During those initial stages of starting a business, it’s easy to find discouragement. No matter what market you’re in, you’re going to be competing with major players who seem to dominate the industry. Providing a more optimistic outlook, however, is the fact that you don’t have to revolutionize the world to revolutionize an industry, and there are ways to compete in these saturated markets that allows you to stand out.
3 tips you can use to compete and stand out in an already saturated market are:
1. Tell your story and make it a good one – When it comes to price and quality, consumers of today have more options than ever. If you’re working in a saturated market, it’s tough to come up with a product and price that product in a way that stands out completely on its own. Afterall, there’s a reason products are priced the way they are and there will always be a product with equal quality. What you have, however, is an ability to tell a completely unique story, and to use that story to stand out on your own. Share your experience, find common ground, and use this to build an emotional connection with your audiences.
2. Focus on one thing and master it – Startups simply can’t compete with big companies that have unlimited capital, but they really don’t need to. Sure, these big companies have “mastered” everything, but they have the resources to do so. For startups, learning how to do one thing exceptionally well and focusing on that thing as your strength is enough, and it’s enough to connect with your customer bases in a unique way. Perhaps it’s how you create your product, perhaps it’s how you market your brand, perhaps it’s how you communicate with your customers; no matter what it is, it’s go to stand out.
3. Leverage already existing audiences – Why is a crowded market intimidating? It’s full of competition. However, if an industry is full of competition, it’s also full of potential customers. Obviously, if the competition is there, so are the customers to create that competition in the first place. Leveraging audiences and their attention helps to make you a real player in an already crowded marketplace arena. Engage with followers of these related brands on your social media pages, and grab their attention using a product or a market they’re already interested in.