Thursday Press #88: how to stand out in a saturated market
[13 JUL 2023] don't miss this ~prime~ strategy
Whether you know it as Prime Day, Circle Week, or Black Friday in July, there's no doubt that this week is one of the biggest in online shopping sales.
Amazon's introduction of Prime Day in 2015 has led to a race to the bottom with large retailers trying to curry favor with shoppers, slashing prices and extending sales to compete with the online marketplace.
And you've gotta give it to them, it works.
But in a saturated market, where consumers have hundreds of choices of where to spend their money, how does one retailer come out on top?
You can see a few different strategies at play:
1. Be the cheapest
This works for budget retailers and large corporations that can afford to sell mass quantities of items at ridiculously low prices
2. Be exclusive
Maybe this is one of the only times a year that brands offer such sales, or maybe the particular product you're shopping for is only sold at one store.
3. Be the first
Amazon has stuck to its two-day window of deals, but many retailers offer lightning deals the whole week. Notably, Target's Circle Week started on Sunday and is still going.
By opening up sales before Amazon's Prime Day(s), Target hopes to capitalize on consumers snapping up deals early, so they won't be as enticed by whatever Amazon offers later in the week.
Now it's true, most of these strategies border on bro marketing (hello false scarcity) and encourage mindless capitalist consumption… 😬
But they work.
And it speaks to an issue that plagues most online business owners — how do you compete in a saturated market?
Let's take a look at how you could apply each of these three strategies in your service-based business...
BELOW THE FOLD
Quite frankly, I think the narrative of saturated markets tends to be a little overplayed and overcatastrophized.
Everyone has something special about them that sets them apart, no matter what industry you're in.
Annnnd market saturation isn't a new phenomenon.
There is always competition, so don't let the concept that you're "competing" against too many people get in the way of just showing up and doing the damn thing.
That being said, the truth of the matter is that you do have to set yourself apart from your ideal clients' other choices, whether that's another service provider in the same engine, or whether it's an alternative solution
For example, you're a social media manager whose ideal client's main struggle is generating leads.
That ideal client has the choice between you or a handful of other SMMs they're connecting with, or maybe they decide to go another route entirely and look for a paid ads specialist to get more people in their funnel
So how do you stand out to that ideal client as THE go-to choice?
Let's revisit our options from the Prime Day example above
#1 – Be the cheapest
Lemme just say a quick and definitive NOPE to this option. Your time and expertise are valuable, and you deserve to be paid fairly for them.
Plus, if you've been in the online business space for a while, you've probably experienced the common stereotype that the lowest-paying clients tend to be the ones with the most red flags... 👀
So then we move on to #2 – Be exclusive
The online service provider equivalent of this could go in a few different ways:
Maybe you're super niched down to the type of people or industries you work with
Maybe you only take on a couple of clients at a time
Or maybe you offer a super unique service that clients can only get from you (this is unlikely, but maybe!)
But my favorite strategy by far to stand out in a competitive market is #3 – Be first.
This doesn't mean you're the first to offer the service or the first to start your business.
It means you're the first service provider your ideal client interacts with, which starts BEFORE they're looking to hire
And how do you do that? Pinterest, baby. 😎
When you market your business on Pinterest, you're catching leads before they even get to Instagram.
Pinterest users are usually DIYers first, but they're still looking for trusted expertise and guidance.
By providing high-quality content solving the problems those users are actively trying to fix, you're building rock-solid brand trust from the very beginning.
That way, when those users are ready to hire, they've already built up an established relationship with you and you're the first person in their mind to reach out to. 🙌
Pinterest Marketing & The 5 Stages of Awareness
Pinterest isn't just for the already successful business owner. It can be instrumental in the journey TO that success.
& whether you're DIYing it or ready for a guiding hand, I'd be honored to be part of that journey.
You can check out all of my services and resources on my website, or hit that reply button & let me know where you need the most support!
Also, let me know what deals you're snatching up for this summer sales week!
I'm particularly in the market for some new headphones (both over the ear and wireless in-ear), so any recs are MUCH appreciated!
HAPPY SAVING!