At MYOB, I facilitated an after dinner discussion to brainstorm "positioning" because I could see people struggling with how to apply the idea to their own situation. To many, it made sense in an abstract way to specialize in one narrow market and become "king" of it, but when they looked at their own client rosters, they just couldn’t decide who to “sacrifice” (a word used by Tim Williams in his opening night talk).
While I do believe that specializing has many benefits — including the potential to command higher fees and the ability to market to a broader geographic area due to less competition — sometimes I think it may not be for everyone.
What do you think? In which situations or under which circumstances is it not always appropriate? And what does one have to do to compensate?