How To Make An Impact In A Saturated Market
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
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
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
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
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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Featured image by Shutterstock
- Growing a Company in a Competitive or Saturated Market ›
- What Market Saturation Means for Your Business ›
- Why You Should Compete in a Saturated Market | BusinessCollective ›
- The Disadvantage of Market Saturation | Chron.com ›
- Want to Penetrate a Saturated Market? Here's How | Inc.com ›
- What is market saturation? definition and meaning ... ›
- How To Sell In An Over-Saturated Market ›
ItGirl 100 Honors Black Women Who Create Culture & Put On For Their Cities
As they say, create the change you want to see in this world, besties. That’s why xoNecole linked up with Hyundai for the inaugural ItGirl 100 List, a celebration of 100 Genzennial women who aren’t afraid to pull up their own seats to the table. Across regions and industries, these women embody the essence of discovering self-value through purpose, honey! They're fierce, they’re ultra-creative, and we know they make their cities proud.
VIEW THE FULL ITGIRL 100 LIST HERE.
Don’t forget to also check out the ItGirl Directory, featuring 50 Black-woman-owned marketing and branding agencies, photographers and videographers, publicists, and more.
THE ITGIRL MEMO
I. An ItGirl puts on for her city and masters her self-worth through purpose.
II. An ItGirl celebrates all the things that make her unique.
III. An ItGirl empowers others to become the best versions of themselves.
IV. An ItGirl leads by example, inspiring others through her actions and integrity.
V. An ItGirl paves the way for authenticity and diversity in all aspects of life.
VI. An ItGirl uses the power of her voice to advocate for positive change in the world.
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You've Never Seen Luke James In A Role Quite Like This
Over the years, we've watched Luke James play countless characters we'd deem sex symbols, movie stars, and even his complicated character in Lena Waithe's The Chi. For the first time in his career, the New Orleans-born actor has taken on a role where his signature good looks take a backseat as he transforms into Edmund in Them: The Scare—a mentally deranged character in the second installment of the horror anthology series that you won't be able to take your eyes off.
Trust us, Edmund will literally make you do a double take.
xoNecole sat down with Luke James to talk about his latest series and all the complexity surrounding it—from the challenges taking on this out-of-the-box role to the show's depiction of the perplexing history of the relationship between Black Americans and police. When describing the opportunity to bring Edmund's character to life, Luke was overjoyed to show the audience yet another level of his masterful acting talents.
"It was like bathing in the sun," he said. "I was like, thank you! Another opportunity for me to be great—for me to expand my territory. I'm just elated to be a part of it and to see myself in a different light, something I didn't think I could do." He continued, "There are parts of you that says, 'Go for it because this is what you do.' But then also that's why it's a challenge because you're like, 'um, I don't know if I'm as free as I need to be to be able to do this.' Little Marvin just created such a safe space for me to be able to do this, and I'm grateful for everything I've been able to do to lead to this."
Courtesy
Them: The Scare, like the first season, shines a light on the plight of Black Americans in the United States. This time, the story is taking place in the 1990s, at the height of the Rodney King riots in Los Angeles. While the series presents many underlying themes, one that stands out is Black people and the complicated relationship with the police. "For the audience, I think it sets the tone for the era that we're in and the amount of chaos that's in the air in Los Angeles and around the country from this heinous incident. And I say it just sets the tone of the anxiety and anxiousness that everybody is feeling in their own households."
James has been a longtime advocate against police brutality himself. He has even featured Elijah McClain, the 23-year-old Colorado man who died after being forcibly detained by officers, as his Instagram avatar for the past five years. So, as you can imagine, this script was close to his heart. "Elijah was a soft-loving oddball. Different than anyone but loving and a musical genius. He was just open and wanted to be loved and seen."
Getty Images
Luke continued, "His life was taken from him. I resonate with his spirit and his words...through all the struggle and the pain he still found it in him to say, 'I love you and I forgive you.' And that's who we are as people—to our own detriment sometimes. He's someone I don't want people to forget. I have yet to remove his face from my world because I have yet to let go of his voice, let go of that being [because] there's so many people we have lost in our history that so often get forgotten."
He concluded, "I think that's the importance of such artwork that moves us to think and talk about it. Yes, it's entertaining. We get to come together and be spooked together. But then we come together and we think, 'Damn, Edmund needed someone to talk to. Edmund needed help... a lot [of] things could have been different. Edmund could have been saved.'
Check out the full interview below.
Luke James Talks Ditching Sex Symbol Status For "Them: The Scare", Elijah McClain, & More www.youtube.com
Featured image by Getty Images