A saturated market proves there's a strong demand for what you want to offer and an opportunity for you to provide consumers more viable options. So competition isn't a bad thing; it just means you have to find a way to stand out from the current players who've already made their mark in the market.
Challenging The Status Quo
You can't do things the way they've always been done and expect to succeed. You have to challenge the status quo, and that's exactly what Squeaky Cheeks did.
Company owner Rock Toone is also firefighter and from experience knew brands selling current talc products weren't providing the solution to problems he was facing--so he took matters into his own hands.
"The status quo is a cheap, old school product with no real value added benefits," Toone said. "Recent customer testimonials have verified that people were looking for something new but literally had nothing on the market to choose from. Our brand and benefits have allowed us to be ranked in the top-3 items in the category on Amazon and quickly outselling them on retail shelves."
By offering a simple, yet very effective all-natural, talc-free option in their vanilla market, Squeeky Cheeks provides customers the desired solution to their skin irritation and odor problems.
Finding An Underserved Audience
Take a look at what audiences your competitors are targeting and find out which ones are being ignored, or find a problem not being addressed and provide a product or service that solves said problem for the audience in need.
With Axon Optics, they realized light sensitivity was a top symptom and trigger of migraine attacks, but a solution didn't exist targeting this condition. By identifying this problem through research and time spent with end users, Axon Optics stands out in the competitive eyewear industry by offering a solution to an underserved audience.
"Our focus is on helping those with migraine and light sensitivity, rather than building an eyewear company," said Ben Rollins, founder and operator of Axon Optics. "This laser focus on our customers helps avoid pitfalls of adding product features or product lines outside our expertise that could distract and dilute our attention."
Identifying Profitable Distribution Channels
Sometimes all it takes is pinpointing the right distribution channels. Identify where your target audience lives online and turn those channels into profitable business outlets.
That's how TruthPaste broke into their market. They discovered their audience was on Amazon, and by leveraging Fulfillment by Amazon, they've saved tons of time that would've been spent on logistics and fulfilling individual orders.
"Amazon has been a primary driver in our distribution success," CEO Peter Cobabe said. "We were able to gross over $150,000 in our first year on Amazon. When you're passionate about your project and have the right tools, you're more successful at growing your business."
Succeeding in a saturated market is a challenging task. But it's also very rewarding when you take the right steps to become more valuable than your competitors.