It’s very easy for a marketplace to get saturated and congested as there are a lot of willing entrepreneurs out there waiting to wrest the initiative at the slightest of openings offered to them. The free enterprise system allows for the easy entry and exit of anyone into any domain willing to take the dive with enough resources at hand.
With everyone willing to get a larger piece of the pie for themselves, it becomes increasingly difficult for a new startup to create an impact and this holds true even more substantially in the online world where the saturation rates are quite high.
Making an impact boils down to offering something different as compared to the rest of the market and if it’s not the product where the point of differentiation lies, then it has to be the marketing strategy where your startup can stand out in the crowd.
Innovation does not lie only in creating a product that no one offers or an existing product with a twist but it also encompasses all the ingenious ways in which you can make your product stand out in the limelight and that calls for going forward unconventionally and creating more value in your domain for the customer than what it usually gets elsewhere.
In support of helping you create that powerful impact, we offer 4 ways in which your startup will stand out and get a head start in the saturated market you have delved into:
Capitalizing on the power of “Free”:
Businesses are all about making profits, aren’t they? And would offering some of your services or products for free will serve to undermine that purpose? The answer for the latter is No! Because the world has changed and especially in the domain of the online sphere. Here, leads and hooks are the cornerstones of any business, which serve to bring in valuable customers that would otherwise not be there and get converted into your sphere of influence.
Offering something for free like a free 30 day trial of your service or even giving an eBook away on your site can immensely help you in letting potential customers not only know about your service but also create a better perception of your company in their minds. This will lead to them coming back for a planned purchase, rather than just relying purely on chance by letting out advertisement as bait and then waiting for them to latch on aimlessly.
This strategy is far more powerful than conventional advertising as the word of mouth marketing gets activated in your favor for the better.
Providing value on your site other than your product:
Everyone offers their products then what’s new in what you do and why will the person remain on your site for any longer than it takes to view your product offerings? The online marketplace is all about buying time and your chances of getting a conversion increase immensely when the person lingers on along the site for long.
Offer value on your site like creating an informative blog, podcast, videos or even infographics that keep the visitor enticed if he/she does not want to view your product right now and more importantly if the value you create is good, then the person will keep coming back just for reading your blog or viewing the podcasts there and will stay on the lead list for longer than you can with your products.
Forge partnerships and offer upsells:
The most advanced feature of the online marketplace is that it offers the chance to go for partnerships in similar or cross-functional domains that allow for a better substantiation of your presence. An already established business site has its own legion of customers that you can also tap into if there is a partnership in between. It’s a win-win situation for both the parties.
This is the most modern personification of how cartels used to capitalize in the market as when you form a nexus of two or even more companies that sell similar or related products, the chances of selling the offered products across the board goes up a notch higher. Another advantage is of accrued marketing as when you get your logo placed on your partner’s website, the traffic that is already there gets to know about your presence thereby increasing brand recognition.
Conventionalism is where things die, to stay relevant and upbeat, you have to not only think out of the box but envision an altogether new shape for the box to make you and your startup brand stand out in a congested marketplace.
Latest posts by Ronald Mccarthy (see all)
- 4 Powerful Ways for an Online Startup to Create an Impact in a Saturated Market - January 4, 2017
- 5 ways How to Beat Student Loans and Pursue your Startup Dreams - November 7, 2016