3 Powerful Ways To Succeed In An Oversaturated Marketplace
How can a business owner succeed in an oversaturated marketplace with new businesses springing up daily?
As a new or existing business owner, you are faced with intense competition and if you don’t match up to your competitors’ energy or even surpass them, retaining customers might be an uphill task.
However, irrespective of the saturation, you can dominate and succeed in any marketplace by applying the smart tips in this article.
Have a solid business strategy
Your success as an entrepreneur is as good as the strategy you deploy to start, grow and sustain your business.
First, you have to research the market you are venturing into if you are just starting out.
And if you have an existing business, keeping up with industry trends will inform your strategic operations and decisions.
With a good business strategy in place, your business will be distinct and one step ahead of your competitors.
Learn from your competitors
Competition is an integral and inevitable reality of the marketplace. It is the driving force of innovation and 24/7 advertising all around us today.
The agelong brand battle between Audi and BMW is a testament to this, same with Pepsi and Coca-Cola, Samsung vs iPhone, etc.
To stand out and succeed in an oversaturated marketplace, you must study your competitors.
Curate a list of businesses that are doing well in your niche; research their strengths and weaknesses. Armed with this knowledge, you can now create a winning formula to outdo them.
The famous Chinese General, Sun Tzu, captures this aptly in his quote: “If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.”
Increase Your Unique Selling Propositions (USPs)
Now that you have a good strategy in place and have done great work in identifying and studying your competitors, your final step is to expand your USPs.
Your USPs are the special offers or advantages that make your products and/or service stand out amidst the competition. It’s your business’ bargaining chip to attract and retain customers.
Customers sometimes have a short attention span and are always looking for the next best thing. This is where your strategic partnerships and innovation comes in to help you retain your customers.
By partnering with GIG Logistics as a CLASS Merchant, you can offer your customers amazing benefits like same-day delivery and payment on delivery through Cash on Delivery (COD) or Transfer on Delivery (TOD).
GIGL delivers your customers’ items and remits your COD payments within 5 working days while TOD payments are instant and you can withdraw your funds after 24 hours.
Not only do you retain customers this way, you also spend 20% less on shipping; a dedicated account officer is assigned to you and you enjoy FREE insurance on shipments capped at one hundred thousand naira.
Become a CLASS Merchant by selecting the ‘Upgrade to E-commerce’ option on the GIGGo app and that’s it!
With thousands of businesses out there actively looking to ‘snatch’ your customers from you at all costs, you must keep reinventing working strategies if you want to succeed in an oversaturated marketplace.