Why A Singular Focus Is Smarter For Business
Do you find yourself chasing every opportunity and trying to appeal to as broad a market as possible? Many sales professionals and entrepreneurs often think this way. They want to be everything to everyone.
However, it's often better to specialize in a core competency, which allows you to better position your solutions and establish a stronger brand identity. Andrew Thomas, an entrepreneur, inventor and adviser, learned through his company that focusing on a single solution pays off in the long run. In this issue of Promotional Consultant Today, we share Thomas' three reasons why it's better to focus on one specialty instead of generalizing.
1. Customers know authenticity versus insincerity. Thomas says that when you focus on one customer base and you are aligned closely with that customer, you can truly resonate with them and build trust. Customers can feel your authenticity, resulting in a natural bond. Conversely, trying to appeal to several types of customers can create disconnect. If you aren't truly aligned with a customer, or truly know their experiences or interests, then they will detect your insincerity. Also, claiming to be an expert in many things can dilute your message. Since you can't be an effective expert in multiple things, this only creates doubt.
2. Customers trust the expertise of a specialized provider. Before sales professionals ever close a deal, they need to inspire a high level of trust from their customer. Customers hire you because they're counting on you to provide a certain product or perform a certain job. Specialty providers are more likely to inspire confidence than their generalist counterparts because they focus on one offering, which often better meets the needs of the customer. Thomas notes that in his business, SkyBell Video Doorbell, he focused solely on the video doorbell. He didn't chase other opportunities, such as smart lights or smart locks. As a result, his customers could trust that his company was pouring all its focus and resources on the doorbell—and that he was the expert.
3. Broad marketing efforts don't work as well. Before Thomas ventured into entrepreneurship, he helped clients establish an online presence with SEO and grow revenue through online marketing. He says the biggest mistake he encountered was spreading a marketing budget across too many customer segments, ad campaigns or marketing channels. You can expect better results from campaigns that are highly focused. This is because when your marketing is focused enough to account for a specific customer on a specific platform, your message or solution resonates more strongly with the customer.
Many sales professionals and business people have contemplated the merits of specializing or generalizing. There are pros and cons to each. If you feel like you've been spinning your wheels chasing every opportunity, try focusing your efforts. Take some time to identify your core customers and prioritize their needs and desires. Thomas says when you do this, you'll stand apart from the crowd.
Source: Andrew Thomas is an entrepreneur, inventor and adviser. He is a founder of SkyBell Video Doorbell and leads business development and product strategy efforts. Thomas gives back to the startup community as a writer, speaker and mentor.