Rachel Cook, Managing Director at ThreeTenSeven, maintains that as a business, specialising can increase your market differentiation, making you a more attractive and competitive option by playing on the scarcity principle. Being in effect less replaceable makes you more attractive comparatively, and can support a premium pricing strategy.
“There are added benefits when specialising, such as recruitment; the one thing we’re consistently told in interviews is that it’s our health and wellbeing specialism that makes us stand out. We see time and again that there’s an appeal in working for an employer whose specialism is in line with your own values,” she adds.
She goes on to say that the biggest fear that firms have of specialising is that it means they can’t do all the other stuff that keeps them interested.
“Yet specialising in an area won’t necessarily drive away business from outside that space, but there may be perceived limitations to what you can do, so it can filter out some leads. However, this can be a blessing – it forces you to focus on your expertise in order to offer a prime service to those you want to be working within an arena you feel passionate and excited about. Limitations become a true strength.”