Market saturation and ferocious competition have been a topic of concern for entrepreneurs for a while now. Many see it as a challenge and even a deal breaker for startups while other ideologues consider it a result of high demand.
Those in the latter group argue that intense competition offers a wide assortment of choices to the customers in both B2B and B2C SaaS creating opportunities for innovators. Companies are increasingly teaming up with the best SEO services Gold Coast Australia to extend their reach and stay atop.
While the positive perspective is encouraging, an entry into the competitive market is no more a cakewalk. Following are some actionable steps that SaaS companies can implement to stand out from the crowd and make their mark on the map.
Table of Contents
Understand the competition
Your competitor in the market is a great source of learning. As everything is available online, you can easily check their initiatives on the website, social media, and elsewhere. Their experience, both success, and failure is a word of wisdom for you.
One of the biggest questions that companies face is, how to capture a market that has no space for them? The simplest and most accurate answer is by finding the gap and adding value. Assess what your competitors are doing wrong or what their products lack. Acting on such information can instantly draw eyeballs to your business.
Identify and impactfully articulate your USP
With hundreds of companies offering the same product or services, having a differentiating factor is crucial.
When most companies are only stretching the surface, only a few can penetrate the market and exert influence. These are the companies that have something unique for their audience.
The differentiating factor can be anything from a different audience base, seamless experience, improved customer services, frictionless signup and purchase flow, and more.
Carve a niche for your business
Carving your niche is instrumental in cementing your position in the market. Many companies are selling the same offerings and cater to the same audience base. However, this should not discourage you from following your dream.
You can carve a niche by hitting the untapped market or audience base. Another way is to build a micro-SaaS product over one that already exists.
Track market trends and capitalize on them
If there is anything certain in today’s market space, it is the change. Constantly evolving markets are also creating gaps and opportunities for businesses. These gaps are easily identifiable by startups rather than seasoned players.
For instance, earlier SaaS products in real estate where offering owners facilities like rent collection and maintenance request management. However, today, you can find SaaS products that connect the residents to create a community and assist in organizing events and sharing. Such an addition instantly increases the value of the property.
Create an effective campaign to build brand awareness
When two products in the market are identical, customers use your brand name to make their decisions. Your brand is the reputation and name that you earn over time through excellent service delivery, timely technical support, and more.
Customers evaluate you based on your market authority, thought leadership, service rating, socially responsible behavior, and much more. Constantly working on these aspects and projecting your efforts through various channels like social media can help you build a powerful brand name.