How Nnamdi Kanu Destroyed IPOB
Politics
39 views
39 views

How Nnamdi Kanu Destroyed IPOB

PH - September 26, 2017



10 Views

5 Simple Ways To Penetrate Already Saturated Market

 

In economics, market saturation is a situation in which a product has become diffused (distributed) within a market.The actual level of saturation can depend on consumer purchasing power; as well as competition, prices, and technology.

Are you an entrepreneur trying to establish a business in an already saturated market? At first glance, it might seem daunting and unattainable, yet it is worth trying because taking business decisions that scare you the most will only help you grow.

Your decision should not be determined by just the saturation level of your intended market. In fact, to the determined entrepreneurs, the fact that the market is saturated is an advantage because – it’s a sign that there are opportunities in that market.

I had the opportunity to be a part of a Web development company. As a member of the team for the past four years, despite the saturated level of the industry, we have seen our stock rise in terms of number of clients and referrals.

So just before you begin to think that breaking into your intended niche is impossible, read to the end to find out the crucial steps that will help you break into any market.

1. Carve Out and own your niche.

The worst thing you can do to yourself as an entrepreneur is trying to compete with everyone in the industry. It is definitely the most assured way to run your business into the ground as quickly as it takes off.

The industry and your niche are two different things. Your competition exists in your niche, not in the industry. So focus your attention on your niche and see the whole industry turning their attention on you.

Operating in a niche helps to reduce the number of direct competitors to a more manageable number.

Related: Broadening Business Horizons In A Saturated Market.

2. Offer greater value to your customer

Once you are sure that you are in the right niche, you can now focus on making products or delivering services that are distinctly different or better than what is already on offer.

Customers like options — make sure you bring something different to the table. We cannot deny that there are thousands of businesses in the same industry selling virtually the same thing. Notwithstanding, yet businesses join these industries year after year, make money and grow.

On closer inspection, you will always discover that the differentiating factor between them and prior businesses in the industry is not what they are doing, it’s how they are doing it.

We live in a world where consumers no longer ask, “Is there a solution?” Now they ask: “Which solution is better?” Thanks to the already available plethora of solutions.

Ask yourself. “What does your product/service provide that the competition doesn’t?” Then focus on that. When customers in your targeted consumer base see the greater value in your product. offering, they will flock to you in droves.

3. Start as a franchise.

Most people take this route if they do not have sufficient fund or other prerequisite resources to launch out and survive in a saturated market place.

What to do here is to find a name in your niche (not your industry) that is already established and get a license from them to operate your business in their name.

You are not yet your own company at this point so do well to abide by the policies of your parent company until you have garnered enough resources — financial and otherwise to pull out and operate individually.

A franchise, besides giving you time to build up resources, also affords you time to learn the ropes of the business, get much needed experience within the industry and build your own customer base.

In the short or long run, when you finally terminate the franchise agreement, it will not look as if you are starting from scratch. Rather, your organization will look like an already established business undergoing a name change.

4. Have your finger on the ‘trend’ pulse.

Many industries are not only saturated, they are subject to rapidly evolving trends. That is just the way it is.

Smart entrepreneurs always keep their finger on the ‘pulse’ of their niche. This way they recognize new trends in the industry whenever they come along.

One thing is certain; consumer demand is never stagnant. Consumers always want more. Making sure you stay up to date in your niche will help you keep your customers loyal.

If your customers begin to feel you are slipping into obsolescence, they will bid you farewell and jump ship to the next business that is operating in the ‘present’.

5. Collect a panel of experts.

Much of today’s approach to advertisement continues to fall on deaf consumers’ ears. This is because most businesses use much of the same words and say much of the same thing when promoting their products or services, so much so that it all feels so mechanical.

People do not always trust brands. They trust people like them, people they admire and third party experts.

Gather a small group of trusted experts, who will organically vouch for what you have to offer. This strategy can increase your business revenue. This group can consist of people from any walk of life that genuinely identify positively with your product and believe in your brand.

Just make sure that each of these people have large network of followers – especially on social media. Combining their influence and reach can help ensure that your brand attains ‘household name’ status and a formidable authority in the industry.

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

How Nnamdi Kanu Destroyed IPOB
Politics
39 views
Politics
39 views

How Nnamdi Kanu Destroyed IPOB

PH - September 26, 2017

Director, Centre for Peace and Strategic Studies (CPSS), University of Ilorin, Dr. Mahfouz Adedimeji, has observed that the ‘animalizing’ of those who are against the actualization of…

How President Buhari Squandered N15 Trillion In Just Two Years
Politics
37 views
Politics
37 views

How President Buhari Squandered N15 Trillion In Just Two Years

PH - September 26, 2017

Chairman of Peoples Democratic Party, PDP, in Isoko North Local Government Area, Delta State, Godwin Ogorugba, has alleged that the All Progressives Congress, APC-led Federal Government has…

Apostle Suleiman And Pastor Iginla Nominated For Nollywood Ambassadors Awards
Entertainment
38 views
Entertainment
38 views

Apostle Suleiman And Pastor Iginla Nominated For Nollywood Ambassadors Awards

Mabel - September 25, 2017

Apostle Johnson Suleiman and Pastor Joshua Iginla have been nominated for the maiden edition of the Nollywood Ambassadors Awards (NAA) slated to hold in Abuja on Sept. 29. President of the Nollywood…

LIST: Top 10 Terrible Loans You Should Avoid
Business
49 views
Business
49 views

LIST: Top 10 Terrible Loans You Should Avoid

MT - September 25, 2017

We’ve all been taught that most types of debt are bad news. But some loans are such egregiously awful financial instruments, we think they deserve special mention.…

Nigerian Comedian, Seyi Law And Singer, Ice Prince Receive Peace Achievers Awards
Entertainment
34 views
Entertainment
34 views

Nigerian Comedian, Seyi Law And Singer, Ice Prince Receive Peace Achievers Awards

Mabel - September 25, 2017

Nigerian singer Ice Prince and a veteran comedian Seyi Law, have been honoured with the “Peace Achievers Awards” by the Peace Ambassador Agency, an organisation that promotes national peace. The…

Photos: The Otedola’s Storm Mr Eazi’s Concert In London
Entertainment
61 views
Entertainment
61 views

Photos: The Otedola’s Storm Mr Eazi’s Concert In London

Mabel - September 25, 2017

Billionaire Daughter, Temi Otedola has been pictured with her boyfriend, Mr Eazi at his concert in London.. She was also pictured with her sister, DJ Cuppy and…

Ecobank Introduces Cardless Cash Withdrawal Service
Business
48 views
Business
48 views

Ecobank Introduces Cardless Cash Withdrawal Service

PH - September 25, 2017

Ecobank said it is striving to address the needs of the unbanked (and the general populace) by transforming a mobile phone into an all-in-one bank account and…

Why We Tagged UNILORIN, A Terrorist Organisation – ASUU Leadership
Shocking
47 views
Shocking
47 views

Why We Tagged UNILORIN, A Terrorist Organisation – ASUU Leadership

MT - September 25, 2017

The Academic Staff Union of Universities has described the University of Ilorin as a terrorist organisation after the institution reportedly sacked the ASUU chairman in the school,…

Checkout Photo Of Pastor Chris Oyakhilome And His Daughter, Sharon
Religion
61 views
Religion
61 views

Checkout Photo Of Pastor Chris Oyakhilome And His Daughter, Sharon

Mabel - September 25, 2017

Pastor Chris Oyakhilome’s Daughter, Carissa Sharon has shared an adorable picture of herself and her dad, at an event in South Africa. Sharon shared the below selfie…

Here Is Today’s Naira to Dollar Exchange Rate – September 25, 2017.
Business
55 views
Business
55 views

Here Is Today’s Naira to Dollar Exchange Rate – September 25, 2017.

MT - September 25, 2017

Here is the Current Aboki FX online AbokiFx Rate for Black Market , Bank Rates and more on Dollar to Naira. NGN USD BUY / SELL GBP BUY / SELL EUR BUY / SELL 25/09/2017 363…

Celebrity Birthday: Ex-BBNaija’s Kemen Ekemini Ekerette Celebrates His 28th Birthday With Cute Photos
Entertainment
70 views
Entertainment
70 views

Celebrity Birthday: Ex-BBNaija’s Kemen Ekemini Ekerette Celebrates His 28th Birthday With Cute Photos

MT - September 25, 2017

BBN ex-housemate, Kemen took to his Instagram handle to shares photos to make his new age today.

Photos: Former BBNaija Housemate Kemen Is A Year Older
Entertainment
46 views
Entertainment
46 views

Photos: Former BBNaija Housemate Kemen Is A Year Older

Mabel - September 25, 2017

Former Big Brother Naija housemate, Ekemini Ekerette popularly known as Kemen is celebrating his birthday today. The fitness trainer who was involved in a messy sexual assault controversy with…

This Is What Actually Happened On Olu Jacobs And Joke Silva’s Wedding Day.
Entertainment
54 views
Entertainment
54 views

This Is What Actually Happened On Olu Jacobs And Joke Silva’s Wedding Day.

MT - September 25, 2017

  Veteran actor Olu Jacobs in a recent interview has revealed some details about his wedding day. According to Uncle Olu, as he is fondly called, he…

VIDEO: Watch Tonto Dikeh React To Rumours That Her Swollen Eye Is A Spiritual Attack
Entertainment
53 views
Entertainment
53 views

VIDEO: Watch Tonto Dikeh React To Rumours That Her Swollen Eye Is A Spiritual Attack

MT - September 25, 2017

Nigerian actress and mother of one, Tonto Dikeh has come out to refute the news currently circulating by bloggers about her, being spiritually attacked in the eye.…

How I Left My Property During Biafra Civil War To Save My Life – 81-Year-old Businessman Speaks Up
Art, History and Culture
54 views
Art, History and Culture
54 views

How I Left My Property During Biafra Civil War To Save My Life – 81-Year-old Businessman Speaks Up

MT - September 25, 2017

An elderly retired businessman has opened up on how he had to flee for his dear life, abandoning his property during the Biafran war. Ikeme Alphonsus A…

Here Is Davido’s Reaction To The Lying Female Fan: “She Lied, I’m Not Even Replying DMs Anymore”
Entertainment
40 views
Entertainment
40 views

Here Is Davido’s Reaction To The Lying Female Fan: “She Lied, I’m Not Even Replying DMs Anymore”

MT - September 25, 2017

  Popular singer, Davido has made a public announcement that he won’t be replying to DMs anymore, after a lady named Sheila lied against him. The singer…

How I Survived The Controversial Lawsuit Slammed Against Me – Omoni Oboli.
Entertainment
36 views
Entertainment
36 views

How I Survived The Controversial Lawsuit Slammed Against Me – Omoni Oboli.

MT - September 25, 2017

Popular Nigerian actress, Omoni Oboli has opened up on how she managed to survive the lawsuit slammed on her after producing one of her movies. Omoni Oboli…

The Secret Behind My Happiness And Youthful Looks – Kate Henshaw Makes Interesting Revelation
Entertainment
56 views
Entertainment
56 views

The Secret Behind My Happiness And Youthful Looks – Kate Henshaw Makes Interesting Revelation

MT - September 25, 2017

Reigning Nigerian actress, Kate Henshaw, has disclosed the secrets of his good looks and youthful appearance. Kate Henshaw Even though Nigerian actress, Kate Henshaw is closer to…

Loading...