Earlier this month I was speaking to a group of agency owners and the topic of specialization came up, at least when it comes to business development. This elicited a comment from one of the agency owners in the audience. They had tried this specialist strategy and it didn’t work. In fact, it had the opposite effect — they couldn’t find enough new business opportunities to sustain the firm. What did I have to say to that?
To be sure, I see enormous benefits to specializing when it comes to new business, but it’s not without its risks, as this agency owner pointed out. This month, I offer some hedges against that risk.
Despite extolling the virtues of brand positioning to clients, many agencies fail to properly develop their own brands.
It’s a classic story of the shoemaker’s children who wear no shoes—a tired proverb, to be sure, but perennially appropriate.
But, we never hear how those children turned out. Did they grow up plagued by chronic foot problems? Did they become adults whom you could dress up but never take out?
Or, is it possible they turned out OK?
I’ve met too many agency CEOs, especially of small to mid-sized agencies, who find specialization such a hurdle (mentally, emotionally and operationally) that they end up not doing anything at all.
Rather than let those agencies languish, I’ve started developing alternative methods to at least help them raise their profiles and pursue clients in a consistent, sustainable way.
In this month’s post, I share some of those methods, and offer a way to determine if being a generalist is worth the investment for your agency.