BRX Pro Tip: Scale or Niche. Pick One.
Stone Payton: Welcome back to Business RadioX Pro Tips. Stone Payton and Lee Kantor here with you. Lee, let’s chat a little bit, if we can, about the virtues of scaling versus niching. Talk to that a bit.
Lee Kantor: Yeah. I think that’s one of the early decisions you have to make as you kind of get traction in your business and you’re deciding which way to go, I think it’s important to just pick one, either you want to scale and grow and be as big as you can possibly be, or you want to niche down and then be as narrow as you want to be. It’s very difficult to kind of scale a niche or niche a scale. So, either you have to go all in when it comes to being a niche brand or go all in when it comes to being kind of a larger scaled brand.
So, some of the things to think about why you should be a niche, being the authority that lets you charge more, you’ll easily target clients, you’ll build customer loyalty with fewer clients, you’ll become the bigger fish in a smaller pond. So, those are some of the reasons why being a niche brand would be attractive. Now, why should you scale? There’s economies of scale. There’s diversification. You have more possibilities. There’s bigger opportunities.
But you can’t do both because they require opposite strategies. One requires specialization and one requires broadening your scope. So, brain surgeons also aren’t general practitioners. Ultimately, the choice between scaling and niching down depends on your business goals, the market conditions, and some of the resources available to you. But committing fully to one strategy allows for clearer focus, more efficient resource allocation, and potentially greater success in your chosen direction. So, think about it. Pick one and go all in.
