Should you strive to fit in or stand out? Most startups will prefer the latter. Nevertheless, standing out in a saturated market can be as challenging as getting heard on a crowded football pitch. But should that frighten you? Certainly not!
You can stand out in a saturated market if you want to. However, you’ll need to implement some tips geared towards that purpose. You’ll also need sheer determination and commitment to achieve this business milestone.
Below, we have highlighted 7 smart ways that how you stand out in a saturated market.
How to Stand Out in a Saturated Market by Jasmine Star
1. Research your Target Audience
Whether it is your marketing strategy, product, service, or all three, look for opportunities to personalize. Research your target audience to know their preference, then tailor your marketing strategy, product, or service based on the knowledge gathered.
Don’t know the content to upload on your site? Go for something that relates to your target audience the most. Customers are often hooked when reading something that is tailored to them and their preferences.
What about your products? Your products should be tailored to your customer’s preferences as well. You can determine their taste by conducting research and seeking customers’ feedback.
2. Build your Personal Brand
What is a brand? A brand is a name, logo, slogan, or design that differentiates your goods or services from your competitors. It is an important marketing element as it helps your business stand out from the rest. If you don’t have a personal brand, your business will be faceless and be lost like a needle in a haystack.
Building your brand is an effective way to stand out from a saturated market. It also increases customer recognition.
Don’t know how to build your brand? No problem! Here are some effective ways to build your brand:
- Research your target audience
- Select your focus and personality
- Pick your business name
- Write your slogan
- Choose the look of your brand (color and font)
- Design your brand logo
- Apply your branding across your business
Branding is not a one-time task. It is a life-long activity that can get overwhelming. If you lack the expertise or knowledge to handle your branding effectively, hiring a branding agency NYC is a good choice. If you are pretty good at branding, you can consider bearing the task.
3. Over-deliver Regularly
When you under-deliver, you disappoint customers and force them to seek an alternative.
However, when you over-deliver, you encourage customers to engage your business and recommend your services to family and friends. When more people engage with your business, it’s only a matter of time before you stand out.
To over-deliver, you have to be creative. Sending a personal text message, e-card, or anything that shows you are paying attention will do. Go for something unique and unexpected as they can pique customer interest, thus increasing their loyalty.
4. Double Down on your Client Avatar
Selling products or services to your customers isn’t enough. You must be able to anticipate their current and future needs to beat your competition.
For instance, if you sell phones, you may want to open up a store that deals in swapping and/or fixing faulty phones to serve your customer’s future needs. What if you offer plumbing services? In that case, you may want to consider owning a store that deals in plumbing equipment.
You’ll have to be proactive in your thinking if you want to stand out in a saturated market. Serve your customers better than your competition, and they’ll flock around your business.
5. Promote your Uniqueness
- What makes you unique from your business competitors?
- Do you offer significant discounts on bulk purchases?
- Are your return policies favorable? Or are your products very reliable?
Promote your uniqueness to stand out from the saturated market and get customers trooping in. You could also leverage testimonials from clients to showcase your credibility. Customers often seek social proof before making a buying decision.
A statistic indicates that 61% of customers read online reviews before buying a product or service. Thereby, ensure making your products and services popular among your customer base.
6. Fix a Nagging Problem Everyone Overlooks in your Industry
To stand out in a saturated market, you have to be willing to deviate from the norm. And how do you do that? One of the best ways is by over-delivering regularly. Another way is by fixing those nagging problems everyone overlooks in your industry.
Think about your industry. Are there issues that everyone ignores? If yes, you may be staring at your breakthrough. Perhaps businesses in your industry are fond of delivering shipped goods a week after the order.
Yes, it has become a norm in your industry. But can it be changed? If yes, implement the change in your business and watch it stand out for the rest. If it cannot be changed, turn your focus to other overlooked issues in your industry.
Of course, searching for major loopholes in your industry may be daunting. If that is the case, consider hiring industry outsiders to help you point out areas of friction inherent in your business.
7. Build Relationships and Engage your Audience
Some businesses care less about their customers and more about their pockets. If you have such businesses in your industry, you can leverage their ignorance to stand out.
And how do you do that? By building solid relationships with your audience and engaging them always.
According to statistics, fully engaged customers represent a 23% higher share in profitability, revenue, and relationship growth. Remember, engaging your customers will keep your brand at the front of their minds. The better engaged they are, the more loyal they become.
Your business faces hard competition from all sides due to the saturated market.
To stand out, you need to do things to get your business noticed. Adopt effective marketing strategies that suit your target audience!
Go the extra mile to please your customers. Do things that give you the edge over your competitors and in the end; you’ll be amazed by the results.