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Picture this: company A has developed a new product that revolutionizes the whole industry. This product eventually creates a riot, and soon others, seeing it as profitable, will jump in on this new product. Before long, company A’s product has long been forgotten due to the rise of its competitors.
The latter is an excellent example of a saturated market. For a more concrete definition, a market can be saturated when it no longer supplies new demand. It can be due to a volume of competitors or a reduction in the market’s need for the product.
Anyone can experience market saturation; whether you’re a librarian or a chef, you will have competition. You’re lucky enough to land an unsaturated market today. But what if it’s already saturated? How can you stand out from the rest?
The first thing anybody can do is give some variety, especially in an oversaturated market. Tweak or revamp your product or service so it will not blend with what the competitors have. You don’t need anything extravagant, do something that will catch some consumer’s eyes. By providing variations, you can grasp more parts of the market and gain more foothold.
Secondly, whether you’re working alone or running a company, you need excellent customer service. Your customers will appreciate it if you reach out to them on a more personal level. Build a secure connection with your clients while giving them the services and products they deserve.
Another good practice to rise from the competition is to give more. Sometimes you’ll earn more in a month or have bonuses; this extra money can be used for promos or gifts. This practice is in sync with the second one because it is more client-centered. Make yourself stand out by adding more to the product or service you’re offering.
Lastly, you need to improve yourself. Whether you are the company’s CEO or a freelancer, you need to step up your game. Constantly reinvent yourself by not sleeping on yesterday’s success. There are many master classes you can enroll in and learn from the best and the brightest. For those on a budget, scour the Internet for books and free resources to hone your skillset.
Words travel fast, especially good news, more so words that make people earn money. There’s no harm in swimming with the trend, but it’s a good feeling that you’re the one who’s creating it. “You can’t sell sameness,” these are the words of Coca-Cola’s former marketing executive, Sergio Zyman. These words hold some truth in them, especially in a world full of saturated markets, so be that sore thumb.