Hi , welcome to a new month...yea!!!
There is this belief that most small business industries are saturated
Let me use myself as a case study
I have a shop in one of the markets in Port Harcourt and I can tell you for free that we are more than 5 persons selling exactly the same thing in that market on the same line as me.
Actually, if not that some people chickened out while some wanted better location, I am sure we would be about 10 by now.
Initially, I was worried until I realized that it was for our own good. Having several vendors selling similar things in a market will easily attract the right customers to that market because they have sure of varieties and options.
So saturation to me is a mindset thing because the business may look alike but it can not be 100% the same.
, here are few tips that have helped me and still helping me deal with the " saturation feeling" in the marketplace.
- Make the customer feel important- Creating a conducive environment for your customer is one way to make them feel comfortable around your business.
- Reduced overheads - You don't need to employ 3 persons for a job 2 persons can do effectively. look for ways to drop unnecessary running costs so you can make a good profit.
- Persistence - This is can be extremely annoying if not done right. Have you been to the popular Yaba market? The sellers will be holding your hand and talking to you until you succumb. What's the difference between them and those annoying google ads that keep following you everywhere you go on the internet?
Most times, people need that little push to make up their minds.
- Rogued marketing - In most of these big markets, they have people on the streets bringing customers to the store, you don't just sit in your store or house assuming the customers will come. Go out either on social media or physically, look for where you can find your customers and market to them.
when I started, I went to meet every fashion designer around me and I told them about my business and even offered to bring it to them, it worked like jazz.
- Affiliate marketing - I remember one of my visits to Balogun market in Lagos. Guess what, I got almost everything I wanted just sitting in one shop.
These people didn't come to play, they always have what you want because they employ affiliate marketing - selling items from their friends/brothers stores to you and collecting their sales commission from the owner of the item.
There are so many more tips + strategies for business growth I will be sharing in the 30 days Grow your business online starting from the first day in February.
It is for just #2000, and this the last time I will have any of my courses this low.
, You can also sponsor startups to learn how to grow their business themselves instead of relying on you for urgent 2k. this is a good valentine's gift too.
See you in class
X0X0
Olufunke
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