4 Tips on Thriving in a Saturated Market

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Our passions lead us to establish businesses we love, but what do you do when you’re entering a market already saturated with products? Succeeding in an oversaturated market can be challenging, but the right business strategies can help set you apart from your competitors and make you a star!

If you’re thinking of starting or growing your business, join the tribe of Entrepreneurs at Edgepreneur University who are crazy about growth.

  1. Find Your Niche – Determine what you do: better than anyone else you know and do it! Narrowing your focus to one small portion of the larger market means you’re competing with fewer brands. It gives you more room to stand out. Niches can including focusing on a particular location, era, or even color!
  2. Work on Problem Solving – Do you see a big problem in the industry that hasn’t been tackled yet? Find out what customers are complaining about, then devise a way to fix the problem. You don’t need to offer big, earth-shattering changes. A simple improvement will suffice. If you do discover an industry changing solution, be sure to let everyone know how you’re advancing the industry.
  3. Be a Trendsetter – Staying on top of the trends in your industry is vital. Make sure you’re offering your clients the popular services and products they want, but don’t be afraid to try something new. Sometimes pushing slightly outside the box can make you a trendsetter and allow you to get out in front of the crowd.
  4. Add value – What can you offer that your competitors don’t? Frequent buyers programs? Bundled packages? Dedicated service providers? Adding value attracts a larger customer base, encourages retention, and leads to long-term growth.

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