The businesses should ask themselves the following question: in which market segment can I be the best, i.e. "the master of the job" in the world?

It is easy to say but hard to do. Even if you create the world's best quality product, you can only get the rank of "expert" in the mind of the customer. Businesses must achieve positive customer perceptions. Your positioning is the first thing that comes to mind of customers when they hear about the product and service offered by the business.

For example, you will visit a cardiologist if you have a problem with your heart and a dermatologist if you have a problem with your skin. Everyone knows that specialist doctors are better than general practitioners in their fields. Being right or wrong will not make any difference. Perception is the reality.

The biggest mistake made by the businesses is expanding their product range and offering more products to the largest customer group during the growth process. Trying to meet the demands of all customers is one of the biggest mistakes. This guarantees the profit loss. On the other hand, the ideal action is to narrow down the product range offered to the market and thus to focus on a certain customer group. What management needs to do is to find what works and get the entire company to focus on it with all their might.

Confucius said that "He who chases two rabbits catches neither."

How can you grow if you will not diversify your product or service range? The short answer to this question is you can grow in new locations. If a business has a product that can be the "best" worldwide, this business should focus on geographic expansion rather than product range expansion. It should identify the target audience well and present the successful value in all locations.

Actually, the purpose of this article is that "you should place all your eggs in one basket". It should be kept in mind that success comes from the place where you focus on.

Globalizing the company by focusing on a narrow segment is the most effective strategy in the business world. As VALURA, we have been progressing to be the number one company valuation and analysis company in the world; what is your focus?