Competing in a saturated market may not be the easiest task, but it’s a reality that most of us face. But while the words “saturated market” are enough to strike fear into any entrepreneur’s heart, the good news is that there’s a lot you can do to compete, stand out and even thrive in your niche.
In some cases, a competitive marketplace can even be a good thing. For one, it’s a clear sign that there’s demand. This isn’t some obscure industry; it’s booming, and there are plenty of marketing messages surrounding those product offerings. This could benefit you in that there’s a good chance your prospective customers will have already heard about your product and warmed up to the idea.
Additionally, being in a saturated market forces you to continually grow. This saves you from becoming complacent, keeping you at the top of your game and encouraging you to continually innovate. This is what will give your brand staying power, helping to keep you in business for the long term.
Pay attention to your brand’s story.
When you’re in a saturated niche, your packaging, branding and story become even more important. This is especially true if you’re trying to not just compete but to separate yourself from the competition and charge more.
Find a sub-niche that’s less saturated.
If you’re trying to enter a market that’s saturated, look for niche sub-groups within that market where you can specialize. With this approach, you’ll want to get even more specific with your target audience.
There are loads of good examples out there of companies that made it big by going niche. Take, for example, Bonobos. It started out by focusing on doing one thing right: making decent pants that fit well. Or Lush, a once-small soap company that grew to its present state thanks to its focus on creating fresh, handmade, eco-friendly products. The apparel and cosmetic industries are saturated, but there’s still room for new players — as long as they have a unique angle that solves a particular problem or appeals to a certain demographic.
Add more value.
Avoid the temptation to copy your competition too closely. Your audience is looking for something fresh, so carve out your own brand and identity.
Pick one or two things to do well.
Whether you’re a service or e-commerce company, finding one thing and doing it very well can be an excellent strategy, especially if you’re in a saturated market. Instead of trying to do everything, or be everything to everyone, narrow it down.
Leverage another audience.
One way to shortcut your way to success in a saturated niche is by leveraging the power of another audience. Influencers, companies selling complementary products that target the same customer demographics, and email lists can all be utilized to grow your own audience. When you can, leverage other professionals or companies and their relationships to springboard your own.
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