How to Successfully Navigate Through a Saturated Market
Today, the new wave is creating multiple streams of income and making a difference on and offline. People are becoming more aware of available resources for the improvement of their lives and their finances.
There is literally no reason why someone couldn’t make a difference in the world while earning a hefty living. One of those differences is creating opportunities for others by offering services and products online that help our economy, our industry, and our households. More of us are understanding and implementing these things in our everyday lives.
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There are a select few out of billions of people who are taking advantage of earning from the internet. Others are putting in the “footwork” by physically showing up in their community and social groups.
These people are the select few out of all the people in the world who are brave enough to take a leap of faith and really prevail in business, investing, and innovation. They aren’t afraid to fail, and I love it!
There’s a middle crowd that yearns for change and to actually take that leap, but their ideas (to them) seem small and drowned out because “everyone else is doing it”. They see and hear about the opportunities available, but there’s a doubt present. There is a belief that the market is too saturated for them to be successful.
It’s all in their head. It may be all on your head as well. I’ve been there. Visit there often, but I shake it off.
If you have an idea that isn’t innovative, this entire blog post is dedicated to you!
If your idea scares you because “everyone else is doing it”, this blog post was specifically crafted for you!
Listen, your idea is valid. There is absolutely nothing wrong with a conventional idea to help you meet your goals. The problem is often your mindset, approach, and delivery.
Below are the 2 major things you must always remind yourself of when you are entering saturated markets:
You can’t serve everybody
Just off the top of your head, how many grocery store chains can you think of that co-exist? How many automotive brands can you name within 5 seconds? How many brands of cereal can you name within 10 seconds?
The point is that there will always be other people doing what you want to do. There’s not a special sauce that you need to invent something unless you have the passion and desire to do so. The special sauce is YOU.
There will always be more makeup artists. There will always be more hairstylists. There will always be real estate investors. There will be other barbers. There will be other home builders, engineers, accountants, freelancers, etc.
The golden nugget you must remember is that you can’t serve everybody. You can’t be in more than one place at the same time. You can’t book multiple people for a special event that you personally will perform at. It’s just not possible.
You can’t personally be everything to everybody.
Highly competitive does not equate to impossible
The best thing about being in a highly competitive industry is creating and infiltrating a different approach to attract your tribe. Someone will be booked. Someone will be unavailable. Someone will be out of stock. It happens. It may happen to you.
What you have to focus on is not letting your emotions get the best of you.
You have to focus on not giving up.
You have to focus on studying your industry and market consistently.
You have to do your research and interrupt the industry as if your life depended on it.
Stop feeling sorry for yourself and give yourself a chance. You’re most likely just scared and are making up excuses about why you can’t do something.
So, let’s review a great way to navigate through these feelings of doubt and arrive at a point of success within a saturated market:
Create products or services for the people who are in a saturated market.
If there are a ton of hairstylists, photographers, and other creatives online, make a product or create a service to serve those people. People are always looking for better. Sometimes people don’t know that they need “better” until someone proves to them that “better” is best for life or their business.
So, tip #1: Create or innovate a product or service for those who are saturating the market.
Stay consistent online (this is non-negotiable).
I know being consistent in anything will make a major difference. Again, someone will not have “it/what you need” every time, all the time. Someone will be booked. There will always be an opportunity for your business if you don’t give in.
Your time will come if you believe and stay consistent with your goals. There is a certain discipline that comes with consistency. There are things that should happen all the time and your visibility is one of them. If you can’t be available, your business should still be able to run or “show up” when you aren’t around.
Allow me to share a secret with you! The app that changed the game for me on Instagram is Apphi. This app allows me to schedule posts with a location, hashtags in the first comment (whoop, whoop!), and auto-loop/auto-delete as needed. I can also tag someone as well.
I literally have been able to stay consistent without worry because of this app. I have the paid version so I schedule without limit. However, if you’re a “try before you buy” person like me, try the free version. See for yourself, I bet you’ll convert! :)
Tip #2: Show up every single day. No matter how tough or discouraged you get, keep going!
Do heavy research about your competitors. Find your lane.
There’s something called a S.W.O.T analysis that I recommend every new business complete to assess what their strengths, weaknesses, opportunities, and threats are. Here’s how it works:
You probably already know what your strengths are, but it's best to identify and confirm everything your business does well; stronger than your competitors. This is a simple comparison of the strengths of your competitors vs. yours. Write this down.
Think about what benefits your competitors have to offer the market that you don’t. Labels these as your weaknesses.
By completing the comparison to identify your weaknesses, you’ll also be able to identify any missed opportunities that you see during this analysis.
Example: When you looked at competitor reviews, you noticed that a few people were complaining about shipping time and packaging once their product arrived. This is an opportunity to find cheaper shipping prices or to figure out how to price your products in a way that allows your business to offer free shipping with their purchase while you earn a profit.
Think: What is my competitor doing that our shared market doesn’t like? How can I produce/do better? How can I resolve this issue?
After you’ve assessed your strengths and weaknesses, there were most likely areas you could identify as opportunities to grow your business. This growth can be collaborative efforts or fulfilling a need in the market.
Think: Who can I work with that can get my brand in front of different audiences and won’t conflict with business?
Example: You’re a baker who provides cake pops, pretzels, cheesecakes, and other professional snacks with a highly designed and well-packaged presentation. You find a wonderful party planner and kids’ party photographer that compliments your style presentation in business. You decide to ask them to sponsor a non-profit event to give back to the community. They say yes, here’s what happens.
Notice that there are three businesses working together to:
(1) get their brand in front of new people
(2) gain business from one another from referrals
(3) get photos of their work for their website and portfolio
Opportunities are the perfect way to fill a need in a market and increase brand awareness. Write your ideas down. Who would you like to work with and how will working together be mutually beneficial.
Finally, assess your threats. Identify peaks in seasons that make your business slow during certain months. These are called threats.
Example: You have an online boutique. You purchase wholesale from Chinese vendors overseas. You know that they have an annual New Year for an entire month in which no business transactions happen. Therefore, you can’t purchase at this time. This is a threat to your business.
Think: How can I prepare for these slow seasons? What can I do to make sure my/our profit is consistent and business is stable at these times?
Strengths/Opportunities = Increase these
Weaknesses/Threats = Decrease these
After you complete your analysis, it's imperative that you immediately see where your brand is according to your research and figure out what your lane is. You don’t have to do what everyone else is doing. You need a strategic approach when building brand awareness. You need to show up consistently. You need to be authentic. You need to be YOU.
Tip #3: Find where you are in your industry by researching, make your way to it with action and be yourself!
The only way to successfully get to the people you want to do business with is to get started today. Start with research and analysis. Gather as much information about your industry and competitors as you can to identify where YOUR business will position itself.
Again, you can still be successful doing what others are already doing. It’s how you choose to dive into the pool and stand out. You don’t have to become a world-renowned innovator to become successful and achieve your goals. You just have to stop making excuses and just start,
What are some other ideas that you think could help you excel in business? Drop a comment below.