I have come across an interesting challenge.
Is it better to work with more businesses (in a relatively shallow way) or is it better to work with fewer but in a more intense way (and therefore more long-term benefit)?
When working in certain countries I felt sure that the broad but shallow effect wasn't really that effective; my preference was to work longer and deeper with fewer people - by handing over the tools I would be able see more benefit and by creating 'champions' I would see the legacy of locally-owned and adapted toolkits being used.
But does this theory (better to go narrow and deep rather than broad and shallow) hold in the UK?
Applied to your own business (and specifically to your marketing) is it better to narrow your focus and look for deep knowledge in a narrow field (niche) or is it better to go broader and shallower?
Case Study One: the business coach who only sells to dentists charges four times the going rate because of his narrow focus/niche expertise.
Case Study Two: the 'tart with a heart' business will sell anything to anyone and does make sales but she gets known for what she does and becomes known as a 'jack of all trades'... Gets lots of work but at low rates. "Jump!" the clients say. "How high?" she says...
Do you have the bottle to go narrower and deeper in your niche or is the recession making you more of a tart? How do you think this is perceived in the marketplace?
10 comments:
A lot depends on the type of business you are. As a business advisor I would rather work with a smaller number of businesses I can REALLY help. However, it can be a risky approach, because you are necessarily more dependant on a fewer number of clients for your sales/income. Offering a high level of service and concentrating on providing excellent value should reduce the risk of these clients elsewhere. However, if clients are in business areas adversely affected by economic conditions, they may fall by the wayside.
Certainly from the marketing view point concentrating on a niche offering or customer type, makes life more straight forward and marketing cheaper.
It also makes it much easier for you and your ideal clients to find each other.
Fiona Bevan, Bright Dimension
Case Study One - great simple story. Compelling (my word for today). Powerful.
Mark
'Info',
Is Bright Dimension related to Bright Marketing?
Info
Talk about the question in hand rather than use this as an advertising platform.
Madge
mark
There is no connection between Bright Dimension and Bright Marketing.
Robert
For many small service businesses, such as ours, it is a case of both. Narrow and deep is fundamental to our Account Strategy. Broad and shallow is required for our New Business. WOM/NPS does dominate our new work schedules, but the origins can be equally found in Account nurtured leads as New business spawned opportunities.
Maybe for a UK Service SMB it is duality?
Too much jargon.
WOM/NPS?
Word of Mouth? Word of Mouse?
NPS?
Madge, The Jargon Police
Um - I am afraid you are describing the Business Link - wide coverage but shallow impact.
Sorry
Jim, BL
For many small service businesses, such as ours, it is a case of both. Narrow and deep is fundamental to our Account Strategy. Broad and shallow is required for our New Business. WOM/NPS does dominate our new work schedules, but the origins can be equally found in Account nurtured leads as New business spawned opportunities.
Maybe for a UK Service SMB it is duality?
Info
Talk about the question in hand rather than use this as an advertising platform.
Madge
Thanks for this. Actually a really good point. At the end of the day it depends on how the numbers pan out.
James
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