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Offering a premium service or product at the right price can help small businesses compete with corporate behemoths. Demand is a huge aspect of business, as a new business will not always be guaranteed that their products/services are widely needed. Entering a saturated market will force a company to innovate to stand out from the competition. Here are some tips for successfully entering a saturated market:
Industry leaders can help
Going into business as an entrepreneur can be a daunting task. However, name recognition can automatically allow a business to be seen legitimately by almost anyone in the industry. A name like Elon Musk buying shares of Twitter revitalized the stock for a few days. Big names have connections that can be leveraged in business, which cannot go unnoticed.
Christian Drapeau is a prime example as the most recognized proponent of adult stem cell therapy. He is the CEO of Kalyagen which has forged beneficial partnerships in recent years. The entrepreneur was even featured on Fox News Turkey explaining how stem cells could fight Covid-19. A big name in an industry that backs a company or product can be the endorsement needed for success.
Related: 4 Tips for Breaking Through in a Saturated Industry
Digital marketing is imperative
Content is always going to allow a business entering a competitive market to thrive. Airbnb is a perfect example of this in its early days. The vacation rental giant was featured with interactive media showing the economic impact of the business model. Media giants like Huffington Post and the BBC picked it up, which led to quite a few backlinks. Backlinks can drive traffic and search engine rankings, which will be explained in more detail below. The content also served to educate potential tenants and prospects about earning opportunities.
Podcasting is another great form of digital marketing. Podcasting can be a great way to generate in-depth content on the cheap. Podcasts can be transcribed to make them easily searchable for those looking to reference certain talking points.
Social media will always be a great way to promote any business. Engagement can be hard to drive in some niches. Fast food giants Taco Bell and Wendy’s both have following accounts because of their humor. While it doesn’t generate as many sales, it keeps the content in front of potential customers’ eyes. Partnering with the right influencer can also be something that sets a business apart. Jim Beam teaming up with Mila Kunis was a really good idea, as the other bourbons don’t seem to have a recognizable face for the brand.
Search engine rankings help generate leads every day for businesses of all sizes. Writing content and distributing emails to editors can help promote a company’s content. The right podcast or weekly column that has gained traction in an industry can be a godsend. Ranking at the top of search engines means that these search behemoths believe a company is a thought leader for specific keywords or questions.
Related: How to Win Every Time in Saturated Markets
Offer various services/products
Offering additional services over other competitors can work wonders. A digital marketing agency that handles everything from web design to full PPC campaigns is handy. Managing multiple agencies that only handle one aspect of marketing can be a nightmare in itself. Consumers are willing to pay more for all-inclusive services that provide convenience.
New products need to be of high quality, because you don’t want to alienate your customer base with a less than stellar product. The product must live up to the quality of other products purchased by the company. A product trial might be a smart idea before a full launch with a large amount of company money being spent. Market research is always important when releasing a new product, so investing in it is essential.
Related: How to Compete in a Competitive Industry
Find the best talent in the industry
Hiring star after star employees is obviously going to have a positive impact on any business. Remote work is the most attractive form of work for most professionals. The commute being eliminated can save a professional hour per week and quite a bit of money on gas/tolls. The benefits attract top talent, but the ultimate benefit is working from anywhere in the world from home. Offering remote roles also gives a company the ability to hire employees from around the world.
Intimidation can be a factor for an entrepreneur looking to enter a saturated industry. Risks are significant when starting a business, but they must be calculated. Finding an angle for a business that differentiates it from the market can allow a new business to grow quickly.