Marketers respond to saturated markets in different ways. Many people are discouraged by the idea of entering a saturated market, others find it difficult to survive in that market, but there are other entrepreneurs who not only survive but grow in a saturated market. Others are at the beginning of their business journey, but they are not worried about a market full of potential competitors and find themselves in the same market. So what is the secret to winning business in a saturated market? The saturated market is actually a prosperous market with huge demand, and therefore offers huge growth opportunities. Therefore, entrepreneurs should not be intimidated by a saturated market. Instead, they should see it as an opportunity to take advantage of the huge demand that is a sign of such a market.
A saturated market indicates that there are many opportunities in the market. She believes that the key to entering a saturated market is change. Consumers are always looking for change and differentiating factors. Active market A saturated market is an active market. Why? Because in a saturated market, many competitors sell similar products or services, which indicates that there are a large number of buyers in that market. As the number of players increases, each competitor does their best to obtain the largest number of customers, thus expanding the size of the market and providing ample opportunities for anyone willing to enter a saturated market.
Niche positioning Entrepreneurs can identify negative stereotypes in the industry and use their products as proxies for problem solving to penetrate saturated market. This is what Subway does. When it entered the market, the fast food market was saturated, but a niche market was created by positioning itself as a healthy and fresh substitute for fast food to replace burgers and pizzas that are generally considered unhealthy.
Pricing Power Most well-known brands charge high premiums for their services or products, and customers can easily pay this premium. But at the same time, in all markets, you can turn to price-sensitive customers to sell your products. When doing this, keep in mind that what you need to do is to price your products within a similar range to competitors' products and services, and then offer discounts to customers. In this way, you not only make your customers happy, but also let them know the true price of your product, so that if you withdraw the discount in the future, you don't have to face dissatisfied customers.
Value-added offers Another common way to penetrate a saturated market is to find value-added offers. Value-added products can be a good way to differentiate yourself from your competitors and can give you a greater advantage than them. For example, in November 2016, Ola launched OlaPlay, a connected car platform for ridesharing, and OlaCredit, a postpaid service that allows passengers to pay for rides. Similarly, Uber launched Uber Eats to provide food through its app, or car aggregator Jugnoo launched many value-added services, such as cash pickup, wedding card delivery, milk delivery, etc., so that match your core business of passenger transportation.
Focus on customer satisfaction Customer satisfaction is the biggest and most difficult challenge for entrepreneurs in any market, it is no secret if it is saturated or not. Therefore, the best way to penetrate a saturated market is to strive for customer satisfaction. Customers can become your biggest and best brand ambassadors, and you can use their recommendations to increase your sales even in a saturated market.