Can I thrive in a saturated market? It is a burning question most businesses in a saturated market ask themselves. But really, can you? It can be tough, not impossible.
Companies can employ several strategies to survive in a saturated market, one of them being technology. In this blog, we will understand how tech can help in saturated markets, but let us first understand what a saturated market looks like:
What Is A Saturated Market?
A market is said to be saturated when all of the demand has been met and there is no additional demand that can be fulfilled by additional supply or other means. Businesses can only expand in this market situation by protecting their existing client base and striving to outperform competitors in terms of market share. To challenge these goals, there are a number of strategies. A few examples of a successful market share strategy include innovation in product quality, the use of technology, and the acquisition of competitors.
How Can Tech Help In Saturated Markets?
Following are ways technology can help your business survive in a crowded market:
Room for Tech Innovation
Offering a product that is unique to the market or improving on one that already exists is one of the best approaches to entering a crowded or saturated market. The objective is to provide something that will increase market demand and enable your company to seize market share from competitors. Be prepared to look beyond what your company now provides; you might be able to enter the market by developing a product that outperforms one that the competitor provides.
Focusing on innovative and creative ways of doing things is essential for businesses that want to succeed in an environment of intense competition.
Uber is a company that exemplifies this strategy in the online marketplace. Uber’s success has been fueled by a type of innovation that takes previously established business practices and incorporates fresh, disruptive elements related to technological advancements.
Uber didn’t alter the services or end product that consumers were offered, but they did create successful processes that handled problems more effectively than other alternatives on the market. Uber uses technology to connect individuals more quickly than past business models permitted, making connections simple and ensuring that transactions are made right away.
Moving To Cloud
Microsoft Azure, Google Cloud, and AWS are examples of mainstream technological trends that were formerly merely emerging trends. Now businesses are scrambling from pillar to post to transition to a cloud solution because of their unparalleled market domination.
Companies must consider moving to the cloud because the environment for their operation has changed to remote (also) following COVID-19. Offering the best tools for remote access and working from anywhere can help you stand out in the remote landscape. Additionally, this expands your consumer base globally, enabling you to pitch business anywhere and ensure five-star support and service.
Businesses Must Adapt – Technology Helps
Both small enterprises and well-known brands have failed due to an inability or unwillingness to change. One recent example of this is the downfall of a company that booked vacations. Did the brand falter because people stopped taking vacations? This is unlikely given that 60% of people traveled abroad for holidays in 2018, up from 57% in 2017.
It is the way that vacationers book and buy holidays that has changed, with city holidays now vastly surpassing beach getaways. Only one in seven people now book vacations through the website because the company was unable to keep up with consumers’ changing habits and the advancement of technology.
The trends that have been observed over the past decade make it clear that innovation and disruption are needed to establish and grow a small business quickly, and that continued innovation is also necessary for an established player to remain competitive, regardless of the industry in which they operate. The way consumers intake information, acquire products, and share information is changing at a rate that many businesses are unable to keep up with. In order for businesses to thrive in the environment that consumers have created, they must adapt, innovate, and disrupt.
RPA, as it is also referred to, automates tasks the same way that AI and machine learning do. It refers to the use of software to automate organizational processes like interpreting applications, processing transactions, responding to emails, and handling data.
RPA automates repetitive processes that slow employees down in terms of productivity and time. With the help of robotic process automation, not only routine jobs but also important ones like those performed by financial managers, doctors, and CEOs can be automated. In total, RPA allows for the automation of up to 45% of all tasks.
Stop researching to see what your competitors are doing. Keep an eye out for what they are not doing. Then figure out how to deliver that same thing in a perfected manner that is unmatched. Something as simple as streamlining your operations and processes in an industry known for mediocre innovation and out-of-date technology.