Tips and Steps to Entering a Crowded Market
There are so many markets in the world and many of them have been cornered, but the truth of the matter is no matter how cornered a market is there is always room for something great. For example, and yes this is a big example, Apple and Samsung seemed to have cornered the market on smart phones and yet Google released their Pixel. This is the same idea and mentality that you need to have in order to start your niche or business. Here’s another example Lemonade was/is widely popular, and so some one came up with Pink Lemonade as a new product. This is the type of mentality that you need to have towards any product. Ask these five questions to find that “un”-tapped niche or business.
What is the biggest selling _________ in the business I want to enter? For example, you can put soda, drinks, clothes, coffee, tea, hats, chocolate, chips, cookies, shoes, or anything into the blank above. Pick something that you have background knowledge in or something that you would want to be a part of.
Once you know the biggest competition in the market you have chosen, for example, Coke in the soda market, ask yourself what flavors are they missing? It could be weird, interesting, exotic, new, or just be the difference in adding more or less carbonation to your drink. For example, coke doesn’t have a coffee flavored soda on the market, will that sell or is it good, I don’t know. The point of this is to understand that you need to be creative with your ideas and think about things that may be outside the box before you settle on what you’re going to make.
Once you know what you want to make you need to understand that even that niche or idea may have people in it already. Look at Greek yogurt, for example, Chaboni makes it, then FAGE, and then NOOSA with different flavors. The point is that adding a flavor or interesting twist to an already huge market will make you money. You just need to explore different flavors or ideas that don’t already have a huge following. Some examples.
Peanut Butter Ice Cream is Huge - Why no peanut butter yogurt?
Vanilla Ice Cream and Vanilla Yogurt…Vanilla Iced Tea
Half Cut Hoodies or Sweaters…Half Cut shirts or tank tops
I’m not saying that any one of these is the next huge thing or kicker but you get the point on trying to think of a product in one market and apply it to another market. Ask why soda but not tea or why shirts but not pants?
So how do you make money in an already crowded market, that's the million dollar question? This is all about time, dedication, marketing, and Building a Brand. You don’t need to have Coke’s market budget to do this and you don’t have to have a marketing degree either. All you need is a little know how and practice using Google Ads, Facebook Ads, and Twitter Ads. If you don’t have any ad dollars just start posting and hashtag (ing) your new product to get traction. There are plenty of popular hashtags that will push your pictures and posts too many people that aren’t already you following you. Also, don’t forget to leave the digital world and take to the streets with your product. Go to local stores or boutiques and ask them if they’ll put your product on the shelves. Give them good margins and watch as you start to build a following.
Lastly, you need to never give up and get a partner. If you don’t know anything about an area you need to look into getting a partner, I recommend this article Traits to look for in a Business Partner. Once you have chosen whether to have a partner you need to understand that no matter how much work you put in it may take some time to get traction. Never give up and put your heart and soul into it, and no matter how crowded that market is you can make a profit.
All in all, there is no market that is fully not tapped or been explored yet, but there is an opening to grow every market. Whether it is food or clothes there will never be enough products were one new one may not make it big. If you truly believe in a product and work to push your ideas you can make a profit in any market.