SELLING IN A SATURATED MARKET
August 17, 2023 at 1:48 am #71683NebuzzParticipantRank: Sojourner::
What To Do If You Are In A Saturated Market 🔔
One of the key reasons why you are not making enough sales in your business is because you are operating in a saturated market.
And to make the matter worse, you have absolutely no idea of what to do to either take an existing market share from your competitors or create an unusual consumer demand.
If you are at this crossroad in business, I’m here to help you.
Should you stay away from an industry because it’s already saturated? H£ll no!
In fact, almost all the popular high income business niches are already saturated.
Whether you are selling plumbing materials, leather, luxury hair, shoes, jewelry, solar panels, phone accessories, crayfish, or what have you, there are thousands of other people doing exactly the same business, and everyone of them are targeting the same market with a limited number of consumers.
Jumping from one business to another every 6 to 12 months in search of an unsaturated market like most people do won’t solve the problem.
The permanent solution is to learn exactly what to do when you are in a saturated market.
Before I went into online business fully, I started off with a couple of offline businesses.
I’ve sold deodorants, bread, car wash liquids and food.
I’m saying this to say that what I’m about to teach will work whether you are running a physical business or an online business.
So, it will be in your best interest to pay rapt attention.
But before we dive into the lesson proper, let me help you understand what a saturated market is.
A saturated market occurs when the number of products or services available in the marketplace exceeds the consumer demands. When that happens, it’s either you innovate and grow or stay stagnant for a while and eventually d!e off.
The choice is absolutely yours to make. But if you are like me, I would innovate and grow.
How do you go about this in a way that results to an exponential growth in business? I will explain them in 4 points:
1️⃣ Improve the Value of Your Product
There are types of value:
— The real value
— The perceived value
While the real value of the product should be top-notch, many people (especially those with a higher purchasing power) actually don’t buy products because of the real value alone but the perceived value.
Allow your competitors to focus on the real value of the product alone in their marketing message but when you want to come in, do this….
Real value + Perceived value
The perceived value should address at least one or all of these:
— How your product makes them feel
— How it will save them time, money and energy
— And how it will likely make them more money
While customers aren’t daftttt because they will always compare the value they will get to the money they will spend on your product to be sure that the value is higher, you still have a role to play in terms of pointing out this perceived value to them or showing it off — whichever one that works for you.
Do not make the mistake of entering a saturated market ready to only point out the real value of the product to your target audience. If consumers can’t see the difference between you and your competitors, you have no reason being in business.
2️⃣ Identify Your USP and Amplify It
What are your unique selling points? Do you have one? Have you been able to identify yours.
You can’t create consumer demand or take an existing market share from your competitors if you don’t know what makes you unique.
For me, one of my unique selling points is my integrity. I can give up any amount of money just to protect my integrity. I’ve worked on myself and will continue to do so such that no amount of money can make me trade my integrity.
What I didn’t legitimately earn doesn’t enter my eyes no matter how enticing it is.
To ensure I keep to this, I ruled off some business ideas from my choice of businesses no matter how much other people are making from it.
Your USP could be your leadership ability, system, structure and strategy driven mindset or just anything.
Your USP must be something that is not common in your industry but very relevant.
Beyond identifying your USP, it is your responsibility to amplify it.
Don’t just keep quiet expecting the consumers to discover it themselves. No! You’ve got to blow your own trumpet through strategic brand storytelling.
When using content storytelling to promote your brand, infuse it.
If you have an excellent customer service skill, demonstrate it before your customer and document the story while holding back the identity of the customer except you have the permission to do otherwise.
3️⃣ Tap into Other Marketing Channels
In marketing, there’s what we call, “The Rule of 7.”
The Rule of 7 in marketing says that customers need to see your brand at least 7 times before they can make a purchase decision.
Invariably, to win in a competitive and saturated market, you need to maximize every ethical means to be in their faces more than your competitors can ever do.
A super easy way to achieve this is to research the platforms where your ideal customers congregate and take your marketing message there.
Some internet marketers selling sexx products took a portion of their ads budget to po.rn sites while their competitors are k!lling themselves over Facebook and Instagram ads.
They do this because they understand that majority of their target audience are po.rn site addicts. That doesn’t mean that they won’t run Google, Facebook and Instagram ads occasionally using all the known gimmicks every average marketer is using.
[Please, don’t ask me how to run ads for sexx products on po.rn sites. I can’t do everything for you].
If your competitors are using only organic posting approach on social media, add social media ads, SEO and influencer marketing to yours.
If they are using influencer marketing only, add SEO, paid ads and organic posting to yours. Those I taught how to compete with local SEO are maximizing it to give their competitors a run at the most inexpensive cost.
The goal is to never stop where they stopped.
When they open YouTube, be there. When they open Google, be there. What if they open Opera, Facebook, Quora, Twitter, Instagram and other mobile apps? Be there.
Be on their faces.
A time will come after you’ve dominated all the relevant keywords in your niche on search engine (through your knowledge of SEO) the profit from the organic sales will be enough to fund all the ads.
At this time, your competitors won’t know what hit them because you would have taken a larger market share in your niche.
4️⃣ Don’t Go into Price War
Do NOT go into price war with your competitors, especially if you are a small business.
Only big brands can go into price war and survive the impact and outcome. But as for small businesses going into price war, they are either eaten raw by their competitor or they run out of gas.
Don’t do it.
If two competing brands go into price war so as to increase their market share, the only winner is the consumer — not one of the two brands.
As a small business that is just starting out, don’t compete based on price. Instead, differentiate your brand from the rest.
If you can’t be better because you lack the capacity to do so, be different.
There are tons of different ways to be different in your niche.
Take a deep look at your brand and your niche to find a missing link that no one perfected as the No. 1 at. Pick it up and maximize that to differentiate your brand.
Nobody will respect your brand because it is the cheapest in the market. They may buy it to save cost but as for respect, they won’t. You will know this the day they are looking for high-quality brand for high-quality clients, guests or audiences as the case may be.
Everybody can be selling hair but you can differentiate yourself by servicing only high net worth individuals and through your packaging.
Instead of going into price war, why not keep the price at what it is or even increase it and stack up bonuses?
If you have poor selling products you can put them together as combos and increase the price.
Instead of being a general purpose seamstress, why not become the special seamstress for pregnant women — helping them unleash their beauty and rock their pregnancy with so much confidence?
I would have loved to continue with more examples but let me stop here and give you the opportunity to process and execute the lessons appropriately.
If you know any business owner that needs to read this, please, invite them to this post.
In all, always remember that im rooting for you.
— Emenike E.August 17, 2023 at 1:49 am #71684August 17, 2023 at 1:50 am #71685
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