Fri 8 Sep 2006
Market saturation comes about by having too many of one product (or type of service provider) in the market. If your company is facing the threat of saturation, here are a few things you can do about it:
- Differentiate. I am a big believer in the opportunities provided by differentiation.
- Package your product with another product or service. This is a type of differentiation but it deserves to be mentioned because it's a huge opportunity that's often overlooked.
- Move. Sure, that sounds like a drastic measure but it could be the right answer. A friend of mine has built into his business plan the option to move if saturation ever affects his business: he's got a new town picked out already with the costs associated with moving.
- Switch customers. Consider ignoring the consumer that you (and everyone else) is serving and consider a way to service the companies that are saturating the market! After all, they see the market potential and are creating their own type of market potential (for you) just up the supply chain river.