I used to work in the retail world. I managed a store. We did a bit less than $2m/year. It was part of a mid-sized chain. We were quite focused on our specific niche. We sold a particular type of product.
(Am I being too vague here?)
A couple of years before I left, we were purchased by a bigger specialty retailer. They specialized in the same niche we specialized in… On the surface, it didn’t seem like it would be a big deal for our clientèle… but it was.
Instead of concentrating on our niche and demonstrating that we were THE experts in our field, they expanded the product lines. No longer were we to be identified as a niche company. We should be more things to more people.
No longer were the sales people to be the most knowledgeable about one thing. It wasn’t about knowing the market for the niche. It was now about knowing a bit less about more.
My Dad often told me something. It has stuck with me for a long time:
A specialist knows more and more about less and less until he knows everything about nothing.
A generalist knows less and less about more and more until he knows nothing about everything.
A specialist retailer has to carefully balance expertise with market breadth. As does a real estate agent.
WalMart doesn’t staff with experts on anything (at least on the floor… unless it is just luck). Bob’s Left-handed Pen Emporium doesn’t have much of a market… of course, with the internet there is room for Bob.
Look around at the choices for real estate agents. There are a lot of generalists.
