Succeeding in the business world is sometimes a challenge, especially when it comes to a hyper-competitive niche in a specific market. Professionals must then adopt the appropriate strategy in order to stand out from the competition and gain market share. How do you succeed in differentiating yourself from other companies when the market seems saturated and the competition is fierce?
Knowing how to stand out in a competitive market
Standing out, innovating and offering consumers an innovative brand and product is today a complicated task. In traditional sectors as in the 2.0, innovation and originality are rare and regardless of the sector of activity, entrepreneurs are struggling to offer real novelties. Often copied or even completely imitated, the products and services that would arouse the enthusiasm of consumers are immediately offered by competing companies. In order to stand out from this fierce competition, entrepreneurs must adopt a winning strategy and think about a buoyant business sector. A perfect knowledge of its sector of activity is the sine qua non conditionbusiness creation in a hyper-competitive market. Market research, analysis of competitors, advertising and communication on the launch of a new product and other additional services are thus part of the essential obligations of professionals in order to establish themselves.
Ability to innovate and reinvent oneself
If innovation also remains paramount, this does not mean that a company must invent all the time at all costs in order to stand out. A company can indeed succeed very well against many competitors with an already existing product or service if it knows how to renew itself, offer a striking concept for the consumer or expand its range of services. A marketing strategy that differentiates itself from the competition remains amply attractive for individuals even in a niche where the products offered are similar. On the extremely competitive market of smartphones Apple remains the perfect example of a multinational which, although prosperous and whose mobile market was not a priori the activity of choice, succeeded in upsetting the competition by innovating. The invention of the iPhone in 2007, more than 10 years after the launch of the first mobiles, revolutionized the market with its multi-touch interface. The leader and first world manufacturer of mobiles since 1998 Nokia even had to refocus on its network activity and abandon the mobile following this major innovation. It sold 1.35 billion smartphones worldwide in 2021, an increase of 7% compared to 2020. Samsung leads with 20% market share and 274.5 million smartphones sold. Its sales increased by 7%. Apple stands in second place with 17% market share and 230.1 million iPhones sold. Xiaomi comes in third place with the strongest growth, estimated at 28% compared to 2020. The company obtains 14% market share for 191.2 million smartphones sold.
Offer effective and original services
The quality of service and customer relations, an efficient after-sales service, an extensive network or brand visibility are all key factors allowing companies to differentiate themselves in a hyper-competitive market. Knowing how to stand out by always offering more services to consumers also remains an optimal way to make a difference. Professionals must therefore ask themselves the question of whether a showcase site and an e-commerce platform would not be complementary with a physical store, or whether the conversion rate is high enough to stand out. An analysis remains essential in order to target the criteria that make the difference and, if necessary, fill the gaps and expand its offer.
Always be on the lookout for new ideas
Having an eye on all the innovations is essential and it is no coincidence that the media dedicate articles to the latest innovations every day, that shows like CES Las Vegas still attract so many visitors and that shows welcome so many people. entrepreneurs who come to study competition . The cancellation of fairs and exhibitions during the pandemic has been a major difficulty in being able to properly study new opportunities.