Market Oversaturated? Consider These Key Concepts!

Do you think market saturation is a thing? Like, does it actually exist? I'm not convinced. And honestly, I wonder if market saturation is used as an excuse by a lot of people for never getting started..."well, the market's totally saturated! There's no way my business idea would work"...

Show Notes

Here are links and resources mentioned in today's video. Enjoy!

  • Nothing here just yet.

Transcription

Well let me ask you this: What market isn't saturated? I can't think of any...can you? Every market I can think of has lots of vendors competing for customer attention.

Just think of how many shoe brands there are, how many business books get published every year, how many clothing brands there are...and so on. Every market's crowded!

But I'd say lots of vendors serving a market is a good thing. It tells us that there's a vibrant pool of customers in this market that are spending money on the best products and services. Can your product or service compete too? I think so...so long as you meet a few criteria:

Learn how to build your small business website!

First, specialization. What sub-categories of this market are being underserved? If you dig hard enough, you'll find a few. And people in these sub-categories, who have very specific interests and needs, are tolerating more generalized products and services to fit their needs.

And that's because that's all that's being offered to this market. So, can you help them? Can you fill their specific needs at a profit?

And second, you can compete in a crowded market so long as you market your product or service decently. It's all fine and well to create something that fills the specific needs and wants of a market's specific sub-category...but you know...they've gotta know you exist too, right?!

So what are your thoughts? Does market saturation really exist? Or is there room for you to help an underserved group of specific customers?

Hope you enjoyed. See ya next time!

Share this!
Learn how to build your small business website!