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  No niche is not saturated. Although, one face value, you might think that your niche is blue water (scanty market), which is opposed to red water (overcrowded market). It is important to note that before venturing into the marketplace, it is an open space where there is free entry and free exit. There are times when you might stay ahead of your competitors during the early stage of your startup.
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But if you think it is going to stay this way for a long period, then you must be naïve. The marketplace is a never-ending rivalry between competitors. You might find yourself battling with early-comers and newcomers alike. It is always a common practice that everyone is battling for a larger share in the market. However, there are strategies that you can deploy to stay ahead. In this article, you shall learn how to stand out in a crowded market. Here are four tips to get you headed in the right direction:
  • Have a Clear Core to Build On: 
Before entering the market, ensure you have a core product that is large enough to accommodate a variety of values for customers. For example, Sony’s core is technology, which is vast enough. Little wonder it has created a variety of products ranging from computer and digital products to home appliances and gaming devices. The same has been replicated by Apple Inc. with its multiple products ranging from technology and mobile devices to software.
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Another expansive core you can build is fashion services where you can blend both apparel and beauty products. The advantage of this is that your brand (logo, trademarks, and storyline) is spread across a variety of products that serve a variety of users. For instance, Air Jordan is a complete apparel outlet that manufactures sport wears and shoes.
  • Deliver Value, Immediately and Consistently: 
Value is at the essence of every enterprise. Without value, nobody will come to you. It is that simple. However, it is not enough to have value, but how fast and consistent you can deliver your value. Studies have shown that delays or disruptions discourage 80% of customers from repeating buying. Delay in value forces customers to switch to new suppliers. Therefore, if you intend on standing out in a crowded market, you must create an automated strategy that offers customer satisfaction as quickly as possible. Furthermore, creating a company that measures customer satisfaction will give you a benchmark to continually improve against. It is important to have invested a lot in customer training, we have a Chief Customer Officer who oversees a strong customer success team, and we have a range of different metrics to monitor our customer health.
  • Listen to Feedback and Act on It: 
Another strategy that can help you stand head above shoulders in a crowded marketplace is acting immediately on feedback.
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The big truth behind staying ahead with acting on feedback is once customers start using your product, you will begin to use your product in new ways you didn’t originally plan it to function. This is where you have to be open to customers’ suggestions, recommendations, and complaints. Listening to your customers and adapting to support off-label usage will take your customers and your business to new heights. Closing Remarks Standing out in a crowded marketplace will guarantee business longevity. However, it requires the deployment of the abovementioned strategies. The advantages of standing out are that your brand is seen as the best among the best and makes your brand the go-to person when it comes to product reliability and credibility.  Featured Image Source: The Congruity Group
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This article was first published on 23rd May 2022

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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