Page 32 - The Indian EYE 051223

Business Strategy with Hirav Shah MAY 12, 2023 | The Indian Eye 32

Products Strategy in Business:

Depth Vs Width

Width is the number of products offered by the company.

Depth is the number of products offered by one specific product line

non-essential in order to focus on
what’s truly important, what gives
purpose to your lives, what gives you
value…true and real and genuine
value. This core concept is called art
of focus or “depth” and the biggest
global testimony is Apple which al-
ways believed in achieving more by
doing less.

Final Thoughts:
• While driving a vehicle, what is
most important!
• Driving or texting while driving.
• Driving. And “only” concentrating
HIRAV SHAH on driving right…
Otherwise, you are hundred per-
cent prone to accidents or mishaps or
Time for a turnaround. injuries or hazards or setbacks or ca-
Time for a transition. sualties. The same logic also applies
Time for a shift.
Time for a change. here.
Time for risk-taking. Depth >>>>>> Width.
Time for victory.
Then you can have a crystal-clear
Time for triumph. Growing your business and building it, greatly depends on the relationship you have with your vision on the independent issue or
Time to achieve. consumers (Representative photo)
Time to accomplish. problem you are trying to solve.
Multi-products or multi-businesses
Time to rule. uct’s design and its functionality first, demanding an all-day breakfast, but
Time to pivot. which is called the “depth” and once to be able to offer it, it first had to are hectic & alleviates chances of a
properly developed project - From
that particular product gets success- focus on the “depth”. Yes, they had
It’s a brand New Year already ful, then you can go to manufacture to streamline and revamp its kitch- identifying the product, to prototype
stage to actual making/manufactur-
It’s 2023 already some other product or commodity. ens first and then work on the other ing.
Why wait? This should ideally be the strategy to aspects.
It’s time to be great. be incorporated in most businesses. Don’t be like those businessmen/
Great in starting a business & What is Width? What is Depth? founders who are only concerned
Great in running a business & Say if you have a business, the Growing your business and about their width and often split their
resources across too many activities,
Great in executing a business. width is described as the number of building it, greatly depends on the dramatically reducing efficiency and
parallel product lines a company or a relationship you have with your con-
mbarking on a business jour- brand has on offer. sumers. This is the key element of effectiveness across all activities.
ney is not easy. Embarking on If you want to attain success in
Business width is not always a
Ean entrepreneurial journey is path towards growth and it can have building your presence and ensuring business, you need to focus on one
you remain in your target audience’s
not easy. As all will attest, the road is unintended consequences for oth- minds. particular product or maximum 5
full of disappointment and obstacles. er business aspects — including the The best way to do it and en- products and that is the only rule.
There is much that they can do about consumer experience central to the sure it is by focusing on the depth. Yes, only a few products.
it to enhance their chances of success. company’s value proposition. Depth essentially means focusing on After the success of your first
If you are wondering if a compa- product, then expansion can be
Indeed, present trends are mov-
ny manufacturing 50 products is bet- ing away from broad offerings or one particular product and bettering thought of, otherwise it’s just pure
it and bettering it, until success is
ter or more successful than a com- width in many sectors and industries. achieved. This is also called “maxi- pointless. Thus, in business, it can be
pany making only 1-5 products, then A recent poll had 75% of customers mum focus in minimalist approach” concluded that the depth is more im-
you might be wrong. Think about it saying they would pay more for a that involves digging through the portant than the width.
again. Look at the “Apple” brand simpler, more convenient and basic depth of the complexity. In other
strategy. experience. words, you have to go really really The writer is a well-known
So the strategy is to focus on Astro Strategist and Business Astrologer
the first one product and the prod- For instance, McDonald’s was deep.
known for years that customers were This also means, reducing the Email: [email protected]

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