How to make it in an over-saturated market
Just because the internet market you want to enter is overcrowded with competitors doesn’t mean you can’t succeed.
Use these tips to overcome the challenge.
You are almost decided to take the leap and turn your passion into a thriving internet business. Still, the dilemma is that your passion lies in an industry that’s already over-saturated with hundreds of companies and websites just like the one you have just created.
If you feel bad because you could not find an untapped market, don’t. There are much fewer untapped than existing markets. Sure an untapped market might have more possibilities, but you don’t have to reject your dreams just because you’re not the 1st one to have an idea. New companies are emerging all the time as industry leaders in saturated markets by discovering an untapped niche.
Saturation Means Strong Demand
Actually, a saturated market is a good sign. It means that there’s a lot of opportunity in the industry. When entrepreneurs avoid entering markets that are already served by other businesses, consumers have far fewer options and competition is good, both for businesses and consumers alike.
Take the car industry… In the 50’s there were only 65 models available, now consumers can choose from more than 600 cars. Do you think that the market has shrunk or grown?
By the same token, there’s not an overwhelming need for more restaurants, at 1st look, the industry seems pretty much saturated. Yet new dining venues are popping up every day. It’s possible for any startup to succeed in even the most competitive industries by creating a product or delivering a service that’s distinctly different or better than what’s available. The amazing success of the food trucks in Southern California is a prime example. Food trucks are everywhere and they even offer exotic or gourmet food at a premium price. Those food trucks are catering to a specific subset of the target audience.
Tap Into Change
The key to making it in a saturated market is change. Change is a synonym for opportunity. If you don’t know what’s changing—with your customers, competitors, distribution channels, alternative uses, features and more, your customers will go away and buy from those who do. And that’s precisely why new businesses have an edge.
It takes a lot of effort and time for old companies to change. Larger companies that have been in business for decades are sometimes set in their processes. It’s very complicated to modify long-standing practices because people are used to what they were doing and are reluctant to change.
On the other hand, startups often recognize the gaps that established businesses don’t. If those statups have a correct vision, they gain customers and grow.
Be careful, though, not to become like the established businesses who think they know better than the customer. This applies to B2C, B2B, and nonprofits. Small businesses with less rigidity and a smaller organizational hierarchy often make quicker decisions and turn on a dime.
Deliver Value-Added Service
In any entrepreneurship course, you’ll be advised to choose a business model and figure out how to do it differently or better than existing companies. In some cases, though, you might already be in business and experience a sudden boom in competition. That was the case for Xavier Lannes, CEO of MyAdgency.Com.
He started his social media consulting company several years ago when Facebook advertising was just kicking off and businesses were finally utilizing social media as a viable marketing channel. Social media managers came out of the woodwork and everyone called himself a social media expert.
Even though he had previously managed several websites and social networks, Xavier needed a competitive advantage. So he offered low-entry, no-commitment contracts to clients who wanted to see if social media was a viable marketing tactic for their companies. “If clients weren’t happy with my work or they didn’t receive what they expected, then they weren’t locked into any long-term contract and could cancel immediately.”
Today, Xavier is still offering Social Media management, but his scope is now, and he has moved and specialized into Copywriting, Landing Pages, Content Management and Facebook ads.
So, if your idea of a business is the same as several hundred, or several thousand, others, and you are unsure where to start, just read Xavier’s eBook. You will find a lot of wisdom and examples.
And for a limited time, you can download it for free…