So, you’ve made up your mind and take the leap- you’ve started your own business. Kudos!
What’s the worst thing that could possibly happen? A saturated industry/market, right?
Wrong. If that’s how fast you jump to conclusions, you’re too narrow minded to be an entrepreneur. More than anything else, it is time you start thinking differently. Here’s two things to keep in mind, to succeed in a saturated market:
1.Saturated Market= High Demand.
Very rarely do we find scenario, where a high competition market has a low demand and low profit margins. Industries like this usually dwindle and die out. Take the black and white television for example. However, more often than not, we find that high competition markets have a tremendously high demand and significantly higher profit margins.
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If you really give it a deep thought, you’ll realize that some of the most saturated industries are the ones with the highest demands- food, clothing, beauty; you name it. Who doesn’t eat, en-robe themselves and want to look good. If you’ve landed yourself in a highly-saturated market, chances are your products have tremendously high demands. There’s your business potential right there. You’re gonna make a few sales anyways. But, good is the enemy of great- if you want to take it to the next level, stand out, and make more than just a few sales, you’re gonna have to put in more work. Standing out, requires your product or service to be different, which brings me to Point number 2,
2.What’s your Unique Selling Point?
A Unique Selling Point (USP) is a factor that differentiates your product form its competitors. Some cliché examples include ‘low cost’, ‘free shipping’, ‘highest quality’, ‘industry first’, etc.
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Now, you’re gonna want to do more than just that. Let’s face it ‘10% off’ and ‘free shipping’ has become a thing now. It’s all over the place. If you really want to start monopolizing a saturated industry, come up with a unique product or service. Something that clearly stands out form the competitors.
It's hard. I'll give that to you- it is hard. But will it be worth it? You bet.
How do you take something as ordinary as a toothbrush and come up with an industry first.... Dr. P.G. Woog did- he invented the 'electric' toothbrush. Everybody in the developed world uses one, today.
A better product: Here’s something I read in one of Dr. David Schwartz’ books, The Magic of Thinking Big: “Absolute perfection is unattainable. This means that there is endless room for improvement.”
Think about it. Perfection, as most of us agree, is not attainable. However, we can keep getting closer to it. It’s like approaching an infinite goal. We cannot reach the end, but we CAN definitely get closer to it. This is the mindset you've got to have when thinking of a unique project. You have to step out of a narrow mindset and 'think big,' as Dr. Schwartz says.
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Think differently: I don’t mean to sound cheesy, but really it all starts in your mind. Ask yourself this question- “How can I do it better?” (And yes, you can.) In no time you’ll be coming up with ideas of a better product or service, and that ‘improvement’ in an existing product will be your Unique Selling Proposition.
I’d highly recommend you read the book ‘The Magic of Thinking Big’, by David Schwartz, for more game changing concepts like these, to help you think out of the box. Get your copy, from our bookstore. By the way, we have the best book prices on the Internet.
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