Why Narrowing Your Focus Is the First Step to Success
Here’s an intriguing business concept: The fewer tasks you undertake, the more revenue you generate.
This concept particularly applies to the scope of services offered. Many mediators and arbitrators tend to have a broad practice – you probably know several who mediate family disagreements, commercial disputes, and even arbitrate occasionally. Maybe you’re one of them.
The reasoning behind this is simple. We’re all striving to expand our businesses, acquire new clients, and increase revenue. Therefore, it seems logical to establish as diverse a practice as possible – to cast a wide net and attract the largest possible market segment.
However, this approach often falls short. In reality, establishing a “generalist” mediation or arbitration practice can significantly limit your potential earnings. Why? Because disputing parties prefer to engage with a specialist – whether that’s hiring a mediator to resolve a family dispute, an arbitrator for a commercial conflict, or any other specific conflict resolution requirement. You would hire a cake decorator to drywall house. Same thing.
Concentrating on a single practice area, or at least a cluster of related practice areas, is a crucial step in building a strong brand identity and setting yourself apart from the competition. You cannot and will not be seen as an “expert” if your scope is too wide. The saying “jack-of-all-trades, master of none” is particularly relevant here. Your market needs to understand your unique expertise, and that’s why your focus should be narrow.
I understand that many mediators and arbitrators are hesitant to limit their practice areas, often due to financial considerations. But consider this: You can begin by merely narrowing the focus of your marketing – you don’t have to reject clients from other practice areas. We all have expenses to cover, and you might not be prepared to turn away paying clients just yet. So you can continue to accept cases from other areas, even as you concentrate your marketing on a specific niche.
Over time, as you narrow your marketing focus and establish your brand as a leader in your practice area, you’ll attract more of the work you’re focused on, you’ll be able to command higher fees for it, and you’ll develop a more sustainable and efficient practice because you won’t have to start from scratch with every new client.
Focusing your practice will also significantly improve your referral generation, as concentrating on a single practice area makes it easier for your network to remember what you do and identify opportunities to refer work to you. Plus, people are much more likely to refer a mediator or arbitrator who is an expert in a specific area of conflict resolution.
It might seem counter-intuitive initially. It might even sound daunting. But if you’re committed to creating a robust brand that helps you stand out from the competition and build a more profitable practice – you need to focus your practice.
So …
How can you start narrowing your focus?
Narrowing your focus in your practice as a mediator or arbitrator involves a few key steps:
Identify Your Strengths and Interests: Reflect on the cases you’ve handled in the past. Which ones did you find most engaging or rewarding? In which cases did you feel you made the most significant impact? Your answers to these questions can help you identify areas where you might want to specialize.
Market Research: Conduct some research to understand the demand for different types of mediation or arbitration services. Look for areas that align with your interests and strengths but also have a sufficient market size.
Education and Training: Once you’ve identified a potential focus area, seek out additional training or education in that field. This could involve attending workshops, taking courses, or earning certifications.
Marketing and Branding: Start to shift your marketing efforts towards your chosen niche. This could involve updating your website, creating content related to your specialty, or speaking at events about your area of expertise.
Networking: Connect with other professionals in your chosen field. They can provide valuable insights, advice, and potential referrals.
Gradual Transition: Remember, you don’t have to make this shift all at once. You can start by accepting a few cases in your chosen specialty while continuing to work in other areas. Over time, as you become more established in your niche, you can begin to accept more cases in this area and fewer in others.
Remember, the goal is not to limit your opportunities but to become a recognized expert in a specific area. This can make you more attractive to potential clients and allow you to command higher fees. Good luck! 😊