After setting your North Star goal (as discussed in our previous post about Why Traditional Goal Setting Doesn’t Work), you’ll face another crucial decision: should you go deep with your current strategies or cast a wider net?
This choice can significantly impact your business growth trajectory and your ability to achieve those carefully set goals.
Understanding the Deep vs. Wide Strategy Dilemma
Before making this critical decision, you need to understand a simple but powerful principle: Deep equals revenue, wide equals reach. Let’s break down what this means for your business strategy.
The Wide Strategy: Expanding Your Reach
Going wide means casting a broader net through various approaches:
- Multiple social media platforms
- Diverse marketing channels
- Various product/service offerings
- Different target audiences
- Multiple sales strategies
Benefits of Going Wide
- Diversified income streams
- Risk mitigation during market changes
- Broader market research opportunities
- Increased brand visibility
- Greater potential for new opportunities
Challenges of Going Wide
- Higher time and resource investment
- Slower ROI (Return on Investment)
- Diluted efforts across multiple channels
- Difficulty in measuring results
- Potential team expansion needs
The Deep Strategy: Maximizing Current Success
Going deep involves focusing intensively on what’s already working:
- Optimizing successful products/services
- Doubling down on profitable channels
- Expanding within existing markets
- Strengthening current customer relationships
- Refining proven strategies
Benefits of Going Deep
- Faster ROI
- Clearer focus and execution
- Stronger expert positioning
- More efficient resource utilization
- Better customer relationships
Challenges of Going Deep
- Limited market reach
- Potential market saturation
- Higher dependency on fewer channels
- Risk of stagnation
- Vulnerability to market changes
Making the Strategic Choice: Deep or Wide?
Ask Yourself This Key Question
Are you trying to increase revenue or expand reach? This single question should guide your decision-making process.
Choose Deep When:
- Your current offerings are consistently selling well
- You have a loyal customer base asking for more
- Your resources (time, money, team) are limited
- You need to increase revenue quickly
- You want to establish expertise in a specific area
Choose Wide When:
- You’re testing new markets or offerings
- You need to build brand awareness
- You’re in a growth phase
- You want to diversify risk
- You have resources to support multiple initiatives
Creating a Balanced Approach
The reality is that most successful businesses need both strategies at different times. Consider implementing:
- Seasonal Approaches: Use 60-90 day periods to focus on either depth or width
- Hybrid Strategies: Maintain deep focus in profitable areas while selectively exploring new opportunities
- Data-Driven Decisions: Use metrics to determine when to shift between strategies
Aligning With Your North Star Goal
Remember your North Star goal (from our previous discussion about effective goal setting). Your choice between going deep or wide should support this overarching objective. If your North Star goal is revenue-focused, prioritize depth. If it’s about market expansion, consider width.
Taking Action
- Evaluate your current business phase
- Assess your available resources
- Review your North Star goal
- Choose your primary strategy (deep or wide)
- Create a 60-90 day action plan
- Measure results and adjust accordingly
Remember: Both strategies can work, but they rarely work equally well at the same time. Choose based on your current business needs, resources, and goals.
For a more detailed dive into your business goals and strategy, join the Focused Visionary Accelerator Program.
