In a crowded marketplace where affordable, alternative solutions exist, you must specialize in a particular product or service for a particular set of customers. Not all potential buyers will look for specialized solutions. People who are cost sensitive will look for common solutions for their problem. They are willing to spend some more time and money in making it work for them, or they adjust their needs to what this can do. But those buyers, a small portion of the crowd will always look for a special solution that helps them fully with their requirement.
This is similar to how you may choose your dentist in a big city where you have a lot of options. Do you look for a specialist who is very customer friendly and fully equipped or anyone around the corner? Specialists keep themselves and their clinics updated routinely and offer customized services while general practitioners are busy competing on the price factor. Specialists normally enjoy a very good reputation and might be charging a higher price – while leaving behind a lasting impression.
When you operate in a crowded marketplace, you have to find a way to specialize. This helps in creating remarkable craft and experience. The specialization will filter opportunities and provide an ability to focus on a segment and build a great venture. This is true when you are an entrepreneur or an Intrapreneur. Specialization helps you stand away and tall from the crowd. Make the best use of the power of specialization.
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