The January 16th 2006 edition of Time Magazine has a fantastic article by Claudia Wallis, “Help! I’ve lost my focus.” It’s about people who have trouble staying focused at work.
In the article, attention-deficit disorder (ADD) specialist Dr. Edward Hallowell, coins a new term: attention-deficit trait (ADT), for people who have trouble staying focused only in certain situations like work. If you suspect you might suffer from this trait, read the article by visiting www.time.com and typing the article title into the Search box.
I’ve coined my own term – Obsessive Compulsive Product Disorder (OCPD). Advisors with OCPD have no vision or focus, so they are driven by flavor-of-the-month products. They’re addicted to the sale (see the previous symptom) and will do anything to get it, expecting their clients to fulfill their Unmet Needs.
Wise and well-meaning niche marketing specialists have made the rounds and most financial advisors have started to get the message that specialization is a key element of success. They want to brand themselves like the big guys do, and they know they need a hook.
They’re right, but this one step won’t work by itself. For an advisor with OCPD, the day might go like this: At an 8:00 a.m. appointment, they sell some critical illness. This gives them the idea to specialize in critical illness. Then at 10:00 a.m., they have another appointment and they sell some life insurance. Now it’s to heck with critical illness, they’re going to become known far and wide as the life insurance expert.
At a luncheon appointment, they sell some group insurance. Now, that’s the ticket! And, at the end of the day, after they sell some disability insurance, all of a sudden they don’t know where to focus. They’re running around in circles.
You see, it is impossible to apply branding, niche marketing and product specialization without a strong foundation of values and vision for you and your business to stand on. Otherwise, you will keep grabbing at every new potential niche that pops in front of you.
This article was originally published in Curing The Unmet Needs Disease © Simon Reilly 2008
International Values and Behavioral Analyst, Business Coach, Speaker and Author
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