Firstly, let’s talk about this famous figure of speech, ‘Jack of all trades, Master of none’, it is basically referred to those type of people who have immersed themselves in a bunch of skills but is hardly able to achieve expertise in any one. Robert Greene originated the phrase in the form of ‘jack of all trades’ in the year 1952 for William Shakespeare, who was an actor turned scriptwriter. It was used randomly by many people as an idiom for admiration and later the term ‘master of none’ was added to it, as a way to criticize people. While ‘Jack of all trades, Master of none’ was used as a negative reference, ‘Jack of all trades, Master of one’ is a phrase which has more of a positive value. This term is widely mentioned while recruiting and hiring process to denote which candidate is best suited for an industry, a candidate who is a jack of all trades or a candidate who is a master of one. But at the same time the term is also used to denote about a business and its products. Whether a business products should be jack of all trades or Master of one, which means whether a business should be specializing in many products or just a single product. Is it better to give the customer more choices or focus on a single product? Let’s find out what suits your business the best. The consideration which has to be taken into account is the type/size of company –
With that said, let me make you all understand something, suppose there is a blogger for a particular company who blogs only about his company’s products (only one product) and on the other hand there is a blogger working for a digital marketing agency who writes blogs for various clients/companies from B2B to B2C (many products). Whose market value you think will be more? The blogger who is working for the digital marketing agency as he has been blogging about myriad range of companies. Similarly, this is true in terms of business also, when you specialize and sell multiple products in the market your market value and reputation goes up. Selling multiple products also gives you the advantage of risk distribution which means your overall turnover doesn’t depend on a single product. If one of your product doesn’t work out, some other product will compensate the sales and revenue of that product. With the experience I acquired as Business Consultant specializing in Startups and SMEs in Kolkata, while handling businesses of diverse niches which includes PromotEdge (a digital marketing company), The Trip Space (Travel Agency) and StoreFresh(3PL provider), here is a formula of success which I want to share with you all. Let one product achieve maturity and fame and then go ahead and invest in expanding product varieties or categories. You can only achieve growth when you are financially stable and well established in the market.
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March 2021
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