It isn’t easy to come up with a novel business idea these days. Almost every niche is competitive and saturated. For you to be successful, you need to do things differently. In this article, I will share some tips to make your idea outstanding in a saturated market.
The advancement in technology has eliminated a lot of barriers to starting a business. Most entrepreneurs can now develop their business ideas at a relatively low cost. And this is why there’s a high level of competition in almost every niche.
However, as saturated as most niches are, some entrepreneurs are still very successful. It’s not magic, but these entrepreneurs understand how the market works and strive to make their brand outstanding.
If you want to differentiate your business from others in a saturated market, here are some tips to apply:
#1. Be Customer-Centric
Any entrepreneur that wants to succeed must recognize the fact that the customer is king. They are the reason for your business’s existence. If you have this mindset about your business, you will always make your idea outstanding.
Being customer-centric means that your business focuses on providing an amazing experience to your customers. It doesn’t matter whether it’s at the point of sale or after the sale. Always give priority to your customers.
Make them feel valuable, be patient with them, and always go the extra mile to exceed their expectations. If you can do this, they will become the unpaid ambassadors of your business. In other words, they will send you more referrals. This will help you make more sales, drive profit, and more importantly, have a competitive edge in the marketplace.
From experience, customer-centric businesses are more profitable than other businesses. They build the trust and loyalty of their customers and reduce friction between employees and customers. That’s why it’s one of the top tips to make your idea outstanding in a saturated market.
#2. Have a Good Brand Story
Several other companies may have the same ideas as you. But your brand story could make your idea outstanding.
Your brand story goes beyond the history of your business. It’s a narrative that includes the facts and feelings that your business creates. A good brand story always inspires an emotional reaction from your audience.
Irrespective of how competitive your market seems, a good brand story will differentiate you from the rest.
Again, top brands like Coca-Cola and Disney understand the power of a brand story. That’s why they always build strong connections with their audience.
Ideally, every great brand story should create a trusting feeling that customers crave. It should be shareable.
Here are some helpful tips to enhance the virality of your brand story;
- Try to build your personal brand; it will help your business extend its reach.
- Ensure that your business or brand is active on social media. Even if your brand story goes viral, you still need to connect with your audience on social media platforms.
- Tell your brand story everywhere.
- Encourage your loyal and satisfied customers to share your stories.
- Try to encourage storytelling everywhere.
#3. Narrow Down Your Product Offering
One of the tips to make your idea outstanding in a saturated market is to narrow down your product offering. There’s no correlation between selling more products and services and business growth.
Even if you decide to sell more products and services, it won’t affect your business growth unless you do the right thing. If you want your business to be successful in a saturated market, you must be laser-focused.
Don’t do many things at a time. Instead, focus on your products or services you have a comparative advantage over, and you will experience astronomical growth in your business.
So, channel your resources and energy towards everything that brings more profit to your business. Give little or no attention to less important issues. In other words, apply the Pareto 80/20 principles to your business. That’s channeling 80% of your resources and energy to 20% of your activities that make a great difference.
Additionally, it will be easier for you to reach your core customers when you narrow down your product offering. Your core customers are the people who use your products or services regularly, and they spend more money on them.
Once you can capture your core customers, your business will be outstanding, irrespective of your niche competition.
Here are tips for narrowing down your product offering;
- Identify your audience and write down their key characteristics, including their ages, education, demographic distinction, etc.
- Understand their problems (I mean the pain point that keeps them awake at night).
- Identify ways your products and services can solve their problems.
#4. Become a Thought-Leader In Your Niche
One of the best tips to make your idea outstanding in a saturated market is to become a thought-leader. Making your idea outstanding in a competitive niche goes beyond offering great products and services.
You should build authority by sharing helpful information via blogging, vlogging, public speaking, podcasting, and any other strategy that will make you a thought leader.
Interestingly, once you establish yourself as an authority, your business will be outstanding. Your audience will see you as an opinion leader and a go-to person in your niche.
If you are wondering how you can become an authority in your niche, these tips will put you in the right direction;
- Include a blogging section on your website. The blog will enable you to share useful information with your niche audience. That’s how entrepreneurs Neil Patel and Brian Dean became authorities and thought leaders in the digital marketing and SEO niche.
- Publish topics related to your niche on authority websites like Forbes, Entrepreneur, etc.
- Reach Influencers to help you position your business and gain more exposure
- Invest in content marketing
- Network with experts within your niche
- Actively engage your audience on social media
#5. Improve Your Product’s Value
A good way to differentiate your brand from competitors is to improve your product’s value. But you need to think outside the box to achieve this.
You can think of added benefits that could make your products or services different from your competitor’s offerings. Try to be as creative as possible to develop a completely different value that no competitor is offering in your niche.
No niche is too competitive for anyone to be outstanding. All you need is to do things differently and let your audience see you as a brand that creates value.