Specialisation is not special any more
Yes, that’s right. Specialisation is no longer special. It used to be a big deal, something that every firm should learn, but this is no longer the case. The reason for this lies in what it used to be for all firms. It is the dominant growth strategy used by all professional services firms and, since everyone is using it, it lost what made it special. Now it’s just the norm.
Naturally, that doesn’t mean that it can’t bring positive results; on the contrary, it still can. What’s unique about specialisation is its ability to make your firm very special. You just have to start doing things differently than you have for the past several years.
Specialisation strategies you should know about
If you want to learn how to use different specialisation strategies, it’s vital to learn from the best. You have to do it differently, of course, but you still need a good place to start. By taking a good look at what the best are doing, you can create something new that will work for your firm.
Here are some of the top growth strategies used by the biggest firms in the world:
- Taking a good look at client experience, satisfaction, and relationships. Then act on what you learn.
- A focus on recruiting, training, and keeping the best talent in the industry, all with the goal of best serving your clients.
- A never-ending search for new opportunities in an effort to broaden existing services and improve old ones.
- An emphasis on improving thought leadership through webinars, email, and social media marketing.
- Expanding sales, development, and training to improve your team’s expertise.
- Firm-wide culture of innovation that’s consistently improved.
The key in all of these strategies is the fact that the top firms are diving deeper into more individual strategies; they are not focusing on one specific thing. Your firm should do the same.
What’s more, we can also see a renewed interest in the client. They are once again having a bigger focus on the clients and what they need and want from you. Your firm needs to have that focus as well, if you truly want to succeed in your specialised field.
You need to be genuinely eager to do more for your clients. To do that, you need to be better at communicating with them. You need to build up the relationships you have, and you need to perform your services more efficiently.
On top of it all, you need to be ready to invest in your firm and to innovate. That naturally comes with costs, but it’s more than worth it in the end.
The specialisation strategies used by major firms are still important, despite how specialisation is not so special anymore. If you can use them well, you’ll be developing something new and unique that will still be able to set you apart from the competition.
All of that will allow you to serve your clients better and to understand their situation. The result of this will be more valuable advice, improved customer service, and highly efficient service. If you’re looking for some help in developing these strategies, contact the Thought Leadership Initiative.