Ready, Aim, Fire

I feel strongly about many things—mindset, communication, children, sleep, continuous improvement, kindness, and so much more. The effectiveness of specializing in a particular "thing" is another.

When I first started out in professional sales, circa 1984, I likened myself to a hunter with a machine gun, spraying bullets everywhere hoping to hit anything. Sometimes, I would land the big elephant, but I could tell I could do something better. My language was too generic; I didn’t have a compelling differeniator.

One day, the CEO of the company I was working for brought me along on a sales call to an organization within the industry where he was trying to create a niche and build a new company. That was when the light bulb went off for me. The CEO was relatively new to the intricacies of this particular industry, but he knew more than the average commercial lines insurance producer about superfund sites, environmental liability protection, and the like. He sounded like a pro. The timing was perfect because "superfund" was becoming a household word in New Jersey, and there was a huge need for protection from liability suits, otherwise these contractors would collapse from one claim alone. Remediation contractors couldn’t get jobs without insurance to protect them, so it was a necessity, not simply a luxury. As a young adult in my 20s, I was pumped. I had just been shown a diamond mine in a sludge pit. (Since then, New Jersey has cleaned itself up. It's beaches, and more, are a beatiful place to visit.)

When my husband and I relocated to the east bay of San Francisco, I had the great pleasure of landing a role with one of the most well-respected commercial insurance brokerages. Here, too, the CEO took me (along with a hot-dog in loss control) under his wing, and we focused on a particular niche in the world of fast food franchising—McDonald’s. We created a super professional dog and pony show, dazzled them with our insights and proactive plan, and interjected some down-to-earth transparency. Our prospects were sold. There was no “trickery” involved. We were the best and we were on a mission to help these franchise owners reduce the claims on their policies and receive the credit for it in the form of dividends. It was a win-win-win.

Another time, I created a niche by being endorsed by an Optometric Association to provide insurance for its members. With that endorsement and my knowledge that ours was the best product out there, selling the benefits—and ultimately the policies—was a piece of cake.

Then, when I first entered the real estate industry almost ten years ago, I considered specializing. Since I knew nothing, compared to what I thought I should know in order to be transacting with such a large asset well, I decided to learn a little about a lot. (The learning opportunities in this industry are endless and so interesting.) I wanted to be able to have conversations with as many people as I could, knowing that each client’s needs are so unique. My passion for learning grew in this industry, and the specialization that started to develop was connecting people with others who could help them thrive. (In real estate and beyond). If I knew I wasn’t the best person to serve their needs, I would connect them with someone who was. I simply put myself in the consumers shoes (platinum rule) and connect them with an agent that I feel 100% sure will meet their needs in an exceptional way. I’m have yet to scale this in any significant way, but I sure do love helping people and I sleep very well at night. You have to know your "Why".

To any considering specializing, unless you're a professional BS'er (hopefully none of my connections are), it helps to feel passionate about the topic. Research the market’s demand, create a competitive advantage, and evaluate potential profitability. (My niche selling policies to optometrists nearly killed me—too many policies to service with too little premium.) I don’t recall reading any books about specialization, but I know the great benefits if you find the right niche. You might want to read one or both of these thought-provoking books: One Simple Idea by Stephen Key and The Tipping Point by Malcolm Gladwell to set an idea in motion.

Specialization in sales is like sharpshooting. (I know, it’s a sensitive word in our current times, but the hunters in sales will get it.) By specializing, you’re more likely to hit your targets.

Thank you for your precious time!

ps. I was hoping to create an article around mindset for today. There was no way I could cut it short.

Linda Crane - Global Real Estate Associate NRS Referral Services, LLC 215-429-0419