You could have a highly innovative product that solves people’s problems or satisfies a niche demands.
But if you do not effectively draw attention to your product, then your target audience will never learn of its existence. Then all your efforts for creating the product would have been for nothing.
The crowded marketplace does not make this process any easier, either. There are so many aspiring entrepreneurs trying to introduce their own innovative products to the marketplace.
The only way to stay ahead of the competition is to make your product stand out from the crowd. This is the case in virtually every industry out there.
How do you do this? This is a question which most entrepreneurs ask themselves when they are entering the market for the first time. No matter what type of product you are trying to sell, the strategies to make it stand out by strategic positioning and identifying your Unique Selling Proposition can work for any industry.
Below are 5 ways that a business can get their product noticed in a highly competitive industry.
Target a Sub-Niche
Try to target a specific niche with your product. Do not just target a broad range of people within a generalized niche. For instance, if you are selling a vegan recipe cookbook, do not target everyone in the vegan community.
Vegan has becomes such a saturated market with so many different products available. It is better to find a sub-niche of the weight loss, fitness or allergy market and target that instead.
Your brand needs to have a personality. You can create this personality by demonstrating a consistent brand voice, style, and message to your audience.
Everything from the language of your copywriting to the appearance of your brand’s colours and logos will demonstrate a unique personality.
Make sure your branding remains consistent. Even the infographic design on your blog should be aligned with your brand personality.
Individuality is how a lot of popular brands get away with charging more money for their products, despite cheaper alternatives being available in the same industry.
Make sure your brand activation stands out as something different in terms of personality and tone.
Find an Unsatisfied Demand
A lot of new entrepreneurs have a bad habit of copying other successful ideas and spinning them into their own product. The first entrepreneur to introduce a particular product is the one that will be successful.
The other entrepreneurs who come along and introduce something similar are likely going to fail. When you enter any marketplace, you need to introduce something original.
Figure out which demand in your industry is not being met by any of your competitors and look at ways you can generate fresh consumer demand with your product. Once you locate that demand, create a product which solves it. That is how it will stand out in a saturated marketplace.
Modern consumers love having personalization options over the products they purchase. The one setback that bigger brands have is they run a larger scale operation, which makes it difficult for them to let customers personalize their products.
But for small businesses that want to attract an audience, it is easier for them to do this.
For instance, let’s say you are running a T-shirt business. Instead of just selling pre-designed T-shirts, have an option where customers can have their own images and messages printed on their T-shirts.
Another example is someone running a computer business. Allow customers to customize the tech specifications of their computer before they purchase it.
When all else fails, affordability is always something that catches people’s attention. If you have the most affordable product in your marketplace, consumers will take notice.
However, this does not mean you can just sell a low-quality product and price it cheap. You still need to produce a product which at least matches the quality of your competition. And if you can slap a cheaper price tag on top of that, then consumers will not be able to resist.
To get help with pricing, consider hiring some price consulting experts to assist you. They are the experts and know how best to win the market you are trying to reach.