February 29, 2024

Breadth vs Depth

When we first think of expanding our businesses, we usually think of breadth – of opening new channels to reach more people, whether that’s more of the same kind of people in different geographies, or new kinds of people adjacent to our current demographic.

But it’s well worth thinking about depth – of doing more for the people we already serve, rather than simply attempting to serve more people.

Perhaps what we currently offer gets our clients started on a journey.

Could we support them for longer? Can we offer something new for another stage on that journey? Could we offer ways for them to travel by themselves, if that’s what they want? Or with others if that would make their journey more enjoyable? Could we help them get together occasionally to celebrate milestones?

Or maybe what we offer is towards the end of their journey.

Could we support them sooner? Could we help them find options earlier? Even if that means they would no longer need our current offer?

It’s a business cliché that it costs far more to enrol a new client than it does to keep an existing one, but I’m talking far more than saving ‘acquisition’ costs. Doing more for your existing clients is a chance to deepen your relationship as well as your offer. That might well mean that the next time your client needs something new, they’ll come and ask you first.

What do your existing clients want more of?

What more could you offer them?

Discipline makes Daring possible.