Create a niche to operate in to stand out in a crowded market

New Ideas in MarketingEssential news for marketers, summarised by YouGov
October 05, 2020, 10:51 AM GMT+0

Businesses could differentiate themselves through their pricing, quality, convenience and more.

This piece suggests ways in which brands can set their offerings apart from others in a crowded market. Businesses could research what consumers don’t like about their competitors and identify areas that need work.

Instead of competing in an overcrowded niche, brands must look to create their own niche, even if it requires pivoting. The author advises simplifying supply chains to be able to provide competitive pricing to customers. This also enables tighter feedback loops with customers.

Further, to stand out in a crowded market, brands must turn their focus on being credible. This involves paying attention to customer likes, dislikes about products and services. Businesses need to address customer issues as responsiveness would build trust and elicit positive word of mouth.

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