The Power of Specialization
Take a stand with a leading attribute to make a lasting statement to your prospects
By Peter Montoya
Doing one thing right is a good idea. Just ask the folks at Starbucks. Less than two decades ago, “Starbucks” was not an empire, just a small shop in Seattle’s famed Pike Place Market. But from 1984 to 2000, the company exploded – from two locations to over 3,000 internationally. Their success has as much to do with what they didn’t try to be as what they did become.
Starbucks grew exponentially because its chairman, Howard Schultz, decided early that the company would keep it simple and concentrate on doing one thing right – creating a good cup of fresh coffee. It didn’t try to be all things to all people.
The Great Unequalizer
The same lesson could easily be applied to your industry. Take a good look at your competition. What are your colleagues known for? If there isn’t something compelling or useful about them – a single, focused leading attribute – they are easily forgotten. And so are you.
Very few independent professionals seek to specialize. Most make a point of stating a laundry list of possible products and services, rendering their prospects both overwhelmed and underwhelmed. The reaction: “He says does it all. But it seems like he’s trying to do too much. How good is he at any of this?”
When you refine your business to a specialty, you have a much greater chance of being remembered and retained. Specialization is the great unequalizer. It helps you attract the clients you want, and it is a magnet – your specialty boils down to your leading attribute, a single focused benefit you offer consumers.
Specialties Lead to Slogans
Market a specific specialty to a specific audience – preferably with your slogan. Your slogan should state what you do and who you do it for, or what you do and the benefit. For example, Room Additions for Families on the Grow or Investment Strategies for Retiring Physicians. A slogan with a personal tie distinguishes you from the crowd even more – The Marketing Coach for Silicon Valley Start-Ups (if you were or are a coach) or Helping DFW Aerospace Businesses Gain Altitude (if you are or were a pilot).
Your products and services, which alone can not effectively differentiate you (your competitors all can offer the same thing), can add credibility to your specialty and slogan. If you want to be remembered as a coach, you better be able to offer your clients “Game Plans.” If you want them to remember your position as a pilot, you should be able to give them a “Steady Advice for Turbulent Times” seminar or consultation.
Case Study: Apples for Teachers
Arming yourself with a specialty and picking a target clientele can be the most effective thing you can do to stand out in an overcrowded market. Just ask Craig Jensen. Craig is, for all intents and purposes, The Educator’s Financial Advisor in Las Vegas. Craig’s specialty is helping teachers retire. He specializes in 403(b)s and offers a report titled “Your ABC File for Financial Planning.”
He’s developed a Personal Brochure that tells prospects, “You’ve Received a Lot of Apples…” on the cover, and pays off on the inside with, “…But Are You Ever Going to Get Your Slice of the Pie?” The brochure highlights Craig’s specialty in TSA (tax-sheltered annuity) planning for school employees and non-profit employees, and it has given him an incredible amount of recognition with prospects.
Specialize to Succeed
If you dream of leaving your competitors behind, then you must distinguish yourself. You must develop your Personal Brand around a specialty, and a leading attribute. So specialize, develop your Personal Brand, and prepare for steady results!
Peter Montoya is president of Peter Montoya Inc, the only advertising agency specializing in financial services. For information on creative services such as, brochures, postcards, logos, or coaching, call (888) 730-5300. Be sure to mention ING Advisors Network to find out about special Partner pricing.