By Kelly K. Spors
Whether you’re a pioneer or a latecomer in a competitive industry, here are strategies to stay ahead of the pack.
It may appear that certain industries are so packed with competition these days that it’s hardly worth jumping in. But don’t let a crowded market deter you.
Savvy small-business owners are still gaining a competitive edge in industries where you wouldn’t think one existed anymore. Consider these tips gleaned from the experience of successful entrepreneurs who found ways to make their businesses stand out in a crowd.
1. Personalize the customer experience. When you’re a pioneer in an industry, you get a head-start but you have to get creative to stay ahead once competitors enter the fray.
2. Be a trendsetter and redefine a common product or service. When selling a product that’s so common it’s considered a commodity, consider out-of-the-box, even incongruent, ways to develop your niche and gain market share.
3. Cater to an overlooked, underserved slice of the market. If you’re the latecomer in a popular and crammed industry, look for the slice of the market that’s not getting enough attention — and find the best way to fill the need.
Full article at: Three Ways to Find an Edge in a Crowded Market.
