Are you thinking about starting a business but feel that the market you’re about to enter is overcrowded? Or are there a handful of established brands that are already selling the same product or service like yours?
If this is the case, you’re not alone. Many aspiring business people feel it’s pointless to launch a product or service that’s already out there because of the stiff competition they’ll face.
However, before you give up, know that it’s possible to penetrate an overcrowded market and become successful in whatever business you’d like to do—if you know how to earn brand trust.
Below are several tips you can implement to make your business stand out and build trust.
#1 Narrow Your Target Market
One of the ways to rise above your competitors in an over-saturated market is by identifying a specific group of people within your target market that you’d like to buy your product or service.
Narrowing your target market is important for several reasons. First, it reduces the number of businesses that will be competing for the same customers, which means less competition for you.
Secondly, when you have fewer business competitors, your chances of appearing on the first page of Google are higher, which makes it easier for prospective customers to find you and buy your products.
Lastly, it allows you to know your target audience better and understand the specific needs they want to be met. This, in turn, enables you to create effective products and marketing strategies that appeal to them and earn their trust.
#2 Differentiate Your Product or Service from Competitors
Another way to stand out in an overcrowded market is through product differentiation. Product differentiation refers to what makes your product or service unique and more desirable to customers than the other options available in the market.
Developing a good product differentiation strategy for your business should start with researching your competitors, how they’re doing their business, and what the customers expect from them.
This is important because it helps you to identify any gaps that the competitors are not filling in the market and provide a solution to it.
For example, if you're starting an e-commerce business and you’ve found out that many online shoppers are complaining about their orders taking too long to be delivered, you can use this to your advantage by delivering customers’ orders in less time than your competitors. Guaranteeing faster delivery is a major trust signal in a new market.
#3 Offer Unmatched Customer Service
Modern consumers are very impatient when it comes to customer service. If the quality of customer service you provide doesn’t match their expectations, they will quickly dump you for another brand that provides a better experience.
Because of this, you have to treat your customers extremely well to give them a reason to stick with your brand longer.
One way you can improve your customer service is by listening to what people are saying about your business on the internet. Use the social listening tool of your choice to see the reviews and comments people are leaving about your brand, products, and services.
Find out what they love and hate about your brand, and then use the feedback you get to make your business better. This will go a long way in keeping your customers happy and enhancing their overall experience.
#4 Focus on Building Good Relationships with Customers
You can also stand out in an overcrowded market when you put more effort into building a good relationship with your customers.
Your existing customers already have an experience with your brand and products, so it’s much easier to persuade them to buy from you again than to sell to new customers.
However, this can only happen if you treat them well and make them happy. Remember that happy customers are your biggest business treasure.
Apart from spending more money on your products, they also market your business to people in their circle and refer them to you. This translates into more sales and profits for your business.
Here are two tips to help you create great customer relationships:
#5 Offer Product Customization to Your Customers
The introduction of 3D technology has made it easier for brands to offer customized products to their customers. Modern customers are more willing to pay more money to buy jewelry, furniture, clothing, sneakers, etc., that are customized to their taste and preference.
When you give customers the option to buy customized products, it makes them happy and proud of their purchase, which enhances their customer experience.
Offering product customization is a great way to build a closer relationship with your customers and to earn their trust.
#6 Show Yourself
Customers love doing business with people they can see. So, you can’t keep hiding behind the scenes all the time simply because you run an online business.
You have to be courageous enough to show yourself on your website, social media, and other types of media to talk about your business and answer the questions the customers may have.
Other than showing yourself, you should also include photos and videos of your team members doing what they love on your website to show customers that they’re dealing with real human beings and not some faceless company.
Another thing that adds the human factor to your business is signing off your emails and social media messages with your signature. Use any free and paid tool of your choice to create a unique signature that will accompany all the messages you send to customers.
Doing these things leaves customers with a memorable experience that draws them closer to your brand.
#7 Encourage Word-of-Mouth Marketing
You should also encourage customers who have bought and used your products to make videos of themselves unboxing the product and providing their honest reviews of it.
include such videos in your advertising campaign to get more people talking about your business online and increase your brand awareness and exposure.
#8 Use Influencers to Introduce Your Products to the Market
You should also consider working with celebrities, industry experts, and social media influencers to introduce your product to a crowded market.
Why? Because these people are already famous and have a significant following on social media who trust their recommendations on new products and services to try.
It’s a great way to increase your brand awareness, trust, and credibility, as well as persuade more people to buy from you.
#9 Produce High-Quality Products Consistently
Companies that create high-quality products consistently have a higher chance of penetrating an overcrowded market and growing steadily to become very successful.
When you sell high quality to customers, you give them real value for their money, which keeps them coming back for more.vIt also strengthens your relationship with them and encourages them to give positive reviews about your business to their family and friends.
All these benefits should motivate you to keep improving the quality of your products so you can compete with more established brands already in the market.
#10 Engage in Socially Conscious Initiatives
Lastly, you should show customers that your business is not all about making money. Show them that you’re also concerned about the injustices and social problems plaguing the world.
Show that you have a social purpose by engaging in socially conscious initiatives such as donating to charity to help the less privileged in society, using renewable energy to reduce your company’s carbon footprint, and paying all your employees fair wages and benefits.
When you commit to solving social problems, it makes your business stand out in the market and attracts more consumers to your brand.
These are just some of the things you can do to earn brand trust with consumers in an overcrowded market. Try them out and see what works for you.