Overcoming a Saturated Business Market

Written by:  Kelly Acs, M.A. University of San Diego

So I think we’ve all been there.  You decide that you want to become an entrepreneur and then you start to notice that EVERYONE and their grandma is also an entrepreneur and charging 50% less than you plan to charge for your product/service. Yikes. Welcome to a saturated business market!

These days, if you have an idea and some guts, you can start a business overnight.  So how do you keep from getting discouraged when you see the endless advertising from other entrepreneurs pushing the same thing? Let’s cover what you can do to stay positive and stand out in a saturated business market.

Get ready to work.

I’m going to be 150% honest with you all. I see a TON of entrepreneurs come and go who aren’t willing to put in the work. They flaunt their business on social media and then all of a sudden, they disappear. The number one way to set yourself apart is with your work ethic. You’re going to have to work and work and work, because no one else is going to do it for you. Having your own business is roughly 20% service/product based and the rest about marketing, advertising, networking, collaborating, and connecting. Don’t expect it to be easy, because if it were, you’d see a LOT more entrepreneurs making it big in your chosen industry.

That’s the thing, every new obstacle you face is something that will cause someone else to stop. So you just need to KEEP GOING. ALWAYS.

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Just take a moment to reflect…out of the X number of entrepreneurs you see online or in real life, how many are REALLY successful? I’d guess a handful (mainly because they are telling you about the hard stuff). So really dive deep and ask if you’re willing to work hard and overcome some hurdles because they will come. Is the answer yes?! Then you’re already on your way! It’s time you be honest with yourself and know that this isn’t going to be an overnight project.

You CAN do this…so let’s get started on how…

Your product or service can be at every price point.
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Most of us started off doing free or heavily discounted work or giving away products to get our name out into the world. It’s up to you to work your way out of that low (or free) price bracket.  What you’ll realize is that there’s also a market for much higher (FAIR) pricing and higher quality products or services. The simple fact is that as you continue to improve your skill or craft, you’ll continue to work your way up the pricing latter. After two, or three years of working hard, you won’t be charging those entry-level prices. Just as you move up, other entrepreneurs will just be getting started and testing the waters for what works for them. That may not be your market anymore. Don’t get discouraged!

Understand that there IS room for you in a saturated business market.

So I was reading about the fundamentals of success and in a few studies, it was said that only 3/100 people are willing to go above and beyond what is expected of them in order to be successful. THREE. Sometimes you just need to put your blinders on, put your head down, and WORK. Don’t worry about what other entrepreneurs are doing.

Something I try to do every single day is at least ONE task that will take my business in a positive direction. This may be as simple as posting on social media or making a phone call. It could be as big a committing to building a website, or social media page. If you are doing something that is fueled by passion, it’s difficult to lose momentum when you are doing something because you love it. Sure, you’ll get discouraged at times, as we all do, and that’s NORMAL. Just remember your why! Your “why,” is why you do what you do. Is it because you want to share your gift to make others happy? Is it because your product will change the world? If you keep that reason in mind, it simply doesn’t matter what other entrepreneurs are doing!

Connecting with others is key.

I think we initially look at other entrepreneurs as competitors. They may be, but collaborating will most likely bring MORE business rather than less. You can team up with local entrepreneurs in different areas of business and discuss marketing or advertising techniques. It’s always nice to connect with others that “get you.”

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Step up your service.

We can all agree that there are a TON of smart and talented great entrepreneurs. But stepping up your CLIENT experience is really where you stand out.

Here are some quick tips for improving your customer service:

  • Be quick, clear and detailed in your communication with your clients/customers!
  • Have a clear elevator pitch for what your business does and how it can improve your customer’s life!
  • Under-promise and over-deliver!
  • Make it personal. There is nothing better than genuinely connecting with another human being over something you both love (your work).
  • Treat your clients as if they were your friends!
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Specialize.

This one is pretty simple, offer something that others aren’t offering. I think a lot of us get caught up in copying other entrepreneurs/business moguls that we admire, which is fine, except you need to define what YOU do best. You need to go deeper and really decide what style and type of product/service suits your personality and your strengths. Do what you LOVE, because in reality, you’re selling that love through your business. If you REALLY focus on what you love, and the money will come.

Give 200% to the clients you DO have.

The conclusion is this, give your absolute best to the clients and customers you do get, and the momentum will grow. Even if those are conversations with people who DON’T buy what you offer because impressions are EVERYTHING in business. Word of mouth is your absolute best form of marketing and typically costs the least. So give your talent, your time, your heart and your love and the rest will come with some patience!