12 Ways to Succeed and Thrive in a Saturated Market

Many people often worry about a marketplace being over saturated, when in reality they shouldn’t, and here are the reasons why…

Think of it this way.

You look at a market, but it seems crowded, you worry that it is over saturated and you cannot enter to compete or make sales.

Is that the case?

Have you ever stopped to consider the WHY the market is so crowded…

Saturation Means There Is Strong Demand Within The Market

There is usually a lot of people or activity within the sector and this in turn creates a high demand and therefore a strong need for businesses and people to service the marketplace by selling products and services.

In most cases this apparent saturation will be as a result of the high demand. This means they are going to be conducting business and making sales as a result.

This is a sure sign that there are a range of opportunities within the market, making it possible for any company to enter a market and thrive.

Especially if they enter and seek to deliver a product or service that is distinctly different or better that what is already available.

(Apparent) Market Saturation is a GOOD thing

If you spot a market that seems saturated, I bet you people within that market are making a lot of money and growing very healthy businesses from it. It is all down to the supply and demand.

My opinion is there is no such thing as a saturated market. The more competition there is, the more money there is to be made.

You can always squeeze into a market somewhere. All that you have to do is look to see where there is room for you to fit in and deliver your service.

Then you what you must do, is step into the marketplace and seek to OWN it, look to carve out your own segment and make the necessary waves you have to make in order to grow your business.

Think of it this way…  

With a saturated market – The customers are already there…

Now I am not saying it is going to be easy, but if you look to be different, stand out and rise above the noise, then you are well on your way to seeing success within your business.

12 Ways to Succeed and Thrive in a Saturated Market

  1. Always deliver a high quality product or service
  2. Look to stay ahead of the curve within your niche
  3. Look to stand out over others
  4. Specialise in ONE thing (sub-niche) within the market
  5. Solve customers problems within the industry
  6. Watch out for trends and adopt them quickly
  7. Offer greater value to your customers
  8. Look for the gaps within your market
  9. Focus on the Customer needs
  10. Have a plan and stick to it
  11. Continually monitor your competition
  12. Do NOT ignore change – embrace it

Always deliver high quality product or service

No matter what it is you are offering, look to deliver it in as high a quality as you possibly can.

At the end of the day, word of mouth still goes a long way. By delivering a high quality product people will recognise this and mention this to others.

They will recommend you to their friends.

Think of Apple – they have high quality products, offer a fantastic service and as a result have rose above the rest in an already crowded marketplace. At the time when their first iPhone was launched they were not considered to be the dominant brand.

Not only that, but if you do deliver a high quality service you will also have repeat customers coming back to you again and again. This will compound for each and every happy customer you work with.

Look to stay ahead of the curve

You should always be keeping on top of what is happening within your market. You must know your niche or at least keep continually monitoring it. If there are changes, then be aware of them, keep ahead of them and innovate where you have to.

By staying ahead of the curve, you are therefore not standing still. You are keeping your business moving, adjusting and innovating.

This is what keeps you sharp and in the lead within your market.

Look to stand out over others

By specialising in one specific area you can become the expert or go to business or service for that very thing.

By specialising – Nobody else will be as good at what you do or offer.

What do your competitors offer?

Is there anything you can offer that is not currently available?

Get known for something different and this will have people coming to you seeking your services. This can even be down to going against the grain at times. If you can stand out, you will get noticed and this can bring business your way.

Specialise in ONE thing (sub-niche) within the market

You wouldn’t go to a dentist for heart surgery…

No – you would seek out a heart specialist.

Why?

They are the people with the most experience and skills. They intimately know and understand the heart and are the people you would want to be speaking to.

The same is true of you can specialise in a sub niche or segment within your market. Look to become the best and whatever it is you do within your sub niche. Make sure you know your niche very well and are the one with the most experience.

If you successfully accomplish this, then you will have people coming to you for your skills and expertise.

Solve problems within the industry

Every industry has it’ problems.

They can be something really simple or even something that others may not have spotted. In fact it could even be something that is currently being dealt with by others. You can still look to solve these issues yourself, however if you look to solve these and do this better or to a higher degree than your competitors, then you stand the chance of helping others and growing your market share in the process.

Watch out for trends and adopt them quickly

If you spot a trend early enoigh and adopt it, you can be ahead of the game, then ride the trend …

Trends come and go, and they can also be very lucrative to those who do adopt them early and fill the need that arises from them.

Learn to spot them, act upon them and position yourself ahead of others and you will have the momentum over your competition.

Offer greater value to your customers

What are your competitors offering?
Can you offer better value for money or value in other ways?

It doesn’t always have to be offering more than others in monetary value
(although you can of course do this also)

You can look to offer greater value in many other ways. This can be from how you treat your customers, how you communicate with them throughout the process, or even with the after care service you provide.

Look at where you can build in value and seek to implement this within your business as standard.

Look for the gaps within your market

There are ALWAYS things missing or gaps that can be filled. This can be from something simple to something brand new or simply never been spotted.

If you enter the market with a view to spotting these gaps, then you can very quickly create a sub-niche for yourself and take command of this.

If you spot a need that isn’t being currently fulfilled and you move to fill this gap, then you will be filling the gap and providing a missing service the sector had been requiring.

Focus on the Customer needs

What does the customer really want?
What is not available for the customers?
Can you offer anything different or not currently available?

If you truly understand your customers needs and wants, then you can create something that they do want and is in demand.

It could be something that nobody else offers, or something that can be done better, it is up to you to understand and know the market and the demands within it.

Research your market and continually monitor it.

If you completely understand what your customers want and are willing to pay for, and provide this then you will most certainly see positive results in your marketplace.

Have a plan and stick to it

If you conduct your research properly, you will know what works and what doesn’t work within your industry. This in turn will enable you to create a plan and you will know what you need to do in order provide what is needed and to begin seeing results.

After your research – Enter the market with your plan and execute it. There is no point taking cold feet and backing away as it is ‘too much work’, you have to follow through and do what it takes otherwise you will not see the same results as your competitors who are doing the work.

If you don’t – someone else will!

Continually monitor your competition

You should always be watching what your competition is doing. This is highly valuable as you can see where they are making gains and where they may not be.

By monitoring your competition, you will also see the things they test or try out for themselves. You might actually see something they are currently doing, that you can adopt or improve within your own business to ensure you keep up with, or get ahead of your competition by simply watching how they do business.

Do NOT ignore change – embrace it

Nobody likes change. However if you spot it has happened, or is in the process of changing, learn to adopt this change, run with it and embrace it.

Take the example of the traditional video stores. They had a fantastic business 20 years ago. However, many simply ignored the big changes that were happening within the online and digital space and by doing so they got left behind.

The ones that adopted and embraced change survived,

For the ones that didn’t…

Distant memories or struggling to survive…

In Summary

What you should look to do is enter a market with proper research and a plan, put in the required work, be aggressive where you have to and deliver an outstanding service.

This is business and can be hard at times, but if others are seeing a lot of success within your so called ‘Saturated’ marketplace, then this is a green flag to get into the mix and enter this market rather than not entering it or letting others enter and taking their place.

Saturated Marketplaces are a good thing.

As explained, the need is there, others are making money and doing well. There is ALWAYS room for you. It is just up to you to enter and take your share of the market.

Look to follow my 12 steps and implement as many as you possibly can – In doing so you will beat most of the competition very quickly and grow your business

 

About The Author

chris

Chris Cole is passionate about online technology, video and audio. He is from Northern Ireland and has been working online since 2009. He likes to write about his marketing journey online and is also a lover of all thing Video and Podcast related. Follow Chris' journey and while you're here - Watch out for the new Broadcast Geeks Podcast that is coming soon. If you like this site, then why not come and join Chris over inside the Broadcast Geeks Facebook Group (Click Here) https://www.facebook.com/groups/broadcastgeeks

Leave A Response

* Denotes Required Field