The problem with a saturated market
Has it ever occurred to you that doing exactly the same as everyone else is perhaps not the most intelligent practice?
I mean think about it for a minute… Everyone is doing the same thing, which ultimately leads to a saturated market that all looks and sounds the same. Sure the early birds may have been successful. The pioneers may have shown us a new landscape. Once the masses followed however, well that’s when it became a bit boring really.
When every other person is telling the same story, how do you tell who the original story belongs to?
When they’re all selling you the same stuff, how do you know which version is better?
Do the opposite of everyone else
I don’t think that we are designed to blend in with the masses and follow on like sheep. I believe we’re meant to be different, that there is power in being an individual and that we all have a some special sauce to add to this banquet of life.
The market can only handle so many of the same products or services before it gets saturated. Once it it gets over-saturated, it becomes really hard to compete and get any form of traction. I am not saying that there is no value in hearing about the experiences or lessons from others, but I am saying don’t follow blindly.
Be a head turner
When you’re driving, how many cars do you notice? I mean really take notice of? Chances are not many because they all start looking the same after a while. But then enters exotic little number with V8 reverberations and suddenly you’re like ‘hey check out that beast’. Attention grabbed. Autopilot ended. You don’t have to be an expensive fancy sports car either. You could be a classic, a different shape or novel colour. Just something different.
Be that person that’s different. That brand that’s out there. That service I can’t ignore or that product I simply must have. Be memorable.
Avoid the crowds
Playing where there are less people means you get a bit more real estate to enjoy.
You get to:
- have first pick
- enjoy the process with less competition
- don’t have to sit on the bench
- bring your A game and be that all star
People pay attention to different. Love you or hate you, they can’t ignore you. You only need enough to love you for it to be worth your while. At the end of they day you’ll find your tribe or they’ll find you. It’s just that much easier when you’re noticeable and not just drifting in a sea of debris.
Enjoy more market share
Less competition means that you can own your space. Stamp your authority and be a boss. I’m not saying that it will come easy but far less frustrating than getting no traction because you’re quite simply invisible.
More market share means more revenue. Growth becomes more meaningful and more fun. What’s the point of building a business that has no purpose and is not enjoyable. Life’s too short for that.
More returns on SEO and SEM
Avoiding the saturated market also means that your efforts spent on search engine optimisation (SEO) and search engine marketing (SEM) will be amplified.
When there are less competitors you’ll automatically rise to the top of your organic rankings. If you’re doing the right things and doing them consistently. Once you start getting quality organic traffic to your website, you’ll essentially be getting free advertising and free lead generation that’s on 24/7.
Similarly with search engine marking (SEM) and social media marketing, if you have less competitors in your niche or you come from a completely different angle, you will compete less and essentially pay less for your marketing. Less money spent but more return on investment sounds like a win win to me.
Practical ideas to dominate in a saturated market
This all sounds good in theory but how do you put this into practice?
Bold branding
Use attention-grabbing branding that’s different from others in your industry. This means using strong messages and images to make people notice your brand. If everyone’s using red and blue for their brand colours, try green 🙂
Try new things
Offer products or services that are novel and different. Take a few risks and try out new ideas to stand out.
Creative marketing
Think of fun and creative ways to tell people about your brand. This could be doing something unusual on social media or creating events that people will remember.
Work with others
Partner with people or brands that aren’t in your industry or a direct competition. This can make your brand appear more interesting and attract new customers.
Make customers happy
Focus on exceptional customer service rather than just being salesy. Surprise and impress your customers with unexpected things. This could be giving them a gift or sending a personal message to say thank you.
Make products or services unique
Add different benefits and features to your products and services. This can make them more appealing for customers who get bombarded with the same old same old.
Encourage new ideas
Give your team the freedom to try out new things and come up with new ideas. Remember that failing is really learning. Make sure everyone feels free to share their thoughts and try new approaches.
Celebrate differences
Show that you appreciate what makes your brand and your customers special. This means embracing diversity and showing that it’s okay to be different. Heck that’s the point right?
Disclaimer
We don’t have it all figured out. That’s the joy of the beautiful life, we learn and grow as we go.
These are just a few points of interest that may help you on your journey just like they’re helping us on ours. It’s a wilderness out there. Have fun exploring it!
