So how do we stand out from the crowd? What if the industry sector I am in is already well served where I am located?
These questions, or at least the challenges of which they are indicative are common. If I am a hairdresser then I am sure to be surrounded by other hairdressers in my area. If I am a carpet cleaner offering industry equipment carpet cleaning then the same will apply, albeit to a lesser extent to the hairdresser. This notwithstanding, the challenges are the same.
The best starting point is research. Boring! Yes, research for some can be one of the most boring of activities. Remember, however, this is your business and your future we are talking about. Conducting surveys and collecting data for close analysis is essential to knowing where you should fit within the market your business is in. Only when completed will you know the sense of empowerment that comes from quality market research. Of course, if you are not keen or able to do this yourself, or if your industry sector and market are complex you can hire a market research company to carry out research and analyse results.
Once the results are in and you are fully appraised of your particular market and the market share you wish to take you can begin to plan. It may be that a new innovation is needed. A fresh approach to providing a common service might be what it takes to attract customers to your business. A different pricing model could be all that's required to meet customer need. And, ultimately, the methods and platforms you use to communicate your business and your brand will play an essential role.