Defining what it is that makes your product and/or services unique will be a determining factor in your success.
If you type what you offer into a search engine, you’ll likely get millions of hits. The awful truth is that much of the market is oversaturated. In these cases, being able to stand apart from the rest can be difficult. It doesn’t matter if it’s through simple convenience, higher quality, or lower prices, you need to determine a way to position what you offer as a better choice than the rest. Here’s a quick look at a few strategies that might help you do just that.
Know the Competition
Unbelievably, not all those search results are unwelcome news. You can use them to your advantage just by clicking on the top results. After all, they’re your competition. Research their return policies, price points, and features. Is their technical documentation and messaging better than yours? Try to find information on their procuring strategies and suppliers. Take a scroll through the social media of your competitors and pay close attention to both their high and their low reviews. Anything that consumers don’t seem to like regarding your competitors is an opportunity for you to do better. Something they do very well is something to cover in your offerings.
Each market has a vast array of niches. For example, some landscaping businesses specialize in lawn care, within that category, some will stick to B2B or B2C services. Some use email marketing, others use social media, still others will use TV or radio ads. In a crowded market, it might seem as if every niche is already taken as well as every marketing avenue. If this is the case – create your own.
Dating sites seem to have taken this to heart. For example, there’s a dating site for vegetarians, as well as one for proud nerds. There’s even one that connects people based on their taste in books. Do your research and find your niche as well as a unique way to advertise.
How do you distribute your offering? In some types of markets, a complex supply chain means that products have to pass through quite a few hands before they reach the consumer. Eliminating a few intermediaries will assist with pricing your product competitively while also allowing you to build tighter loops of feedback with customers. Do a good audit of your supply chain to see if any steps can be cut from it.
In an overcrowded market, credibility is vital. Consumers just don’t have the time to read everything about every brand, so they go with the ones they know about and trust. Building credibility is more of a marathon than a sprint. Monitor all of your social media to discern what your customers are saying about your products. Read each review and rating you get and pay close attention to the things that are disliked and liked by the customers. Not just about your product, but also about delivery, customer service, and everything else.
Finally, whatever the density is of your market, distinguishing your business or brand from your peers is never going to be akin to a Sunday stroll in the park. In order to encourage loyalty from past customers while also helping new ones choose what to buy, you need to do your homework. Use the things you learn in order to perfect what you offer and to outpace the competition. This is good advice for any type of business, but when you’re in a crowded market, it’s the key to the castle.