It is difficult to understand how much the world of business has changed in the last 4 or 5 years. We have seen an earth-shaking amount of technological change, the adoption of which has been accelerated by fundamental changes in the way we work and communicate with each other.
We now live in a world where distance is irrelevant, knowledge is almost universal, communication is instant, and logistics are easy(ier). From a business growth point of view, these advancements are fantastic - you can sell to anyone, anywhere in the world. The world is your oyster. But from a competitive point of view, you're now competing with every other manufacturing company anywhere in the world. It's like being in high school again and realizing you're no longer the big fish in the small pond.
Most companies tweak their strategies with incremental thinking. In the long run, that won’t work. Resetting your strategy using a global point of view is the only way to ensure long term success.
We encourage companies to think about how to develop products and services that are the Best in World in their market segment. This will usually mean narrowing the niche they are serving and sharpening the product(s) they sell to them. In a global world the generalist will fail, and the specialist will thrive.
So, how narrow is your market niche? Do you believe you are, or could be, Best in World? What would it take to get there?