- by vincent soriano |
- January 19, 2017
- Growth Hacks | 4 min read
Don’t drop your idea because you think the market is cluttered
Succeeding in an over saturated market is challenging, but the right strategies can set your business apart from the competition. There’s value in finding an untapped market, but you don’t have to toss your dreams aside just because you’re not the first person to have an idea. Startups are emerging as industry leaders in saturated markets by carving out a niche.
Market clutter means big demand. If so many entrepreneurs ventured into doing the same thing it clearly means there’s a lot of opportunity in the market. If entrepreneurs avoided entering markets that are already served by other businesses, consumers would have far less options.
High Productivity. The tougher the competition the more innovative the passionate entrepreneur will get. Look at the pace new restaurants are popping up, there certainly is no overwhelming need for them but yet dining venue are emerging every single day. It goes to show that it is possible for any company to succeed in even the most competitive industries by creating a product or delivering a service that’s distinctly different or better than what’s available—or by catering to a specific subset of the target audience.
The only constant is change.
This is key. Change is a synonym for opportunity. If you don’t know what’s changing—with your customers, competitors, distribution channels, alternative uses, features and more, your customers will buy from those who do know. And that’s precisely where new businesses have an edge. New companies often recognize the gaps that established businesses don’t. Don’t be bamboozled by decade old businesses – sometimes they get so set in their standards, and it’s more complicated to modify long-standing practices. Small businesses with less rigidity and a smaller organizational hierarchy can often make quick decisions and turn on a dime.
Deliver real service. Don’t lose yourself in the fluff of marketing. The market is crowded. Deliver what you promise or be prepared to be drowned in the clutter.
Eye of the tiger. Be really good at keeping your finger on the pulse of the industry and the waves of change that often sets you apart from the competition. Small businesses that differentiate themselves are able to thrive in the most competitive environments.
No matter how crowded your industry, even if it’s full of major brands, you can achieve success by setting yourself apart. Whether that means reinventing industry standards, taking a new approach to the business model or offering something customers can’t refuse, carving a niche in the most saturated market is possible with commitment and creativity.
Managing the business on your fingertips was never so easy!