We often hesitate when we see countless competitors offering similar products or services to what we offer. The common refrain? “The market is too saturated.” But this fear of market saturation might be holding you back from building something remarkable.
There’s a lot of professional speakers on the market. There’s a lot of really good event hosts. However, how I speak on stage and energize is the audience is uniquely me. Whether you have a product or service find how it’s different and find the customer that wants that differentiation.
In a recent email newsletter Guy Raz, author of “How I Built This” and popular podcast writes:
Some of the most successful brands in recent years aren’t necessarily new or even that different from products that have been around forever. Liquid Death is a great example. Its just spring water.. No different from other good spring water brands. But if you remember the episode we did with the brand’s founder Mike Cessario, he said something really important.
guy raz eamil newsletter
Mike said, that when dealing with a competitor who makes a similar product, your brand will always be more important than any functional differences between the two products. In other words, if your water tastes as good as another water brand, don’t try and sell the quality of your water—sell the story of your brand.
The Myth of the Saturated Market
Think about coffee shops. In virtually every city, you’ll find dozens, if not hundreds, of places to get your caffeine fix. Yet new coffee shops continue to open and thrive. Why? Because success isn’t about being the only option – it’s about being the right option for your specific customers.
Standing Out in a Crowded Space
Here’s what truly matters when entering a “saturated” market:
1. Your Unique Story
Every business has a story, and yours is uniquely yours. Maybe you’re a former tech executive who now makes artisanal cheese, or perhaps you’re a third-generation craftsperson bringing traditional techniques into the modern era. Your journey, values, and mission create an authentic connection with customers who share similar values.
2. The Experience You Deliver
Products and services can be copied, but experiences are unique. Consider how you can make every customer interaction memorable:
- Personal touches in packaging
- Exceptional customer service
- Community involvement
- Innovative delivery methods
- Unique ambiance or presentation
3. Your Specific Audience
Instead of trying to appeal to everyone, focus on serving a specific group exceptionally well. This might mean:
- Targeting a particular demographic
- Solving a specific problem
- Specializing in a niche aspect of your industry
- Serving an underserved geographic area
The Power of Differentiation
Remember: McDonald’s didn’t stop serving hamburgers because Burger King existed. Starbucks didn’t give up because local coffee shops were everywhere. They succeeded by creating distinct identities and experiences that resonated with their target customers.
Take Action
- Define Your Difference: Write down what makes your business unique. Be specific and honest.
- Know Your Audience: Identify who would most appreciate your unique offering.
- Tell Your Story: Craft a compelling narrative about why you do what you do.
- Create Experiences: Design customer interactions that reflect your values and differentiation.
Conclusion
Market saturation is not a dead end – it’s a sign that there’s proven demand for what you want to offer. The key is not to compete on being the only option, but on being the best option for your specific customer base.
Your success doesn’t depend on being the first or only business in your space. It depends on being authentic, delivering value, and connecting with the right customers who resonate with your unique approach.
Remember: There’s always room for businesses that truly understand their customers and deliver exceptional value in their own unique way.
