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 no reason to compete with price or provide a better service than its competitors. This gives the owner the freedom to raise prices as much as they want. So 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 do you help your customers the best way possible? 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.
• 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 reward 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. We are accustomed to being able to buy a harness 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.