Shree Mithai – Badam Milk!
Shree Krishna Sweets – Mysore Pak!
Nalli – Silk Sarees!
Does this mean these companies don’t make or sell other goods? Absolutely NOT! But these successful small businesses have built a niche for themselves – something they can be best at & keep being best at! While all other products around this core item or adjacencies as they are called are many times profitable; these companies have made a name and in most cases a fortune selling that one core item really well.
There is no doubt that everyone wants to grow and grow at the fastest possible rate and at many times your core business or core product may not suffice. But then it is only the focus around the core product – that remains still and helps people (all stakeholders); employees, investor, regulatory bodies, Government, society at large know and remember who you are.
So should it not be essential for each one of us to identify and evolve what that one core product or service is in our business? And more importantly keep it in our focus. And this is the role of Strategy!