Unfortunately, that’s easier said than done. So many great markets are over-saturated these days. But, that doesn’t mean there isn’t room for a new kid on the block. Here are a few tips on how to both pick and succeed in an over-saturated market:
Picking A Target Market
One of the quickest ways to identify an area where your business can solve very real problems is to be the cure. Find the pain point in your targets market, which your product or service is the cure for. Then get it in front of them. After that, the sale should be easy. The alternative is to fulfill a desire. Consider the difference between painkillers and vitamins. One is for the reduction of pain and one is for the prevention of it. Which are you reaching for? Which do you think sells more?
How to Break Into An Over-Saturated Market
There are several ways to do break into an over-saturated market. The first and most obvious is to have a better solution for your customers pain than your competitors. Perhaps not even a “better” solution, but rather one that fits your customers better. Let’s say you need a new car for your family. Arguably, the best to go for would be a Ferrari or a Lamborghini (the debate rages on). Well, that doesn’t quite fit your needs. Yes, technically your family can drop the kids at school in a Ferrari but is it practical? No. See the difference? Have the cure for the pain, but also make sure it is the right fit for them.
Standing Out in A Crowded Room
It can be difficult to stand out. You have a product or service that solves a need or desire. You fit your customers’ needs accurately. But it is just so overcrowded, so how do you stand out? There are tried and true methods that do work. Specifically, you need to market your business. The point is, how many competitors are there in tourism and hospitality on the Gold Coast of Hawaii? Tons! And some do come and go, but there are certain names that remain year after year. The reason is because they use tried and true methods of marketing. You need to find what works and then do it better. Read more about business trends on TechCo Photo courtesy of SecurityIntelligence
