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How To Make An Impact In A Saturated Market

How To Make An Impact In A Saturated Market

The name of the game is mindset over everything.

Business

I've been an entrepreneur for almost nine years. As I enter a reflective state of mind, I find myself watching new businesses springing up every month, especially by women of color across my local community of Atlanta, Georgia and beyond.

As a profit strategist, I help new entrepreneurs create and identify their opportunities for profit in their business and the first conversation I have with clients is an understanding of what their common "struggle" or "obstacle" is in their business.

As I document a consensus in my mind, the majority of new business owners are enthused on the thought of becoming an entrepreneur but struggle with clarity, balancing, and a "saturated" market. You know, "saturated market", when there are too many people doing what you do.

Let me be clear.

Saturation is a "thing", but it only is a thing of the mind. As a millennial, you are in one of the most creative generations where fearlessness and a solid stance on equality, balance, and justice is embedded within us. In order to truly thrive as an entrepreneur in this day and age, here are a few keys to keep in mind.

Know Your Value

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When launching your business, it's important to not focus on how many people are doing what you do, but what's your differentiating value to the market?

Your differentiating value is known as your market-add and some identify it as a culture-add. What new vibe does your business bring to its industry?

This is the value you bring to the marketplace that has not been done. What value does your business have? This could be your customer service, quality, depth of knowledge, experience, product scarcity, etc.

It is your responsibility to know how your business adds value.

You can't expect to see a tribe pull up on you if you're not doing anything different. Either you need to make what is already done better or create something entirely never done before.

Build Interest Through Story-Selling

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Once you understand your market-add, it's time to determine how you can build interest so that you can break through the noise.

A strategy to grab the attention of your audience on social media is through what I like to call "The Story-Selling Framework". This framework involves you creating a past (a hook), present (a struggle), and a remedy (a solution) post. This framework can also be used for your e-mail marketing. It is a copy tactic.

To start your story-sell, you must start with a hook. A hook is an attention-getting headline or story opener. The goal here is to grab your audience's attention in the first sentence. A photo or video can be a hook. The next step in story-selling is identifying a struggle of your audience. What annoys your ideal client or customer? Is it not having time? Is it not having enough energy? These are all common struggles, obstacles, and annoyances that your ideal client may have. Create a list of 3-5 common struggles your customer or client is having right now. The goal here is to agitate the excuses your ideal client has.

Finally, the "remedy" is the last statement in the story-selling framework. You are the remedy to your audience. It is important that you focus on how you're the solution as it relates to your social media post(s).

Consistency, Consistency, Consistency

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In story-selling, you must tell your story at least 7x on as many platforms as you're active on.

As a vet in entrepreneurship, it is important for you to understand that this is a LONG RACE. Entrepreneurship is not for the faint or weak at heart. It is for those with determination, will-power, and strength to endure even when the results are not immediate.

You may not win quickly.

You may not make money right away.

You might have to sacrifice.

But what I can guarantee is consistency is the only way that this race will work out. Shift your mindset to believe that one day the check WILL come and it will! Invest in the growth of your business. If you aren't willing to make a financial investment into your own self, why would you believe others would into you?

Invest In Self

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Do not freebie your business to death. When you invest in programs, masterminds, retreats, coaches, learning, conferences, etc. you are telling yourself that you are betting on you! There's nothing quite more admirable than you putting your money where your mouth is!

Pay your homegirl for her work, tell your homeboy you could use his services, pay these people so the energy that you give off only exudes there's a "price" for that. Your vibrations will be higher when you have money invested.

You will work harder.

You will know how to repel people wasting your time.

You will feel empowered as a business owner to only do business.

The key to success in business is research (test to see what works in your audience and keep what gives the best results), relationships (create a community and collaboration in your local area), and reputation (provide great experiences for your clients or customers so they can refer or #repost).

As you thrive in your journey with entrepreneurship, understand you don't need to feel defeated. You can have a sustainable business in any market because the value you bring is ordained in you.

You were chosen to carry it out, it is and always will be your gift.

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