I think we are all sick of everyone talking about how oversaturated the market is. In our current landscape brands can be launched with very little investment and the pot of consumers are being spread entirely too thin. You can either give up or you can narrow your focus to a niche that has potential.
There are a few keys to making a run in this market
- Identify with your consumer with your branding and content.
- Create innovative products that solve a problem that no one else is solving.
- Find your audience first, then create your product.
Identify With Your Customer
I recently spoke with some very large brands that felt like things were a bit stagnant and they were losing sales to much smaller companies. They were in the midst of developing new products but weren’t sure what to do in the meantime. It was clear that the best thing they could do is start producing some high level, educational, entertaining and motivational content. Not only with this help serve their short-term goals but it will also benefit them immensely when their new products come out.
Create Innovative Products
Brainstorming problems of your current customer and developing solutions is the way innovation is done. Nowadays it seems that brands only wait for new ingredients to come out before they launch new products. By this time, every brand has the same solution available. Be trend setters and get to these ideas before the ingredient manufacturers do.
Find Your Audience First
For start up brands or launching new product innovation, it’s critical to know your audience in advance. This will fast track any launch strategies by knowing what content to produce, where to distribute it and how to get customers involved early or on a presale. If you don’t have access to a specific audience, you may want to attempt to build your database first to see if your innovation makes sense for who you can reach.