So you’re a business in a saturated market eh? Well fear not; hope is not lost and you too have the ability to stand out, grab attention, and become a powerhouse in your industry with a few focused steps.
What is a saturated market?
What is a saturated market you may ask? Well, a saturated market could be described as when the volume of a product or service in a marketplace has been maximized. At the point of saturation, a company can only achieve further growth through new product improvements by taking existing market share from competitors or increasing overall consumer demand. This happens in many service-based industries
Examples of a saturated market include Chiropractors, Dentists, Plumbers, Electricians, Lawn Care, Marketing Agencies, and many more. These businesses operate in a realm where usually they have 4-5 competitors doing essentially the same service as each other. Standing out can be tough for many businesses leading the smaller companies to fight for the scraps of the big dogs. That’s where we can help! In this article, we have 5 tips and tricks to help get your business to stand out in your market
Tip #1 Research Your Competitiors
Researching your competitors may sound like a trivial task for any established business, but this is hands down the most important of all our tips. Knowing the ins and outs of your competitors allows your company to see where it can shine and the opportunity to stand out where other businesses are lacking. Do a deep dive into your top five competitors and find out these five things
- how do they treat their customer?
- How fast do they respond to their potential customers?
- What services do they offer / what services do their customers want?
- What is their price and what do they add/lose because of their price?
- Who are they currently marketing towards? (B2B / B2C
Once you have compiled that list do the same for your company and see where you overlap with the other businesses. The goal of this is to find opportunities in your market that others aren’t capturing.
Tip #2 Find Your Niche
After completing tip #1 you may ask yourself “well now what?” Tip #2 goes deeper into what you found and pushes businesses to find a niche in their industry. A niche is a specialized segment of the market for a particular kind of product or service. Every market has companies that are in niche ranging from lawn care companies that only do 10+ acre lots, Dentists who focus on specific insurance carriers, or plumbers that only focus on plumbing commercial businesses. Even our team at Finden has a niche. Finden Marketing specializes in Gen Z and Millenial marketing that connects high-quality marketing without the crazy fees some agencies charge.
After doing our market research we found that consumers were looking for high-impact marketing options and were mad that agencies charged an arm and a leg. Because of that we brought them together and created a niche.
Your companies niche could be simple or it could be extremely complex, the biggest thing to remember is to evaluate your market and make sure there are enough people who want your niche before offering it. Do your research, take polls of your market, and don’t be afraid to dip your toe in before diving headfirst into a niche. usually, once you start offering something your customer will show you where to go.
Tip #3 Market Your Product or Service
Marketing your product or service may seem like a no-brainer. Unfortunately, this is one of the most overlooked aspects of operations for businesses in a saturated market. Many of the businesses we have worked with within a saturated market have asked for help, but when we ask what they are currently doing they state either “nothing” or that they are using “word of mouth”. While word of mouth is one of the most important aspects of marketing it shouldn’t be the only form of marketing. Being in a saturated market, your business needs to stand out as the best. This could be in price, quality, customer service, or whatever your research deems important. This can easily be showcased through ads, blogs, or social media.
If you need help with your marketing needs and don’t want to break the bank make sure to contact us at andrew@findenmarketing.com for a free consultation. At Finden, we believe in high-quality marketing without the crazy fees and offer our entire suite of services for less than the price of hiring one internal marketer.
Tip #4 Become A Thought Leader in Your Market
One of the most effective ways to stand out in a saturated market is to become the thought leader for the industry. What is a thought leader? A thought leader is one whose views on a subject are taken to be authoritative and influential. Every industry has one and they are usually split up by location. For example, think about buying a bike locally. What company comes to your mind? For us, it’s Erik the Bike Man. Erik owns a chain of bike shops across Minnesota and created a commercial ad campaign that was catchy and personable. Because of this, it became the thought leader for the biking industry. Another example is notorious if you live in Minnesota. If you have ever driven in the state of Minnesota in recent years there is a large possibility that you may have seen this billboard
Kris Lindahl is his name and he has become a Minnesota icon for his stretched-out arms as far as the eyes can see.
Tip #5 Provide A Customer Journey
The last tip on this list is probably the easiest and most effective. Providing amazing customer service is the fastest way to grow your market cap in your industry. People want to work with those who are kind to them, and unfortunately, a lot of companies don’t do this. This is also something that you can change overnight and see a difference. Take some time out of your day and create a script for your customer-facing employees putting the client first. Make sure they focus on listening to the client and go the extra step for your customer. It will go a long way.
Want to learn more about how you can stand out in a saturated market? Finden Marketing is Duluth, Minnesota’s leading Gen Z & Millennial marketing agency. We offer a wide range of services, including PR, Branding, Content Creation, Paid Media, Graphic Design, and Web Development. With over 30 projects in the bag, Finden Marketing is becoming a staple marketing agency in Duluth, Minnesota. To learn more about Finden Marketing, check us out here, or visit us at our office in Duluth, Minnesota.
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