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FORBES: 15 Ways To Help Your Business Stand Out In A Saturated Market

by Melanie Espeland, Executive Coach of Espeland Enterprises

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This article was originally published in Forbes where Melanie Espeland was quoted.

 

15 Ways To Help Your Business Stand Out In A Saturated Market

1. Personalize Interactions

Personalization is the key to standing out in the market. Operating as a cold or transactional partner is not what the market is calling for today. If you view your prospective customers or clients as a cash source only, there is little incentive to select you over a competitor. Today’s modern client wants to be seen, heard and understood—not just used in an exchange. – Stefanie Ricchio, SRBC Inc.

2. Zoom In On The Unmet Need

Even in a saturated market, there is no shortage of unmet needs or frustrations around certain products or services. A saturated market is an opportunity to center your offering on meeting a specific aspect or need, then zoom in on reducing the frustration associated with the experience. The unmet need might even be a perception, making it an opportunity to reframe the problem and get curious about how it might even be a feature. – Asia Bribiesca-Hedin, Bridgewell LLC Professional Services

3. Focus On The Value You Bring

Focus on the value your service brings to the customer. Most vendors offer the lowest price; others, the highest. But it’s about putting people first and figuring out the best way to solve a problem for them. For example, I’m a trainer for an organization that allows students to take a class as many times as they want at no extra charge. We’re the only organization in our field that offers this. – Savannah Rayat, Rayat Leadership Coaching

4. Focus On Dissolving Problems

Think in terms of dissolving problems instead of solving them. In a saturated market and, more importantly, in a complex system, what are the constraints that create the problems in the first place? Instead of addressing the symptoms, go straight to the mental models, structures and patterns that keep them recurring. Then, dissolve them. We cannot think linearly. – Alessandra Marazzi, Alessandra Marazzi GmbH

5. Put The Client First

Take a customer-focused approach. Help team members to reflect on past experiences and begin question storming. Then, start to empathize, define, ideate, prototype and test to find something that makes clients feel special. – Dr. Wasit Prombutr, Life Alignmentor

6. Know Yourself And Your Competitors

Know who you are and who your competitors are. Instead of searching for markets for your ideas, create one valuable idea for a specific market and leverage it. If you, as a business owner, are stuck thinking that everything worthwhile was created before you, then take what was created and recreate it—with the same benefit, but in a new form. – Alla Adam, Alla Adam Coaching

7. Build A Diverse Workforce

Differentiation begins with looking at your workforce. Does your team represent the clients they serve? Is there a broad range of diverse people with different beliefs, interests, cultures, races and genders? Diversity drives innovation, which brings new product ideas and solutions to problems, identifies blind spots and improves performance and growth. This sets you apart from your competition. – Lisa Herbert, Just The Right Balance LLC

8. Don’t Try To Be Everything To Everyone

Most people will say, “Share your unique value proposition”—and that is correct, but does that exist anymore? We recommend focusing on two or three reasons that your clients select you over others in the market, then shouting that from the rooftops. Don’t try to be everything to everyone; instead, focus on a few core aspects—you can drill down to these by really listening to your clients! – Andres Lares, Shapiro Negotiations Institute

9. Create With The Future In Mind

Surprise your markets with your next step: Integrate future-oriented thinking into your offering. When you have a clear vision of how your customer needs will change in the next decade, you can genuinely help them get ready to be the first or the coolest! And on top of that, you’ll also profit longer from your innovations. – Barbara van Veen, FuturistBarbara.com

10. Strengthen Your Brand Voice

In a saturated market, it is important to get very clear on the brand voice. Identify the target customer or client, then effectively communicate using intentional brand language to create differentiation and an expected brand experience. A strong and aligned brand voice creates connection and community for the customer and, as a result, prevents commoditization. – Lindsay Miller, Reverie Organizational Development Specialists

11. Incorporate Immersive, Interactive Technology

The key differentiator and competitive advantage remains unchanged: customer experience beyond price! The entire buying cycle, from recommendation and sales engines to post-sale support and customer relationship management, will have to incorporate immersive tech and interactivity through augmented reality, virtual reality and 3D applications focused on taking customer (and employee) engagement to previously unimagined levels of creativity, customization and personalization. – Sadhana Somasekhar, Platinum Infosystems Pvt. Ltd.

12. Talk To Your Target Clients

Talk to your target clients to deeply understand their needs. What keeps them up at night that has both urgency and creates a willingness to pay? Refine and iterate your services and marketing language accordingly. When in doubt, niche down in order to have a valuable, relevant and compelling offer. – Melanie Espeland, Espeland Enterprises

13. Use The Blue Ocean Framework

Use the blue ocean framework to create a sustainable, differentiated unique value position that can better support the core customer in the marketplace. Do a competitive landscape analysis to help design the brand promise, key activities, execution discipline and strategic priorities that can help drive and build a more credible and achievable growth roadmap. – Dennis Foo, Pu Xin ASPIRA Advisory Limited – Shanghai | Hong Kong

14. Go The Extra Mile

Going the extra mile is key for business owners to differentiate themselves in a saturated market. This can mean providing more of a personal touch with personalized follow-up calls rather than emails, which can be fairly generic. And sometimes, you can make calls that are not business-related. Getting to know someone on a personal level is great business. – Dr. Rakish Rana, The Clear Coach

15. Collaborate With Other Businesses

Collaborate with other businesses or organizations that complement your own. For example, you might partner with a complementary business to offer joint products or services, or you might collaborate with a community organization on a social impact project. This can help you access new markets, reach new customers and differentiate your business meaningfully. – Divya Parekh, DP Group

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