It Takes More Courage to Focus Than to Diversify
Well, since you are reading this blog, chances are you are thinking about some strategy that might impact your business. For me, it's not so much a question of what everyone else is doing, or even a particular thing your company is good at. Instead, it's a matter of finding what that one thing you do is that meets your best customer's needs.
It can be like searching for a needle in a haystack.
Smart strategy is found in large corporations, small companies, nonprofits, and start-ups with little to no cash. A smart strategist knows that it's not really the total investment capital they have that is going to make the difference. Just think of all the large companies that have totally failed despite the millions they spent. What it's really about is the size of your idea.
One trait that runs deep in strategic planning is everyone wants to focus on what the company can do given the current resources at hand. That's fine if all you would like to accomplish is to polish up your current idea but it's not going to create anything new. That takes thinking outside what you presently do and turning your attention to who you are going to do it for.
What is also challenging is not trying to be all things to all customers. A zillion companies refer to themselves as “full-service.” But most of the time it's really someone not being able to determine what they do best or can focus. Don't be tricked into thinking that by diversifying your products and services you will be a success. Rather, select what makes you different in the eyes of your customers. This singular focus will bring big results eventually if you have planned this out correctly.
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Tom Marin is the Founder and President of MarketCues, Inc., a national consulting firm. He has worked for some of the world’s largest corporations and middle-market firms. Tom’s focus is to help CEOs drive their strategy shifts and strategic growth programs. Follow MarketCues on Twitter. Tom also welcomes emails new LinkedIn connections or calls to (919) 908-6145.