Just when things are going good the tides can turn.
That’s just how life works. You’re up one minute and the next you’re down.
It makes things fun and interesting, but the change can drive you crazy.
In business, it can be exciting to be part of a new and fresh market. You could be on the cutting edge of something people have never thought about before, but now they’re in love with.
This can happen in a number of industries, but it seems to often happen in industries that are perceived as fun and cool. When there is success you’ll have tons of new competitors coming into the market.
I guess it’s the same in any market. When people see money being made they move in to stake their claim on the perceived gold rush.
What if this is happening in your industry?
Or what if you’re looking to stake your claim on a market that is already saturated?
Here are some tips to find success if this is the case.
Tip #1. Find A Way To Get Really Good At One Specific Thing
When Twitter came on the scene I think it was actually MySpace that was the kind of social media. Perhaps Facebook had taken over at that point. It was pretty close.
But the unique thing about Twitter is that at the time it was really seen by some of just one simple function of Facebook: the NewsFeed.
That’s it. Nothing else really. In simple terms, Twitter took one of the many features on Facebook and carved out its own little niche that turned into a huge niche.
The social market got pretty saturated in the late ’00s and Twitter had to find a way to stand out. They’re one of the only ones to make it from that point in time in the market and you have to think that it was because they focused on one specific thing and became the best.
Let the others try to be everything to everyone. Find one very important thing and become the best at it.
You could say that Google did the same thing with search. They focused specifically on search while other search engines tried to be more than search. As we know, Google certainly wasn’t the first to the search game and it was getting a little crowded when they came on the scene.
Tip #2. Look For The Uncool, Boring, But Required Aspects
When new markets emerge they often do so because they’re flashy and cool. But while everybody is flooding to the cool areas of a market, look to the uncool areas.
This is where profit can be made.
Fewer people want to do the hard work and even the work that is not pretty. They would rather go where things are easier and prettier, but that will lead to too much competition.
This happens a little bit in the content marketing world. A lot of companies focus on the software and management side of things, but don’t want to get into the actual writing. That’s because writing is hard and a lot of people don’t like doing it. So that becomes an opportunity.
The trick is to make sure the uncool thing that you focus on is still needed. People are realizing that content marketing requires good content. There are no shortcuts. We see that with every new Google update. You can’t get by with cool software. You have to get down and dirty and work to create content. It’s required.
Look for the uncool and ignored areas of your market and you’ll find some opportunity.
Tip #3. Look For Automation And Efficiency Opportunities
Finally, there is usually opportunity to find ways to make things incredibly efficient. It’s hard for people to look for ways to cut jobs and workers, but that’s how industry works.
We make changes in automation and efficiency. It’s hard in the short-term, but we all adapt and find new jobs.
But because industries are often slow to look for these opportunities it’s the new players on the scene that cause disruption. You can be that new player. Look for an area where you can make something incredibly efficient with automation or some kind of change in production.
There will be pushback, but that’s okay. In time, people will see the advantages.
I think this is happening with homes that are now being built with 3D printers. If a computer can make an entire house you eliminate jobs, but the opportunity and benefit is obvious.
It’s not fun when you’re market suddenly becomes saturated, but it doesn’t have to mean that you throw in the towel. There are still ways to find your own area to become a success. Use the tips above and change your business for the better and ensure your future success.