Think about this for a moment . . . "in the current economic climate should your business
a) diversify b) specialise c) neither?”
Given what we are experiencing on the UK's high street, seeing the above question on the Cabinet Maker website recently, would certainly make you think! How should you approach this question for your business?
After some debate, you may well come up with the answer - diversify and specialise, do both.
But doesn't this feel incomplete? Isn't there something missing? How about adding ‘incremental'? Now, it seems more balanced.
Incremental - Diversify – Specialise
Look up the definition of these words for yourself and you will find this sort of thing . . .
Diversify - enlarge or vary its range of products or field of operation Specialise - ...concentrate on and become expert in a particular subject or skill Incremental - a small positive or negative change in a variable quantity or function Inspiration to diversify incrementally is everywhere - did you notice the new ‘Wellbeing' section at NAIDEX this year? What inspired that? Why did 11 companies choose to sign up to this section?
"Wellbeing” is a huge market in Europe, a sector populated by a diverse range of manufacturers and products. You're probably think spas, saunas etc. and you would be right, but that is only part of the story. Wellbeing is allied to healthcare, but takes a more pro-active approach. Seating and posture which feature so highly in healthcare is central to wellbeing too - make sure your office chair, car seat, bed and armchair are all good for your posture. So for those many companies involved in the healthcare and seating industry, there is good incremental cross over into ‘wellbeing'.
In these ‘austere' times, your end users are being more careful with their cash, yet at the same time research reveals that your customers will treat themselves in the comfort of their own home.
Wellbeing - an incremental step in to an allied yet diverse and specialised market that's growing.