Arguably, the most exhausting part about running in business, in terms of being ahead of the competition, is the competitive nature. Because the task of running a business means that you have to be well versed in the various components, it can be incredibly tiring purely to find ways to keep ahead of the curve. Constantly, we are looking to find new ways to present ourselves, to make sure that our customers are catered for, and when we find another entryway, it seems that it is blocked, predominantly by a competitor. And when we’re starting out any business, and we’re trying to break into a specific market, or we are beginning our business journey, breaking into a market that’s already cornered by bigger and more successful companies is incredibly intimidating. But what if your only option is to break into this market, because it’s your only route as you have limited other ideas, and you’ve got everything riding on this? Where do you begin?
That old chestnut…
Research. To maintain a competitive edge in the market that is already cornered, it’s about finding the most useful resources out there to ensure you gain enough appreciation of the market. This is very easy to say, but you cannot underestimate the impact preparation has on the viability of your business. In many ways, this has to form part of your business plan. Because the business plan is such an integral part of the entire process, it makes logical sense that the business plan dictates the vast majority of what will follow. When it comes to cracking markets that are well guarded, it’s very difficult to find space at the table when there are so many other big players out there. After all, the profits of the established businesses are much higher than yours, and so they are able to provide a lot more intimidation, just by the sheer force of their size. By making the most of essential and commonsensical research, not only are you able to see how much of a battle you have ahead of you but where there are gaps in the market. This leads on to the next component…
Finding your niche
It can be argued that in the modern business world, the idea of a niche is almost non-existent. But this is primarily due to the fact that we have an oversaturated market. It is possible to create our own niches, but it’s to do with the most important combination strategies. When figuring out your business model, low cost is the desired outcome. And, the surprising by-product of crafting your own niche by way of combination strategies is that the costs can be quite low, because you were reaching a market that, to an extent, is untapped. So instead of focusing your efforts on fighting for a place at the table with the bigger companies, and working at getting your product to pass muster with customers who already are dedicated to another brand, by creating your own niche, it makes for a unique business model that you can take advantage of. But what is incredibly difficult when you are trying to break new ground in a niche market, is that you don’t have many resources out there. But in many ways, there are resources that can help you to break new ground, but using the tried and tested methods that made previous companies blaze a new trail for themselves. Resources like the Marbury Creative Group Blog provide useful insights in relation to the usual components of any business. Not just branding or design, but video, as well as specific areas of any industry, which, when you dig deep into it, you realize just how many things are all about being simple and true to the brand. This is something that we don’t think of because we’re looking for a new angle, or a way to be different, which means that we automatically go towards overcomplicating things. This is never the case, especially when you’re reaching out to new customers.
The importance of the customer
It is nothing new, and when we are working to break into a market that is already covered, the one way we can get ahead of our peers is to provide for the customer in a different way to these already established brands. When we’re trying to find our entryway into the market, we have to drill down exactly what sort of customer we are seeking. The environment where there are customers who don’t look for contemporary trends and don’t conform and this provides a doorway. For example, the sneaker brand Skechers discovered that their niche market was a customer group that avoided the mainstream brands like Reebok and Adidas. As a result, they found their way in and discovered a niche that works perfectly for them. The customer, in many ways, dictates the identity of the business direction. When you’re breaking into a market that is over saturated, the customer and the demand for the product by that specific group is essential. To create a way in, it’s all about the right customer, with a competitive price.
It is a struggle in the modern marketplace to discover your own unique identity that is far removed from anything that is deemed the norm. As we scratch our heads in the hunt for the latest product, the temptation is to go left field, because this uncharted territory would prove to be lucrative. This isn’t necessarily the case, because if a company was unsuccessful in its marketing methods, another up-and-coming business would take its place, and with the right marketing methods. As we begin to break into a specific market, we can feel intimidated by those that have a major stake, and this can cause so much worry. To break into a market that’s already attractive, not only do you have to find the appropriate entrance, you need to shut the door behind you. The task that lies ahead is one that can cause numerous headaches, but it is something that is achievable, regardless of how intimidated you may feel.