How to Win in a Saturated Market
Let’s take a trip down memory lane to the day your business first opened its doors. How exciting were those first few weeks as a new establishment, when your strategy felt strong and your confidence, even stronger.
Over time, it’s possible you’ve faced some obstacles. Maybe your core business lost steam or your market didn’t live up to its potential. Perhaps the competition heated and you’ve suddenly found yourself competing with more like-businesses than you had ever imagined.
So what do you do?
How do you win in a completely saturated market?
You find your key differentiators.
Simply put, key differentiators are what makes you different. It’s your “one thing” or even five things you’ve nailed better than anyone else in the industry. Key differentiators demand laser focus and must be kept at the forefront of you and your employee’s minds at all times.
Key differentiators can be any number of things. Maybe it’s the unique story of how your company got started–the rich history of your founding that fuels your “why” every single day. Maybe it’s a specific area of your business you’ve decided to master, like your customer service or your product design. It could even be an innovative offering no one else has, putting your business on the cutting-edge.
Dig deep and identify your key differentiators. Locate 3-5 aspects of your business that set you apart and never let them go. The competition will always persist but no company will have the same unique touches yours does.
At The Living Room, we focus on three big things: our space design, our service, and our food. That’s why we’re always on the search for creative new recipes, ways to spruce up our meeting and event space, and how to bless our clients. Sure, we’re not the only creative meeting and event venue in the city. We don’t need to be. But one thing that will always rein true is our dedication to our key differentiators and the rest will fall into place.
So get to it. Pull out a notepad and a pen and ask yourself these three questions:
1. What is the industry standard?
2. What sets our company apart for that?
3. How can we do what sets us apart better?
Get it in writing, speak it out loud, and start to win in your saturated market.