When we think of a successful brand, business, or organization, we can all agree that those that are considered successful are those that have done something new, exciting, or groundbreaking. These are the companies that stand out from the rest. But with new and trending products or services created in seconds, this is no easy task. In fact, it might be one of the hardest goals to achieve when it comes to any business. With so many competitors springing up, navigating a crowded space as an entrepreneur or in your given industry is daunting.
When entering a market already flooded with “competition,” you need to adapt your state of mind. spirit and your approach in order to stand out. Believe me:I started and ran a business in sleep products, arguably one of the hardest-hit consumer markets. Reverie and OSO differentiate themselves by tapping consumer interests beyond just the product.
The key is to look beyond the sale and focus on what you can do to be better, different, and better. ahead of the game.
Related: Top 5 Lessons from the Top 5 Business Books of 2016
1. Find a blue ocean.
An industry feels cluttered when everyone is doing the same thing. Don't focus on stealing from other players in the crowded space. Look for “blue ocean” opportunities, those that have not been fully exploited. For most, this means driving innovation in a product category to make them appeal to end consumers in a new light.
2. Be bold.
As Mark Twain said, “Go out on a limb. That's where the fruit is. If you want to stand out from your peers, you shouldn't be afraid to speak up and challenge the status quo. From research and development to sales and marketing to customer service, take bold steps to build your reputation. This includes hiring talented people with no specific experience, presenting your brand as something more than a product line, and building a team of experts and supporters instead of salespeople to represent the brand.
3. Answer the underlying question.
Crowded markets are often the result of companies doing more or less exactly the same thing as the next company. Ask yourself, What does the consumer really need that isn't already available? Whether it's innovative technology, a revolutionary design, offering several different product options, or undertaking a creative campaign, offering something new to your consumer will pique their interest and keep them wanting more. 4. Become the expert.
What makes a brand great is its ability to translate a referral or service into a complete lifestyle approach. Create a business loop so that your target audience is dependent on more aspects of the brand. For example, enlist certified experts in your space and create a blog that allows your audience to receive information about a particular lifestyle. Or add extensions to your existing line that further commemorate your leadership in a given space, whether it's accessories, exclusive services, premium programs, and more.
5. Look to other successful industries for inspiration.
In a crowded industry, playing “me too” ultimately leads to a downward spiral of price competition. What will keep you ahead of your peers is finding inspiration from leaders in other industries. That doesn't mean taking their idea and running with it. Take innovation cues from other industries or business best practices that help this specific business succeed, and shape them into what works for your business. A wide range of resources helps keep a fresh perspective.
In business, you will face new challenges every day. In order to keep an eye on the prize, you have to be creative and think outside the box. Only the companies that innovate first or cultivate this new approach will be the ones that successfully navigate a crowded market.
Don't play "follow the leader". Be the leader. Make your audience believe that there is no reason to watch the competition. This is your ticket to success.
Related: 6 things you want your customers to say about your business
