How Can Your Business Stay Competitive In a Saturated Market?
Making your way to the top is not easy, but achievable. Staying at the top is another story entirely. One day you’re the rave of the moment, and the next minute, you crash with a loud thud!
It takes triple doses of what took you to the top to keep you at the top!
This is seen in the case of Yahoo, Nokia and Blackberry. First, it was Blackberry Whatsapp shutting down on December 31, 2017, and May 31, 2019 will see the end of BBM.
These three brands were a rave of the moment some time ago, dominating their markets, but lost their footing in a flash. They rested on their laurels, snoozed for a bit and lost big time.
Honestly, staying competitive goes way beyond building a huge company with an excellent business model. Every business that wants to grow does that, and we have seen most of them go moribund after the initial reign.
The secret to viable competition is to remain organic in your innovations, while staying flexible to allow for the continuous evolution of your business.
Staying competitive means you have to always foresee business bumps and maneuver them strategically with recurrent innovations. This ensures that your business stays relevant and thriving for a very long time.
Don’t stay stuck!
A revolution moves across all markets, making it saturated with everyone almost doing the same thing. A little slip, and the disruptor becomes the disrupted. A battle for the survival of the fittest it is.
But you can maintain a place in your market, stay competitive and dominate by capitalizing on the following strategies…
1. Differentiate Your Business From The Lot
If you find yourself in an oversaturated marketplace, your ability to differentiate your business will help you thrive. It’s a given that you will attend to the same group of clients as your competitors.
But what is your staying power?
Why should a client buy from you and not your competition? What is the unique experience that you can offer which your competitors can’t?
Move smart by defining your strengths. This is the first thing to do. Find out what stands you out and makes you different from the rest. This was your push to set up a business in the first place. There was a unique need you knew you could solve.
When the market gets hotter, step up your fire a notch to match it, by leveraging your strength to gain a competitive edge. This is not particular to technology and fashion industries. The bar has been raised in coaching, real estate, consulting, health industries, etc.
Find that strength of yours, leverage it to create a new disruptive model. This will boost your unique selling proposition, setting you far apart. And once you can differentiate yourself from the lot, you’ll be far beyond reach and your business will thrive.
2. Find Pitfalls Or Gaps, Leverage, Create A New And Relevant Sub-Market
Regardless of how saturated your market is, there is always a need yet unsolved. Get down to your genius mode and find it. Take for instance, the era of flip phones. Motorola, Samsung, etc., were selling hot. They were fashionable and modern.
Yet for security, all you needed was a pin code or pattern to unlock them.
But how about now?
In place of the patterns and pin codes are finger printing, retinal scanners and even facial recognition. This is a consumer need that wasn’t met a few years ago, but someone found this gap, leveraged and created a sub-market from it.
Another vivid example is PREGO, the 80’s king of pasta sauce. They hired a market research guru named Howard Moskowitz to come up with the best of all spaghetti sauce.
Rather than ask from one customer to another, he went the way of blind testing for varieties of pasta sauce. Then he realized that instead of having one perfect pasta sauce, you can have multiple best pasta sauces.
This was established by the fact that each consumer had different unique choices that agreed with their taste buds. So while a set of consumers loved the spicy sauce, some preferred the sweet and others the chunky.
This helped Prego formulate their spaghetti sauces, with an added information that one-third of the American population loved their spaghetti sauce extra chunky. As such, Prego took over a highly competitive market, because they filled a gap in the need of the average American people.
Truth is that, no matter how saturated the market gets, there will always be a need unmet in the same industry. So it now lies with you to conduct a research with your clients and discover a pressing need that hasn’t been solved.
In most cases, it happens that these needs are either not discovered, or regarded as too “inconsequential” and ignored by others.
This might just be your big break!
Stay committed and give it your best shot. No matter how inconsequential, if it is a need, it will move you to the top.
3. Diversify And Provide Your Customers With Varieties
Does the saying “variety is the spice of life” ring a bell? There are no truer words when it comes to your business, especially if you find yourself in a competitive market. Any business coming into a competitive market is ready to be fierce.
The biggest mistake you can make is to put all your eggs in one basket. Diversifying your products affords you an increased chance to have a stake in every part of your market.
If you sell cars, look for an insurance package that caters to needs of your client not covered in regular packages. Are you a business coach? Do more than just helping clients raise their businesses.
Look for a winning formula or business coaching program that will keep your clients thriving for a very long time. This is applicable to any kind of business you run.
Diversifying keeps you on the minds of everyone, because they know you are the go-to person for answers. In a competitive market, this is a solid staying power.
4. Give Your Customers Greater Value
In a market where clients can get one product or service from many business owners, why should they keep coming back to you?
Clients are particular about getting maximum value for their money. So they are constantly on a journey to quality service. They are always on the lookout for who will give them the best at a particular point in time… while touching their pain points.
And as a result, they move with haste from any business that doesn’t give them optimum satisfaction. It really doesn’t matter how much a product or service cost. They will leave your competition and move over to you if you will give more value.
A little bonus: People tend to place more value on your products or service if it’s high priced. They will also invest their efforts and maximize the values you have to offer, because your service cost them a lot.
So, increase the value of your offering by creating great customer journey and experiences laced with incentives — rewards and quality products. These little perks will bring about customer loyalty and retention, leading to massive business growth.
5. Understand Customer Trends And Stay Ahead
If you plan to stay competitive in an oversaturated market, think like your consumers. Consumer wants and needs change with each passing day and you have to keep up. Be on the alert for market opportunities and changes that can help you outperform your competition.
As a rule, you should anticipate your clients’ needs before they even talk about them. Clients will stick with businesses that bring things to them, which they never knew they needed. This is the benefit of anticipating the needs of your clients.
so, here’s how to leverage and stay competitive…
Find a need, a gap, a pitfall and fill it! Stay ahead of your competition by looking out for trends and offering varieties and high value to your customers. Businesses emerge everyday which leads to a continuously crowded market.
This makes some business owners court the idea of giving up. But with the right information on how to stay competitive, you’d see opportunities where others see a roadblock. It gives you the competitive advantage to stay ahead.
If you need our support in staying competitive in a saturated market, click here or use the button below to schedule a breakthrough call with one of our business strategists.