If you want to succeed in a saturated market, you need to know how to differentiate your product from your competitors. This is especially true in industries where competition is fierce, and your industry is dominated by a monopoly. In the past, it was easy to do this. The big players in the market would always have the most efficient, best producing, and most cost-effective product, which would inevitably be the best choice for consumers. This was the case until the advent of the internet. Now, with so many business models and so many players, it has become harder and harder to determine who the best company is.
The U.S. has many industries that are dominated by a monopoly. Examples include pharmaceuticals, airlines, and electricity. When a monopoly exists, the owner has many reasons to compete with price or provide a better service than its competitors. But, when there is not much competition in a particular market, the business owner has the freedom to raise prices as much as they want to gain profits. For example, people who want to start an ATM business might have the possibility to run a successful company, as it appears that there are not many competitors in this specific field. Thus, having a unique commercial business, such as the one mentioned above, could eventually make you some profit. That said, here are 3 Tips for Succeeding When Your Industry is Dominated By a Monopoly.
• Solve the unique problem
The business world has been dominated by a few large companies for a long time now. While there are still many other players in this space, none of them can compete with the giants. The top players in the industry have been successful because of their effective strategies and the correct implementation. Now that their dominance is showing signs of change, how can you approach this new world? There is absolutely nothing wrong with being in the business of making others happy. After all, this is the line of work that most of us have chosen. But what happens when your industry is dominated by a monopoly? How can you help your customers in the best way possible? What are the things you could do differently from the others in the business? If you were to ask for feedback from your customers, you would likely get a lot of “it’s so hard to do business with them” responses. But you can’t just sit back and complain about your situation. Say you own a handmade skincare brand that is new to the business and has the right intent towards their clients, and you can work on providing sustainable cosmetic wholesale packaging along with quality products made naturally. Doing something different might just help you raise the bar in the game. Make the right moves and strive to do better always.
• Be the first mover
You’re an entrepreneur. You started a business without a lot of funds to get your new venture off the ground. But then you got your first big deal, and suddenly you had enough money to take the next step. How did you do it? It is said in business that if you’re not the first one there, you’re the last one, but when it comes to mobile patents and patent wars, it’s often quite the opposite. The first to introduce technology or concept may be the first to garner significant rewards in the form of royalties.
In the fast-moving world of technology, the industry will inevitably reach a tipping point. This tipping point, which is often referred to as a “chasm,” is when a market becomes dominated by a single player. This is the case with the mobile phone industry today, where the leading smartphone makers are Apple, Samsung, LG, Huawei, and Sony. This leads to an obvious question: what happens when a market dominated by a single player reaches a tipping point? The answer is simple: it becomes a monopoly.
• Be flexible
Our generation is accustomed to having technology at our fingertips. This is why it is best to lead them with the help of technology. Since everyone is on the constant lookout for something newer and better, you can provide them with the latest. For instance, if you have a retail business, you can consider investing in smart and stunning retail displays. Also known as the Smart shelf, shoppers can interact digitally with it to get information about the products they are considering. This feature can certainly give a boost to the retail industry operating offline. This is for the same reason people consider placing orders online. The availability of all the required information about a product on eCommerce platforms makes it easy for them to choose a product or reject it, instantly. And when a similar technology will be available offline, they are sure to be lured by it.
Needless to say, we are accustomed to using technology for all our needs. In order to be successful in today’s world, you need to integrate the business into your operations wherever possible. Not just that, but these days automation is all the rage. Things like hubspot netsuite integration for marketing, and resource planning for operations, are essential for a business to not just succeed but flourish in today’s market. Technology is the future, and it is the only way to stand out in a monopolized market.
After all, we depend on technology so much. We often prefer buying harnesses to use while we work out instead of having to wait for a trainer. We are used to having all the information we need to make a decision at point A rather than having to go back to point B. We are used to having the best of the best when it comes to products, and we are used to being able to get them at the lowest price available online. We are used to having our lunch delivered to us, and we are used to being able to print holiday cards in the blink of an eye. We are used to throwing a rock in the middle of the living room and finding our phones instead.
Somewhere in life, we all come across those days when we are confronted by some external factor that is limiting our ability to perform. These are the times when we need to not only overcome our issues but also to stay flexible in order to stay ahead of the game.