Tips for Establishing Your Business in a Saturated Market
You have a great idea and are ready to start your own business. Although your new business will have a lot of competition in a saturated market, you know there’s something different about your idea that’ll make your business a success. But how do you succeed? A saturated market could a positive because it indicates strong demand and ample opportunity.
Keep these tips in mind when establishing a new business in a competitive market.
- Differentiate yourself.
- What sets you apart? There may be an underserved audience you could focus on or a new sub-market you could establish.
- Focus on what makes you different from your competitors. Solve a problem that others aren’t and advertise it.
- You can also differentiate yourself through your price point. Cater either to those who want the lowest price or to those who are looking for an expensive, high-end service or product.
- Demonstrate your value.
- After choosing your business model, determine how to do it better than your competition and provide more value to your customers than other businesses.
- Make sure your customer service is top-notch. When someone reaches out to you with a question or comment, be prompt and thorough in your response.
- Offer options and be flexible to different needs customers may have.
- Keep an eye on trends and be adaptive.
- Keep your finger on the pulse of your niche and act quickly on new trends in the industry. Demonstrating that you stay on the cutting edge will bring customers to you, while fading in to obsolescence will do the opposite.
- Spread the word.
- As a new business, you’ll need people to vouch for you. Create a small group of trusted experts who will spread the word about your product or service. It’s best if these supporters are social media influencers and have large followings. Customers are more likely to trust others than the business itself.
- Make sure you have a robust presence online and especially on social media – you want people to be able to find you! Focus on the platforms that make the most sense for your business rather than spreading yourself thin. Post frequently about both company updates and industry insights – things that your customers want to know.
Fred is the President & CEO of the Better Business Bureau Serving Metro Atlanta, Athens and Northeast Georgia. Fred previously spent more than 38 years with Delta Air Lines and has taught at Georgia State University in their Aviation Studies department since 1979.