It all starts with a dream. Follow that with a goal. The goal is broken down into a plan. Sounds simple enough, right?
Sure, but anyone who has ever started their own business knows full well just how difficult it is to break into a competitive market. There’s more to it than just visualizing your product or service and hitting the ground running.
There are three definitive things that you need to get done now in order to successfully break into the market. All it takes is knowing how the system works, and getting it to work for you!
Find Your Audience
Take a look at your competitors and see what audiences they are targeting. Figure out which ones are being ignored. If you haven’t yet figured out what your product or service is going to be, identify a problem that isn’t currently being addressed and create a product or service that solves that problem! In order to set your business apart from the other businesses already taking up space in the market, you have to have an understanding of what makes you different.
Once you’ve figured your audience out, you need to laser your focus in on your customers and their needs, and always keep that in your sights. Become the best source for fixing that specific problem. Be the go-to source for informative articles, helpful hints, and top-of-the-line quality. And concentrate on that. You’ve created a unique value proposition.
By keeping your focus on your customers, you can avoid common pitfalls like adding product features or product lines outside your area of expertise. Making a mistake like that could distract your audience and dilute attention.
Determine Your Profitable Distribution Channels
It’s not enough to just know who your audience is and what they’re looking for. You also need to know where they reside, and formulate a plan for getting your goods or services to them. A part of breaking through the competition is figuring out the right distribution channels so you can turn those channels into profitable business outlets.
There are multiple factors to consider when making a decision.
- Your Product: If your product is perishable or unstable, you’ll need to get it out faster than typical routes, and will probably need to go with a direct distribution method.
- The Market: If consumers are your market, retailers will be an essential distribution method. Business markets may need to find a different approach.
- Middleman: Depending on your needs and the demands on your time, a middleman can help to distribute products quickly and efficiently. Your budget may be a limiting factor.
Many smaller businesses are utilizing the help of distribution giant Amazon to get it all done. By leveraging Fulfillment by Amazon, smaller businesses are saving tons of time and energy that would have otherwise been spent on logistics and fulfilling individual orders.
When you’re new to the market, there are a million and one things that are better focus for your time than filling orders. Allow the pros to handle that so that you can concentrate more on providing a great customer experience, working out the kinks in your system, and building your brand.
Startup TruthPaste broke into their market by taking advantage of the distribution guru. “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.
Make Customer Engagement a Priority
The relationship that you develop with your customers is unerringly sacred. Once they’ve elected to give your brand a try, it’s up to you to continue to foster that relationship. Providing them with top notch support when they need it will always be a crucial element to your success. And word about customer service spreads like wildfire, so do your best to make around-the-clock support a priority. A study by the White House Office of Consumer Affairs found that 80% of U.S. consumers would pay more for a product or service to ensure a superior customer experience.
It’s absolutely imperative that you understand your customers and their experience from many various angles in order to gain a deeper knowledge of how to improve your product or service. Think about your business model and how you can best serve your customers. When do they need you? Take the time to talk to your customers directly, rather than handing it off to an outside source not directly involved with your business.
Obsess over your customers. Start with your company culture and ensure your customer support team, the frontline of your business, is empowered by and shares your focus on providing an amazing customer experience. See your customers and deliver the exceptional service whether they are worth small change, or millions to your business.
Breaking your way into an already saturated, competitive market isn’t anything easy, but if you lay your cards down right, you’ll be rewarded by becoming more valuable than your competitors.