I always chuckle when people tell me their market is “really crowded” and for that reason, they’re a special case when it comes to marketing or business development.
What market is not really crowded in the 21st century?
I mean, we now have competing toilet sprays to keep people from knowing you’re going #2 while you’re at your significant other’s house.
A crowded market often means more opportunity, not less opportunity.
First, if a market is crowded it means that there is plenty of demand. There are loads of people who want to buy.
Second, if a market is crowded there are lots of straightforward, non-ninja ways to figure out what needs still aren’t being met.
And it’s this second piece of the puzzle that I want to focus on today.
You can develop a product in a crowded market and become a key player…
…if you focus on what’s “broken” about the other solutions on the market for the people you care about most.
Emily noticed that, despite Valentine’s Day being a multi-billion dollar industry, none of the greeting cards she could find matched the relationships that she and her friends were really in.
Those greeting cards were “broken” for people like Emily (and probably for people like you, too).
Make a greeting card that was laser-focused on that kind of relationship.
1500 orders in 1 week with zero marketing on her part…
…and the idea was proven.
I did the same thing earlier this year when I decided that I’d have enough of “online courses” but not enough of virtual training and created our Virtual Planning Retreats.
Online courses weren’t getting the results customers wanted (or that I wanted) because of the very way they were structured–so I “fixed it.”
I thought about the specific people I care the most about (you) and I created the Virtual Planning Retreat to “fix” the online course experience for you.
(By the way, the next one is February 22-23 and if you’d like to see if it’s for you, I’ve got a 4-video training series that walks you through the big reasons you’re not making the money you’d like to be right now.)
Last week, I talked with both Joanna Wiebe and Nathalie Lussier who have both launched software products in crowded spaces and they echoed the same strategy:
Find out what’s broken for the specific people you care about and fix it.
Don’t worry that your product is one of many in a crowded market, if it’s designed with for a customer who isn’t satisfied with the existing options–no matter how many there might be–you’ll have a winner on your hands.
Think about your own market:
What do you hear about being “broken?”
What do your customers have to “make work” for them?
What disappoints them about existing options?
The answers to those questions could be the key to your next blockbuster offer.