If you’re an entrepreneur, there’s nothing scarier than the words “saturated market.” But while the idea of being lost in the crowd might seem difficult, there are good things about a saturated market. For one, it means that there is a high demand for what you’re selling, and your potential customers won’t have to warm up to the idea. Secondly, competition is a good thing and will force you to grow and adapt your business. Here are some more tips on how to stand out in an over saturated market.
Tell Your Own Story
When you’re operating in a competitive niche, the story you tell becomes even more critical. Everything from your product to the packaging it comes in creates a unique experience for the user, and that experience tells your brand’s story. Your story is one of a kind, something no other brand can imitate, and that will help you stand out from the crowd. For example, Absolut Vodka debuted in a saturated market in 1979. Still, it became one of the best-selling products in the world by putting its unique bottle front and center and running ads with a local focus. This instantly connected it with its target audience and was directly responsible for its success. How will your brand connect with your customers?
Craft a Relationship
Stop thinking of content creation and social media engagement as just a task to be done. Instead, think of it as a chance to craft a relationship with your audience and customers. This will help you seem less like another brand vying for attention and more like a person who wants to give your customers something. Think quality over quantity (though quantity is still important!) when creating your content. Every word and image should have a purpose and impart value to the customer. Then, reach out to credible third parties and convince them to share your content. This will help legitimize your brand even more.
Find a Sub-market
If the market you’re trying to enter is over saturated, look for specific subgroups you can cater to. This can be done by catering to a particular demographic, like millennials or Gen Z, or focusing on one thing and doing it well. Lush, for example, started as a small soap company that made eco-friendly products. Now, it’s a giant of the industry. If your niche is too big, find a smaller niche. It will help you focus on your brand and find an audience.
Be More Valuable
Customers are always looking for something new, and you can be that fresh new face by adding value to your product. Consider adding more quantity for the same price as competitors or packing in inexpensive add-ons for free. You can also offer free online content like guides or membership clubs that your competitors lack. There are lots of ways to make your product more valuable and relatively low cost to you.
Breaking into an over saturated market may seem daunting at first, but if you have a good plan, it’s far from impossible. By adding value, finding a sub-market, creating a relationship with your customer, and above all being unique, you can break through the noise and stand out.