|Do bankers need to specialize?
Before the EXCELerate 2017 conference began, I was already making connections. The first person I met was a VP of Business Banking from Brantford, Ontario who arrived on the same flight! The second person I met was Diane Murphy, from Abbotsford, BC. Her official title is VP Agriculture, Business Banking. She and her team are agri-business specialists. This piqued my interest and helped me connect the dots with her.
It can be challenging for prospective clients to know if a service provider will truly understand their needs and challenges and have the tools and experience to assist them. Being clear about who your best client is isn't just about who you like working with, it's also about stating who you offer specific or differentiated services or value to.
The Importance of SpecializingThe need to differentiate is critical to many professional service businesses such as investment advisors, mortgage brokers, insurance brokers, realtors, accountants, marketers and management consultants. Most depend on referrals for new business, so it’s important for them to make an indelible impression with prospects and referral sources and to arm their best clients with tools they can use to make an impactful introduction. Non-specialized professional service firms might consider how to focus to ensure they are more memorable and can build better connections through their networks.
If you’re in a crowded marketplace and need to differentiate, consider how you can create a specialty from your current service offering to increase referrals and attract more of your best clients. Need help? Get in touch for a complimentary consultation to learn more about how to find your next best client. Contact Laural Carr at 416.538.3330 or 1.877.538.3330.
About the Author
Laural Carr, CEO and Creative Business Development Director at her Toronto-based firm Impagination Inc., is an award-winning marketer and creator of the Impact Formula™ and Persona Maker™ Approach. She is passionate about helping smart savvy businesses find their next best client and boost business fast.