The Key To Specialization: “Want” And “Need”
There’s often a sense of fear around specializing a practice, and it seems to be because we believe we could exclude new opportunities.
No one wants to alienate any segment of future business, but the reality is that without a specialization you appear as a generalist or average advisor — and clients can get average advice anywhere.
Remember that ‘specializing’ doesn’t necessarily mean ‘excluding.’ Rather, specialization is the decision to market actively towards your ideal client type.
One way to sidestep this issue is to think of it from a different angle. Typically, the instinct is to identify specializations by what a client needs (a professional in need of retirement planning or a business owner in need of tax minimization). Instead, start by listening to what a client really wants from you, and specialize around that.
A few client ‘wants’:
- Peace of mind
- Wealth that doesn't run out in retirement
- Support for their children
- A legacy that reflects their values
A specialization that appeals to a client's wants is essential. By communicating these capabilities as brand strengths, you become more relevant in the eyes of that specific client type.
