’t a light decision, and there was lots of discourse, but in the end, the team effort to focus on one thing continues to pay off.

It’s a big world out there. Companies have limited resources. Sales representatives have limited time. Match who you are, and the values you express, to the people in specific market sectors.

If you have an interest in mechanics or building things, then you could narrow your focus to people in the manufacturing, industrial or engineering fields. If you like numbers, financial analytics and wearing suits, then you could find success in the banking, financial or insurance sectors.

When you connect with your sales audience, you increase the potential to shorten sales cycles and close more deals. You may also have more fun.

Read the entire article here.