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Being in a saturated market might sound like a nightmare, but being in a tight spot can mean that you are in a position to explore more.
You will want to think outside the box, look for new strategies, hire undiscovered talent, and work harder to thrive.
Competitive spaces, while there is no doubt they can be a struggle, means you’ll need these tips.
Niche
A saturated market typically happens in big spaces; the more you niche into something, the less competition you will have. For example, dog food is a vast market, but niche it down into free-range, vitamin-enriched, and older dog food, and you are getting somewhere.
What can you niche down with your product or service? Specializing means you will have less competition.
Value-added
What do you offer with your products or services that others don’t? What sets you apart? Offering the same package and price as countless other companies means buyers can go anywhere and get the same thing.
What do you throw into your package to make yours the best? It might be better dealing after the first purchase, more extended customer care, VIP options, or even free products after a certain point. What is your value-add?
SEO
If everyone is saying the same thing, people will turn out. You need to say something different. And more than that, working with an SEO company that specializes in your area (see how that works) will give you the results you need. Start specific searches like SEO for moving companies or cat food companies.
Go niche to get the best results and get that all-important SEO
Authenticity
We have all seen the adverts where one product does 74 things, and in the end, the only thing it can’t do is fly you to the moon. The problem is that it no longer feels realistic after a certain point.
And big companies tend to fall into the trap of being faceless, nameless, and unrelatable. Instead, you have the opportunity to start and remain as authentic. Relating to your audience, really understand what they need and who they are.
Be consistent in your values and vision, and learn that there are some places where you can’t compromise – your authenticity is one of them. Develop a bond with your customers so they trust you, and you repay that by being honest.
80/20
Thriving is just as much about your cash flow and efforts as it is from the outside looking in. On the inside of your company, you should always look for the Pareto option. This goes for content production, buying, manufacturing, and more. 80% of your results should come from 20% of your efforts or spending.
What this does is reduce your costs and increase your profits. Reduce time spent, and increase the time available for growing the business. You’ll have to find your personal (and business-specific) productivity level to produce these results and build a framework to keep it going.
The 20% should be your priority, no matter what it looks like.
And never be afraid to try interesting growth methods: 6 Merchandising Strategies To Grow Your Business.
