For many people looking to start their own business, it can be very intimidating thinking about coming into an already established market or industry. It’s very likely that there are already business or organizations within that market that are highly successful and have claimed a large portion of the market share. So when you’re in this situation, should you just give up on your dream to create your own successful business in this industry? No! You just have to know how to get the system to work for you.
To show you how you can start doing this, here are three tips for breaking into a highly competitive market.
Try An “Indirect Assault”
Almost regardless of what market you’re trying to break into, there are going to be some barriers to entry that you’ll have to overcome. Industries like the health and wellness industry or the wedding industry have a lot of money there, but also have a lot of competition.
According to David J. Bryce and Jeffrey H. Dyer, contributors to the Harvard Business Review, one of the best ways you can try to get into these tough markets is to strategize an indirect assault. This means that rather than trying to take down those current giants within the industry, you look for smaller footholds that you can exploit that those bigger companies aren’t taking advantage of. And once you’ve gotten in the door that way and have a bit of muscle behind you, then you can start trying to make a more direct approach toward getting some of that market share for yourself.
Be Willing to Be Flexible
According to Angela Stringfellow, a contributor to American Express Open Forum, one thing that makes newer, smaller businesses better able to grow is their ability to be flexible and welcome change. As the market changes, smaller businesses can often adopt and streamline those changes at a quicker rate than larger businesses with more moving parts. So to jump ahead of these business, you have to have your ear to the ground so you can see where and when these changes need to be made.
Create A Unique Value Proposition
To set your business apart from the other businesses already taking up space in the market, you have to know what makes you different. According to Michael Kaleikini, a contributor to Entrepreneur.com, this means that your company has to have a unique value proposition or a unique selling proposition. This is what sets your company apart and gives you some kind of a leg up on your competition. Without this, you can’t hope to carve out a part of the market for your new business.
If you’re looking for help breaking into a tough new market, consider using the tips mentioned above to help you do just that.