How to Succeed in an Oversaturated Industry
Entrepreneurs overwhelmed and intimidated by a market that’s overcrowded need not to give up on their business dreams. In fact, a saturated industry means there’s high demand for the product or service, and could be an excellent indicator of promised success. You don’t necessarily need a new, groundbreaking product to survive the competition, but there are strategies many companies have used to make a name for themselves in industries that have their fair share of brands fighting for consumer attention and loyalty. Keep the following tips in mind.
Identify Your Target Consumer
Understanding your demographic is important in any business endeavor, but it holds even more significance in a market that’s highly populated. Determine which sector of the demographic you want to tackle. Knowing exactly who you’d like to purchase your product will help you determine best advertising routes and practices, guide your development processes, and give you a better chance of securing loyal consumers that elect to try your product or service over the next competitor’s.
Excel in Customer Service
If consumers can find the product you offer in a bevy of other places, what’s going to make them elect to purchase your offering instead of the competition? Customer service. Treating your customers well can be the integral component to success when it comes to saturated markets. Endearing your brand to consumers is simply a matter of paying attention to their needs, and putting in the effort to ensure each of these needs is met in a timely manner. You may also consider loyalty programs—depending on your industry—that will entice customers to continue shopping with you, as long as they keep reaping the benefits. This may give you opportunity for email capture which allows for continued conversation and visibility within your circle of consumers—and their family and friends.
Harness Social Media Power
Referrals will become your most powerful tool in a competitive market, and the best way to encourage these referrals is through social media. Men’s deodorant from Old Spice is a prime example. The deodorant market sees its fair share of competitors, and while Old Spice had amazingly popular television ads and a long history of success, they haven’t let the momentum die. This deodorant juggernaut has harnessed the power of multiple social media channels, including Twitter and YouTube, taking their efforts beyond the common space of Facebook. Their efforts include YouTube videos that see their popular commercial character Mustafa answering consumer questions. This personalized their response to the individual user, created a connection between brand and consumer, and provided some shareable hilarity that social media users were all too willing to spread around the Internet. If you’re unsure how to best utilize social media to your advantage, consider using a social media marketing company like LyfeMarketing.com to streamline your efforts.
Answer an Unmet Need with Change
A degree of change will make you more recognizable to consumers, and recognition can make or break success in an overcrowded industry. The acne treatment market is one of the most competitive, and numerous brands look to compete and capture the lucrative pre-teen, teen, and mom market. One new company hit the scene this year and set themselves apart by offering a proprietary component that truly distinguishes their presence in a market filled with promising serums and powerful ad campaigns. The revolutionary acne products from BioClarity were created with a proprietary ingredient that sets them apart from their competitors. Their patented new ingredient called Floralux is made from chlorophyll and copper, and is unlike anything else found in the more-than-competitive acne treatment market. In order to go up against skin care contenders that have been around for years, they made the decision to set their brand apart with an effective ingredient that helps relieve the side effects often experienced with other, harsher acne treatment options. Their scientific backing makes this revolutionary ingredient something to look into, and acne patients unhappy with other products thus far will be more than willing to give a new type of product a try. This change was their opportunity, and they seized it. Consider what makes you unique before breaking ground on your business, and use this differentiator as a key tool in your marketing and branding efforts from the very start.
