A major decision for most entrepreneurs is the one to enter a market that has a reputation of being “saturated.” The cause could be one of many reasons.
In this Bonus episode, we look into issues and concerns for the entrepreneur to either enter or continue in a saturated market — and we do so from real-life case studies of small businesses.
The first case study examines the risks and the suggested recommendations for looking at the product, service, offering or brand entry into a “saturated market.” These may include:
- confirming with research that you have a greater value offered to you target audience than what is currently available from competitors (again, a new added value at the right time, right place and right “formula”);
- confirming that there is an abundance mentality in the market to lower your risk of entry; and
- Your target audience belongs to a “niche” or “super-niche” of potentially loyal fans that have the NEED and WANT of what you are offering to deliver in value (or products, services or offerings or courses, etc.) and are passionate about the niche issues; or
- Your target audience is a proven one in the niche, and you may already have them as known followers for your current communications to them;
…and other factors.
Such is the case of the new course to be launched (along with its existing podcast show for creating awareness and exposure) that is called Podcasting for Screencasters.
As part of this entrance into this saturated marketplace of podcasts that teach their target market how to podcast, you may find out more about the free webinar at:
The second case study concerns the decision to REMAIN in a market that is “saturated.” It is the 8-year old podcast show called The Struggling Entrepreneur — an interview-based show with entrepreneur guests, as well as other business content for the entrepreneur.
The reasons for continuing are given, and they include some of the following:
- You may already be getting great feedback and actions from your target audience, expressing their knowledge, their liking you and trusting you in various ways, especially communication with you;
- You may already have had some measure of “success” (which is defined differently for every entrepreneur) with your target audience, and your main objective would be to KEEP your current audience, while GROWING it with planned marketing strategy that turns into execution of a marketing plan for the marketing tactics; and
- Your objective may be to complete the path steps of
. Subject Matter expert ==>
. .Problem-solver for your niche audience ==>
. .Trusted advisor with proof of reference sales ==>
. .THOUGHT LEADER for your target audience.
We also highlighted certain “take-aways” from this episode, including:
- asking yourself (with a documented proposed plan of executing the four steps to success) how YOU can become a Thought Leader.
- Confirming what is your documented of measure of success; and
- Documenting a planned exit strategy with alternatives, in case you do not succeed in this saturated market within a planned period of time.
Finally, we did mention another show which we referenced – it was Paul Colligan at www.ThePodcastReport.com.
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