In today’s day and age, it’s almost impossible to come up with an original idea. It often feels like every gap in the market has already been filled, making it more challenging to start a business and make it thrive.
However, should that stop you from trying? Absolutely not!
With the right approach and a burning passion to succeed, we believe you can still flourish in today's competitive market.
So, if you’re sitting down at home and reading this from your couch thinking of whether or not to take the risk of starting your own business, we say go for it!
Before you make the leap from your 9-5 job to entrepreneurship, take a moment. Make sure you do thorough research in the industry you want to enter. Understand the risks and find out if there are any untapped opportunities waiting to be explored.
With that being said, let’s jump into the reason you clicked on this article in the first place. Today, we’re going to show you ways to grow your business in a saturated marketplace.
Understanding Your Audience is Key
For a brand to stand out, it's extremely important to have a deep understanding of its audience. The more insights you have about your customers, the better.
Invest time in researching and uncovering what interests, desires, and values drive your customer base. Also, closely examine their challenges to identify how your business can provide solutions.
One way to do this is by browsing through reviews on your competitors' websites. Take note of what customers are discussing. Find out what features are absent in your competitors' products and include them in your own. When promoting your product, openly address these pain points.
Let's say you're starting a coffee shop and notice that people often complain about the limited variety of non-dairy milk options at other local cafes. To stand out, you can offer a diverse selection of plant-based milk alternatives, such as almond, oat, and coconut milk.
In your marketing, highlight how your coffee shop caters to customers with different dietary preferences, addressing a pain point that your competitors might be overlooking.
A solid understanding of your customers enhances the precision of your marketing and sales efforts, fostering brand loyalty in the process.
Establish a Standout, One-of-a-kind Brand
Your brand can either make or break your business. In a packed market, having branding that looks too much like your competitors or fails to leave a lasting impression can hurt your chances of success.
FUN FACT: Did you know that colors have a psychological impact on your customers? Research shows that the colors you use are a big part of how people recognize your brand – like, about 80% big. And get this, almost 9 out of 10 times, the first thing people think about a brand is based on its colors.
You need potential customers to quickly recognize and remember your brand colors, logo, and style. Spending effort on revamping your brand can be an effective way to stand out and present yourself as a unique choice compared to your competitors.
The more unique and memorable your branding, the higher the chance that potential customers will remember your business.
ALSO READ: Why Is Branding Crucial For Your Business
Position Yourselves as Authorities in Your Field
Being really good at what you do is key in making your mark in your field. Instead of looking like a newcomer or someone just trying to catch the latest trend, aim for customers to think of you as the expert in your business.
Whether it's sharing helpful guides and how-to's or having a super responsive customer support team, the more you can help, the better. When you're seen as the expert, people trust you more, making them more likely to choose you over your competitors.
Give Your Business a Human Touch
Lots of businesses can feel a bit cold, like there's no real personality behind them. Even though your business isn't a living, breathing person, the people who run it are.
Now might be a good time to show them off a bit. People prefer dealing with other people rather than faceless organizations, so the more you can make your brand feel relatable, the better. Add personal touches and share honest info on your website, so potential customers see the real people behind the business, not just the business itself.
For example, introduce your team members, talk about their interests, or share behind-the-scenes glimpses. When potential customers see the actual people behind the business, it builds a stronger connection.
Identify What Makes You Stand Out
To identify your Unique Selling Point (USP), ask yourself this:
‘With countless brands out there, what sets me apart and makes people choose me?’
Your USP is that standout factor that truly separates you from the competition. It might be an exceptional product, top-tier customer service, competitive pricing, or something entirely unique.
The main purpose of having a USP is to make your brand especially appealing, giving customers a solid reason to choose you over others. Your USP should deliver real value to customers, and it's smart to dig into your competitors to spot any areas where they might be falling short.
If you can offer something that your competitors can't, that's a definite advantage for you.
Stay Ahead with Innovative Ideas and Solutions
Last but not least, being ahead of your competition is a smart way to stand out, especially if you've got the resources to make it happen.
Just because there are a lot of players in the game doesn't mean things are stuck – sometimes, they're moving fast. You might find that diving into new tech, improving how you do things, and exploring new ways to get the word out can make your brand really shine.
This could involve making the most of social media or adjusting your services to match your customers' evolving preferences and tech needs. The sooner you can adopt these innovations, the more it'll benefit your business.
In a nutshell, making your mark in today's competitive market isn't as tough as it sounds. Just get to know your customers, make your brand stand out, show you're the expert, add a personal touch, find what makes you unique, and stay on top of new ideas.
It's not about keeping up; it's about making your business really stand out in the hustle and bustle. So, don't overthink it – give it a go and let your business shine in the busy marketplace!
SO, WHERE DO YOU FIND THIS PARTNER?
Well, aren’t we glad you asked! We at DigiCom are obsessive data-driven marketers pulling from multi-disciplinary strategies to unlock scale. We buy media across all platforms and placements and provide creative solutions alongside content creation, and conversion rate optimizations. We pride ourselves on your successes and will stop at nothing to help you grow.