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Offering a superior service or product at the right price can help small businesses compete with corporate juggernauts. The demand is a huge aspect of business, as a new business is not always going to be guaranteed their products/services are widely needed. Entering a saturated market will require a company to innovate to set itself apart from the competition. Here are a few tips to succeed when entering a saturated market:
Industry leaders can help
Going into business on your own as an entrepreneur can be an arduous task. However, name recognition can allow a company to automatically be viewed legitimately by nearly all in the industry. A name like Elon Musk purchasing shares of Twitter revitalized the stock for a few days. Big names have relationships that can be leveraged in business, which cannot go unstated.
Christian Drapeau is a great example as the most recognized proponent of adult stem cell therapy. He is the CEO of Kalyagen which has made some beneficial partnerships in the last few years. The entrepreneur was even featured on Fox News Turkey explaining how stem cells could battle Covid-19. A huge name in an industry backing a company or product can be the endorsement needed for success.
Related: 4 Tips for Successfully Breaking Into a Saturated Industry
Digital marketing is imperative
Content is always going to allow a company entering a competitive market to thrive. Airbnb is a perfect example of this when they started out. The vacation rental giant was featured with interactive media showing the economic impact of the business model. Media giants like Huffington Post and BBC picked this up, leading to quite a few backlinks. Backlinks can drive traffic and search engine rankings, which will be explained further below. The content also helped inform potential renters and rental prospects about the possibilities of earning.
Another great form of digital marketing is podcasting. Podcasting can be a great way to generate in-depth content at a low price. The podcasts can be transcribed to make them easily searchable for those looking to reference certain talking points.
Social media is always going to be a great way to promote any business. Engagement can be difficult to drive in certain niches. Fast food giants, Taco Bell and Wendy’s, both have accounts that have a following due to being humorous. While this might not drive as many sales, it does keep content in front of the eyes of potential customers. Partnering with the right influencer can also be something that sets a company apart. Jim Beam partnering with Mila Kunis was a very good idea, as other bourbons don’t seem to have a recognizable face for the brand.
Search engine rankings help drive leads on a daily basis for businesses of all sizes. Writing content and doing email outreach to publishers can help get a company’s content featured. The right podcast or weekly column that has gained traction in an industry can be a godsend. Ranking at the top of the search engines means these search juggernauts believe that a business is a thought leader for specific keywords or questions.
Related: How to Win Out in Saturated Markets Every Time
Offering varied services/products
Offering additional services when compared to other competitors can work wonders. A digital marketing agency that handles everything from web design to full PPC campaigns is convenient. Managing multiple agencies that only handle one aspect of marketing can be a nightmare in itself. All-inclusive services that provide convenience are something consumers are willing to pay more for.
New products should be high-quality, as you do not want to alienate your customer base with a less-than-stellar product. The product should live up to the quality of the rest of the products the company buys. A test run of products could be an intelligent 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 this is of paramount importance.
Related: How to Compete in a Competitive Industry
Finding top talent in the industry
Hiring all-star after all-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 hours per week and quite a bit of money on gas/tolls. Perks attract top talent, but the ultimate perk is working from anywhere in the world from home. Offering remote roles also gives a company the ability to hire employees from around the globe.
Intimidation can be a factor for an entrepreneur who is looking into entering a saturated industry. Risks are important when starting a business, but they have to be calculated. Coming up with an angle for a business that differentiates it from the market can allow a new company to thrive quickly.