Many people think that doing a startup in a saturated marketplace might be a bad idea, but if you have the audiences attention, and you have a better widget, chances are you can make a big hit in even the most saturated marketplaces.
I know that many businesses fail claiming that there is too much competition, but in many cases it’s because too many competitors are better at marketing and have a better product.
If your industry is highly competitive, you need to figure out how to have a better product and a better message as opposed to figuring out how to be cheaper than the competition. Being cheaper keeps you competing with everyone else, building a better product and doing better marketing sets you apart from everyone else.
Let your competition prove to your customers that their product is cheaper, and oh, by the way, probably doesn’t do what the customer wants and you’ll find you get the most profitable customers doing business with you because they don’t want to have poor service that lacks quality.
Entrepreneurs need to focus on being the best at providing great value for their customers. Great value doesn’t mean cheap, it means getting the job done right and meeting customers expectations at a price that they are willing to pay. Cheap has nothing to do with value.
Focus on building better widgets, especially in saturated markets. Change your offering so that your comparing your product or service to competitors is like comparing apples to oranges. Make it obvious to your customers that your offering is totally different and will give them not only what they want, but what they need to accomplish their goals.
When I decided to start blogging, I picked Entrepreneurship as my topic. It’s what I know, it’s what I’ve done for over 30 years. While many people have similar subjects like making money online, or how to start your own business, few of them have the experience that I have. Still, I have to build a better widget than they do, as in I have to build a better blog than they do and put content in that they don’t think about.
Build a better widget when you’re working in a saturated market.