As humans, it is natural to think it is best to avoid a saturated market. Many motivational speakers indeed have written books about leaving the red ocean and seeking blue oceans. This may sound cool in writing but Entrepreneurs understand all too well how arduous this is in reality when your primary aim is survival in the midst of market uncertainties and even worse a broiling pandemic.
Moreso, most markets you can possibly think of are already crowded with major players who have gained grounds and have already captured significant parts of the target market. so except you plan to build or create something that has never been created you might as well learn how to stay afloat in a saturated market.
Here is how to do so:
- Go after ignored sectors: As much as we already have a number of players in the real estate industry, there are still sects of prospects that still feel ignored. Just as UNTUCKit created shirts for men who wanted a better casual option, pursue a group whose need is yet to be catered for by the existing options. With the right niche, you can infiltrate a major market before the big players even know you’ve arrived. Remember the story about Peak milk and Cowbell in the 90s. Cowbell identified a need amongst the poor masses and delved into the production of sachet milk and sold at affordable rates, this single move almost drove Peak, the market leader then out of the market but for their quick counter-action. Look for the sub-group whose particular needs aren’t met. These potential clients are probably buying what’s out there simply because they haven’t found a better alternative. Do one thing better than anyone else and build a brand around that strength, then build outward after you establish a loyal audience. When they see an offering created especially for them, they will buy it instead. Solutions are what everyone is out for, but if you aren’t sure about what solution to proffer, take a sample of your target market to find out what their preferred solutions lack. The more reliable data you gather, the more targeted your solution will be
- Offer a distinct product: Address the gap in the industry. If you look around the industry and see all buyers’ needs are being met and they are achieving the transformation and dream they are after, then you need to get in there and create something new. Notice things that should be offered but are not available or provided in an effective way. That is a great signal for you, demand is not being met. You need to create something to fill in the gap and lead people to the outcomes they want or dreams they desire. Do not worry about a saturated industry, worry about what you can contribute that everyone else is missing.
- Build up your personality: Once you’ve found your niche, it’s important to build your knowledge and your network. And if you can’t yet afford to attend conferences or hire a mentor, you can attend affordable training and find ways to connect with your community. Find people in your own space who are in a position that you want to be in the nearest now, hang on to them and learn. When you have a distinct style, voice or brand personality, you will appeal to specific buyers. This includes your values, mission and vision, what you stand for. That is enough reason for people to buy from you instead of a competitor, even though you may be the more expensive option.
- Leverage existing audiences and brands: The most crowded markets seem intimidating because they’re filled with competitors. That may be true, but they’re also full of something else; Customers. Big markets always have big audiences. Leverage someone else’s audience to get more attention for yours, and suddenly, you become a legitimate brand in the marketplace. HOW? Establish a good relationship with clients and thereafter ask for referrals and introduction, seek feedback too. That is one way to measure your performance. If you are doing really good, referrals will come trooping. Collaborate with existing players in the industry that complement your strengths to get your name out there. Engage with the followers of related brands on social media, and don’t feel limited by your industry as you do so.
As an Entrepreneur, fear and doubt are your biggest enemy. Never be scared to fail, rather adopt a system that allows you to fail fast, take learnings and move on to success. Lastly, never doubt your capacity to succeed.