Standing out in a crowded and competitive marketplace does not solely rely on working hard, but on applying the right strategies and smart thinking. The fear of many small businesses is being choked in the marketplace, especially in a market space where they aren’t the only ones offering a particular service or value.
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Since the pandemic outbreak in 2019, there has been a surge in the rise of
small businesses. Between 2019 and 2020, there has been a 24% growth in the rise of small businesses.
Staying head above water or standing out in an identifiable way in which customers can easily identify you is the only way to determine if your business lives or dies. In this article, I explore 3 ways to stand out in a
saturated market space.
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Become Unconventional In Value/Service Delivery
If you must stand out in a crowded marketplace, you must become unconventional and innovative in meeting the needs of customers. Create a connection with customers in the way you meet their needs. Ask yourself, how can I do things differently? What do customers really want? How can I bring customers into the processes of our growth? When you create a distinct customer experience, you’re bound for a breakthrough.
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Avoid Adding To The Saturation, But Build A Culture Around Your Business
Create a brand a
customer can identify with and fall in love with. It’s advisable to know your customers’ value and ingrain them in the branding process. When customers hear your name in the marketplace, what comes to their minds? Is your brand known for efficiency, luxury, durability, innovation? What values does your business embody? Rather than striving for market saturation, go after building a culture that serves customers holistically as a human and a consumer, based on shared values. Strive for what values your business embodies and the shared customers’ values and transform them into tangible processes. Make a message out of this information.
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Create A Cult Following Around Your Brand
Apple Inc. has successfully mastered this strategy – the strategy of building a loyal customer base or community. In a way to do this, you must be revolutionary in your thoughts. Always find a way to infuse inspiration into your community as a leader by doing what your competitors aren’t doing. For example, Elon Musk, CEO of Tesla and Space X, is doing something evolutionary in the automobile industry by building cars that run on electricity rather than the usual fuel. He has carved a niche within an industry and he’s given millions of reasons to follow him in a cult-like manner. You can apply this strategy in your small business and transform it into something larger than life. To also sustain their loyalty, you must be exciting and keep followers expectant and hungry for something new.
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Rely On Customers As Your Major Source of Advertisement/Marketing
Small businesses spend a lot of Naira on advertising and marketing. While this is good, Jeff Bezos, Founder of Amazon, is of the opinion that ”customers are your best marketers, and when they get value for their money, they tell others, too.” Rely on customers’ referrals. Do all your possible best to promote your business through the words of your customers. Therefore, how you treat them goes a long way in how much they promote your brand. Their complaints should be treated with utmost importance. If they aren’t getting value, they aren’t going to come back. Never allow a customer to tarnish your image.
Featured Image Source: inc. Magazine
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This article was first published on 18th August 2021
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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