Many of us try to avoid high competitive saturated markets but one thing must be accepted that a saturated market is proven market with a lot of data and signals available to go ahead. Whereas in a newly growing market nothing is tested and that can cost you some more pennies and it can be time consuming as well. Yes, I agree that penetrating a saturated market is not very easy. So, we need to keep your eyes on some important signals in that market and act accordingly.
Key challenges in saturated markets
The market is really loud with many communications and everyone tries to get the highest market share with more or less the same service or products. So, the competition is very high. Deep pocket competitors will cut the prices at the lowest and new businesses needs to sustain that yet make profit out of it by staying in the competition. This is really tough. Finding a cool way to make your brand stand out from the competition can also be a great challenge because it is not very likely that one can create new ideas every day.
Opportunities in saturated markets
There are some key advantages of a saturated market which
one should keep an eye. Here is a short list:
- Saturated market means that the product or
service has high demand.
- Not much labour is required in market research. A
lot of data is already present.
- Potential audience are almost knowledgeable
about the product or service.
- It will not be very tough to identify skilful
and potential work force.
- A plenty of references are there to follow.
Some marketing strategies that can be applied in a saturated market
- Start studying reports on failed and successful
campaigns in your market. This is will give an idea of what approach should be
the right one for expanding your business.
- Every market has areas of improvement. Try to
find that out or else innovate a concept that no one thinks. For example, in
India Jio penetrated in the mobile network market when brands like AirTel,
Vodafone, Idea, Aircel and many others were successfully running their business
with AirTel and Vodafone being the key market share holders. They had separate
charges for calling and internet usage. Jio came up with the idea of free
calling and only charge the consumer on data usage and that too at a faster
speed. Their charges are lower than every other network. This is how they
became the most used network in India right now. They were able to capture the
huge untouched market of rural India which was not used to the mobile internet
at that time. Now they are using it like anything at minimum rates.
- Do a great social listening of the market
audience. There can be something which people really want but are not getting
it by any means. You may come up with an idea that can solve a specific
problem. Ola cab services are a great example. When they started, Indian
transport market was highly saturated with a very bad transport service. The
passengers were facing service issues from buses, auto rickshaw, taxis, etc.
The trains and metros were overcrowded with poor customer experience. The taxi
and auto rickshaw drivers used to charge high. Then Ola came as a boon for the
society with 24×7 service availability. Along with Uber, they started giving
unmatched customer experience in urban cities. Same is the case with Redbus,
the bus booking platform and OYO rooms, the hotel booking platform.
- Other markets might have some successful
campaigns. Try to figure out ways in which you can map those concepts into your
business promotion and run other similar campaigns accordingly with some
improvisation of your idea.
- Continuous research for cheap source of
production is necessary so that you can offer the best price. We all know that
low price and good discount is what people always look for.
go ahead and find great ways to promote in saturated markets and take your
growth to the next level.