How to stand out in a saturated, competitive industry

December 21, 2023

Image with words "Stop Using Your Elevator Pitch" of the episode and a photo of Rochelle, a filipino woman with her black hair tied back and thick rimmed glasses, making a schocked face. The background is black water color and there are flowers and rhinestones sprinkled around the edges like a digital collage

Show Notes

In this episode, Rochelle explores practical tips for entrepreneurs facing the challenges of a highly competitive market. Whether offering a service or a product, she shares valuable insights on differentiating oneself in a saturated industry.

Key Takeaways:

  1. Dare to Be Different: Rochelle advises stepping away from the crowd by avoiding what everyone else is doing. By understanding your industry and focusing on customer pain points, you can stand out by offering a unique approach.
  2. Speak Like a Nine-Year-Old: Communicating with your audience as if they were curious nine-year-olds can help simplify complex concepts. Using detailed examples tailored to your listener's experiences helps create a connection and understanding.
  3. Address Real Struggles: Acknowledge your ideal client's struggles genuinely, showing empathy beyond just making a sale. Understanding their lifestyle and challenges even outside your specific product or service helps build a deeper connection.
  4. Focus Beyond the Product: Instead of solely emphasizing your product or service, concentrate on the lifestyle it represents. For instance, if you're in skincare, understand and address broader concerns like family dynamics or self-care, making your offering more relatable.
  5. Embrace Uniqueness: It's okay to be different. Whether driven by personal preferences or a deep understanding of your clients' needs, giving yourself permission to stand out and try new approaches can be your greatest asset in a crowded market.

Remember, standing out doesn't mean reinventing the wheel; it's about putting your unique spin on it. Tune in for more insights on navigating a competitive market with Rochelle.


Keywords: oversaturated market challenges, competitive industry differentiation, business uniqueness strategies, customer pain point solutions, standing out in crowded markets, elevator pitch, addressing client struggles, empathetic marketing tactics, lifestyle-focused branding, personalized marketing examples, navigating market competition, entrepreneurial differentiation, unique business approaches, market differentiation tips, standing out in a competitive field

TRANSCRIPT (CLICK TO EXPAND)

Let's talk about some things that you can do if you happen to be in a business that is in a maybe oversaturated or a super popular or trending type of industry.

And I think that these tips are universal, whether you are a service based or product based because they're about you and how you put yourself out there. And just ways that you can differentiate yourself from the other people who are doing what you do, even if there are a lot of them.

This is Compassionate Side Hustle Strategy, hosted by me, Rochelle Sanchez. I help solopreneurs like you build good habits and compassionate systems that allow you to show up consistently and authentically in your business.

The end goal is to help you onboard a virtual assistant who is 100% aligned with your mission and within your budget, but there are a few things you should probably get in place first, right? That's why we're here.

You deserve to do what you love for a living. And I believe that you're closer than you think. So clear your schedule and let's get to work on the next best step for you on your business journey. 

My first tip for standing out in an oversaturated market is to stop doing what your competitors are doing.

And I know that this might be a difficult habit to break, especially if you basically set yourself up following the best practices that others in your industry have been doing. And it may be, it's been working for you and it's kind of like how you got yourself set up and out there. Right?

But I think that once you're established and you have a really good idea of what works for your industry and your particular product and what basically is not working for you either financially or you're just sick of doing it.

Then it's probably a good idea to switch things up.

And I would say that this is especially so if you consider that maybe your ideal customers have been burned before by someone like your competition or by your ... directly by your competition. I mean, if they don't align with something that your competitor does, then using your own words, and doing something different from what is typically seen in your industry will help you stand out.

And I think that the most important part here is to remember, to focus on their pain points. What is it that they're actually struggling with?

And removing yourself from the situation. Because sometimes when we're selling things, we start to think about like, I have all this great stuff. I have these great ideas.

I have this great service. And then we assume that that itself will attract people.

But the thing is that people buy based on how they feel. And whenever they see you, whatever methods of marketing that you're using to get yourself out there in front of brand new people who didn't even know that you exist...

How they're feeling in that moment when they happen to see you is really important.

So I really suggest that you go back to your business plan to your marketing plan. And make sure that whether you stay on social media or you keep your podcast going or you start dabbling in paid ads or mailers or anything that you choose.

That you make sure that it aligns with you and that it is actually quite different from what your competition is doing.

For example, a lot of the business coaches, marketing people online, love to do those uh, you know, basically them talking into the camera and speaking very boldly, using very catchy phrases to get your attention.

And personally, I don't like that. I don't like it when I'm scrolling and I'm enjoying the content that's on my phone. And then I happen to get an ad from someone who's saying. Are you having trouble with da da da da and like they're speaking so forcefully and it's like direct eye contact into the camera. It just makes me uncomfortable.

And so technically if I was in the market for getting some coaching from somebody I'm not going to go to them because I don't like the approach that they have.

Even though that says nothing about the quality of the service that they provide, but I'm making my own choices based on my own preferences, my own personality and how I'm feeling at that moment.

Another way that you can stand out from your competition in an oversaturated market is to talk to your audience as if they are a curious nine-year-old who's asking, what do you do again?

And I like to use this, speaking to a nine-year-old, versus like the typical five-year-old, explain it to me like I'm five years old type of, um, situation that a lot of people use in the marketing industry.

I like to go with nine year old because it keeps me from oversimplifying the struggles that I help with.

And by this, I mean that a nine-year-old already has some life experience and their own kind of struggle to draw on versus a five-year-old who's still, you know, wide open to all the possibilities and probably doesn't have too many bad memories or bad experiences or any already cemented beliefs about the world.

And by focusing on a nine-year-old, what I want you to do is use detailed examples so that they fully understand what you're talking about. And to always give context and examples when you're introducing your work.

So I'll give you an example. Let's say that you work with moms and you help them practice good self care and manage their stress levels.

And let's say a nine-year-old asks you what you do. You say to them, uh, moms are so overwhelmed, so I help them feel better.

And then like a nine-year-old would be like, okay, I don't see how you would do that or why it's needed or, you know, things like that, because they're not thinking about how their moms are actually overwhelmed and stressed.

And so giving a more specific example and attaching it to whoever it is that you're talking to in the moment, in this case, a nine-year-old:

you might say something like, you know how auntie rose is working all the time. And like, she's always tired, but you know, she loves reading books and she loves reading them with you.

Right? And when you guys read them at night, she feels so much better. She feels really relaxed and she's laughing more. Well, here's the thing is that when she meditates regularly, and when she goes on a walk with me, you know, Um, on most days after work, she actually feels less tired.

And then that ends up meaning more fun time for her after work with you.

And I know that this might sound a little more wordy and probably not as flashy as like the elevator pitch. I've never personally been a big fan of elevator pitches because I always end up thinking, okay. So what does that mean? After someone says it. But then I also feel bad because I know that they probably worked really hard on it.

But like, let's, let's pretend that you and I are not experts and that we can kind of leave that to the people who are excellent at it.

And let's just talk casually about what we do and give examples.

Which brings me to the third tip, which is kind of related to this, which is to make the decision to go ahead and specifically address your ideal client's struggles so that they can see that you understand what they're facing right now.

This is a way for you to show them that you're genuinely here to help them. And you're not just here hoping to get another sale. This also means really understanding your ideal client's lifestyle, the things that they're going through when they're not even thinking about the particular struggle that you helped them with.

For example, if you're an esthetician and you're trying to find new customers and you're making all the social media content. You're thinking about going into paid ads.

And you're trying to find people who, you know, care about their skin and want a real long lasting ritual for themselves.

The thing is they're not really going around thinking about their skin. When you catch them on social media, whether it's organically via your own content or via your paid ads.

They're busy with something else they're in line for something. They are surrounded by kids who are running around and being really loud and they can't remember what they were supposed to be focusing on. And so they are just like pulled in a million directions. And then of course that stress ends up affecting them physically and it starts showing up on their face and on their skin. And you know, all over their body.

And so if you sell products or if if you're an esthetician and you sell you know, you have monthly appointments for facials and different kinds of treatments then what you're doing. Is that you are showing them the kind of life that they want to have.

It's not necessarily only about your product or your service. It's about acknowledging all the things that have led them to this point. So in the case of this esthetician, We would be saying that your marketing shouldn't be focused on the products or the price point or what they're doing wrong with their skin.

Instead you could address the issues that they're worried about. Like, are their kids getting to school on time? Are the kids being fed? Are they up to date on all of their medical treatments? Is the relationship with their partners still healthy.

And so in the most ideal circumstance where all of these things are actually pretty decently aligned and they feel pretty good about how they're taking care of their kids, how they're financially stable, how they have a loving relationship, then your product or service actually fits into that because it means that they have good boundaries with their family and they're able to keep their appointment on a month to month basis.

It means that maybe they're finally investing in themselves. Maybe they don't do anything for themselves. And everything is for everyone else in their family. And so this skincare, these treatments are their way of practicing really good self-care and self-love.

So you want to focus on showing them that you get what they're dreaming about and you understand that they're going through a lot and actually your product or service is something that represents a certain lifestyle that they want to have.

So, what do your products represent? Why would the world be better if everyone was able to own one? Or get your service regularly. And what words would they use if they could feel better about their circumstances?

The bottom line here is that it's okay to be different. You can look at your product or service in a different way, and you can set yourself apart by doing things a little differently, either based on your own personal preferences, maybe what you're kind of fed up with and what you just don't agree with.

And you're, you're giving yourself permission to not have to do it anymore.

Or I think it's more out of empathy or compassion for your ideal clients and understanding what they're going through.

Understanding that they feel unique and different and it's okay. And that can actually be your greatest asset.

So go ahead and give yourself permission to set yourself apart. Try new things. See what works and what feels good.

And that will help you stand out in an oversaturated market.

All right, friends. That's all for today. If you liked this episode please connect with me. I would love to get to know you. And of course, with podcasts, it's kind of one way because I'm making the content and then all I see is numbers behind the scenes. Like I just see random numbers of how many people have downloaded each episode.

And so I don't know who you are. And so I would love to so please ah, come on LinkedIn and send me a connection request.

And let me know what your takeaway was from this episode.

I hope you're doing well. I hope you're taking care of yourself and I will see you next time.

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