Entrepreneurship is growing at an exponential rate as more people are choosing that route and markets are quickly becoming saturated with options for the end user. Although this is great for consumers, businesses are finding it harder and harder to stand out.
A saturated market doesn’t mean you have to avoid pursuing a trade within these segments. There are many benefits to joining a popular industry including strong demand, service/product recognition and tried-and-true opportunity. The key is finding ways to differentiate from your competitor.
Here are six tips to help you rise up in a saturated market.
Determine your “gold mine”
Invest time into researching and testing your product or service. Even the best ideas need refining to be marketable and ultimately profitable. Collect feedback, even if you need to utilize your friends and family, as they will often be the most honest.
Once you’ve fine-tuned your idea, organize your thoughts in a business plan to determine if your concept actually works on paper.
If you have a great gut feeling about your product or service, but no market research to prove the demand is there, start small and let your business grow organically.
Allow your business to nurture right up to where you can barely keep up with the demand yourself and then start expanding. Ideally, have your “in case we expand” business plan ready to implement so you can minimize the time it takes to move to the next step.
Reinvent the wheel
There are always ways to innovate an existing product or service. For instance, if you offer a service, but feel it could be improved with a new technique or unique customer experience, have a brainstorming session about ideas and concepts that will work as a plausible business.
Consumers in the new economy are searching for one-of-a-kind customer experiences and superior products.
Be the master of one
Find a niche, and become the experts in that field. Do not try to offer a huge menu of services that will lead you to becoming the Jack of all trades, master of none.
Instead, find a segment in the industry to specialize in and build a strong reputation of trust and a loyal following.
Leave a lasting impression
Customer service seems to be a dying art these days, but it can make all the difference. Strive to not only provide top-notch service to your clients, but also a fabulously unique experience. Allow your customers to feel they are special and have been taken care of well instead of being just another dollar in your pocket.
Longevity requires a willingness to adjust to the needs of society and the industry. What may have drawn customers in five or 10 years ago may be completely different from what works today or five years from now.
Stay in the know when it comes to trends or changes in your trade so that you can be the first to tap into new market potential.
Anna Phillips is the founder and CEO of The Lash Lounge, a salon franchise specializing primarily in semi-permanent eyelash extensions. The niche franchise currently has eight locations in Texas with growth opportunities across the U.S. For more information, visit http://www.TheLashLounge.com.