115 | Is Your Market Too Saturated? The Truth About There Being Too Much Competition in Your Industry

Have you ever found yourself thinking that there is too much competition in your industry?

LISTEN TO THE EPISODE HERE:

Have you ever found yourself thinking that there is too much competition in your industry?

In this episode, we will take the question of Market Saturation and why you may be holding yourself back because of this belief.

We encourage you to tune into Episode 39 & Episode 87 as they lay some important groundwork for this conversation.

What is Market Saturation?

Do you think that there are there too many people in your industry?

Here’s the truth: Everyone thinks that their own market is “Saturated” because we see other people doing what we do or want to do.

This is true for entrepreneurs in all different niches: Coaching, Marketing, Fashion Brands, Catering Companies, Design Services, Real Estate, Beauty, Photography you name it… they all think that their industry is the MOST saturated. 

Frequency Illusion: An Entrepreneur's Worst Enemy

You know how when you buy a new car, you all of a sudden notice your exact car, all over the road? Before you bought this car, you never saw them. There is actually a name for this - it’s called a frequency illusion and it’s the idea is that there is an attentional awakening to something that holds value to you.

Frequency illusion back so many Entrepreneurs! They get excited about an idea, think it is incredibly unique, and then as they start to put together plans to launch, they find all of these other businesses that are doing the exact same thing.

All of a sudden they get discouraged, they decide that the market is too “Saturated” and don’t end up starting.

Collaborate to Compete: How to Leverage the Power of Collaboration and Competition

A belief in a saturated market is why so many people hesitate to work with and collaborate with their “Competition”

Competition is good and healthy. 

It makes our industries as a whole better. It opens up opportunities for connection, support, and collaboration, which allows businesses to succeed in their niches. 

So what is holding you back? It’s time to re-shape your perspective and see an opportunity to STAND OUT and grow! You will find a unique way to differentiate yourself and provide your specific product or service in a way that is filling the gaps for your specific ideal clients or customers. 

What can you do today?

  1. Identify & write down three things that are unique to you or the business that set you apart from others in your industry. 

  2. Create a vision for where you want your business to be in 3-5 years from now. Get tangible and specific - what are your own personal and business goals? 

Have both of these things somewhere where you can see them often, so, if you are ever feeling a sense of comparison or jealousy of what another business owner in your industry has created, you can remind yourself of your own strengths and your vision of what you want to create!  

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TRANSCRIPT

[00:00:00] Danielle: Welcome to the Business Babes Collective podcast. I'm your host, Danielle Weibe. In this podcast, you'll learn tangible business tips and strategies on how to grow successfully and sustainably. We'll also interview seasoned entrepreneurs so you can listen in on their stories and see behind the scenes of what it took to grow and scale their businesses. Let's dive in as we discuss the wild, exciting, crazy challenging, rollercoaster ride of entrepreneurship.

[00:00:31] Have you ever found yourself thinking that the market that you want to go into, or maybe that you're already in, the business that you're already running is too saturated? There's too many people doing what you do?

[00:00:44] I hear this so much from entrepreneurs who want to either get into business or they're wanting to scale their business to the next level, but they're holding themselves back because they think that their market is too saturated. They think that [00:01:00] there's too many people doing what they are trying to do. Here's the truth.

[00:01:05] Everyone thinks that their own market is saturated. The reason we think this is because we are in this market, so naturally we see so many other people doing what we do or doing what we want to do. I talk to entrepreneurs all the time, in so many different niches, whether it be coaching or marketing or fashion or catering companies, design services, real estate, beauty, photography, you name it, and they all think that their specific industry is the most saturated.

[00:01:42] Do you know when you buy a new car and then all of a sudden you start noticing that exact car all over the road? I remember this specifically when I bought my first car, which is that a Red Mazda. And I loved this car. It was amazing. [00:02:00] I loved everything about it. And then I started driving down the road and all of a sudden I'm seeing all of these red Mazdas driving by me, I'm like, what is going on?

[00:02:11] How did I not notice before that? So many other people have a red Mazdas? I'm sure so many of you are resonating with this, whether it be a car or a new sweater that you buy or whatever it is, and then you realize that so many other people have it. And there's actually a name for this.

[00:02:31] It's called the frequency illusion. So the frequency illusion is the idea that there is this atten, attentional awakening. So our attention is awakened to something that holds value to us. So something that used to, you know, we, we didn't really notice it before, but all of a sudden we own it, we have it, we're pursuing it.

[00:02:55] And so it holds value to us. And so [00:03:00] automatically we see it everywhere. And sadly, like I said, I see this holding back so many entrepreneurs. They get really excited about a business idea or a direction that they wanna go or pivot in their business. They're like, oh my goodness, this is gonna be so amazing. It's gonna be so unique.

[00:03:20] And they get all the plans together. They start working on this idea, and all of a sudden they realize, Oh my goodness. There's other people doing what I wanna do. There's other people pursuing or already successful in the area that I wanna go into, and so all of a sudden they get discouraged. They decide that the market is too saturated, and they either don't end up starting or they're holding themselves back, they're pausing maybe their launch plan or whatever that is, because they're seeing someone else do the exact same.

[00:03:56] Now, this is a also a great example [00:04:00] of why so many people hesitate to work with and collaborate with people that they would consider at their competition. Now, if you are interested in kind of diving more into this topic, then I highly recommend you listen to an episode that we did. It's episode 87 and it's all about the question really of should you collaborate with your competitors? So I answer that question in detail in that episode, so I'm not gonna go into it here, but so many people naturally live with this scarcity mentality that there's not enough business or not enough success for all of us. And so people end up giving up on their dreams, which is so sad.

[00:04:48] So if you find yourself struggling with a scarcity mentality, I have another podcast that you can go listen to. it's episode 39, we talk all about this, having an abundance mindset [00:05:00] versus a scarcity mindset. And it is a really good episode, especially if you're really struggling or you're feeling stuck in this area, then I highly recommend you listen to that.

[00:05:10] Now, I personally believe that competition is good. I think it's good. I think it's healthy. I think it makes our industries as a whole better and it also opens up opportunities for connection to support one another to collaborate. You guys know how passionate I am about collaboration. We did a whole series on it, and this allows all of the businesses that we connect with, collaborate with, to succeed.

[00:05:39] So what I want you to think about, is what areas of your life or your business are you allowing to be held back because you are stuck in this comparison mode? Because you think that whatever you're wanting to per pursue or do has already been done? And you know there's no point in doing [00:06:00] what you, what you wanted to do because there's too many people doing it already.

[00:06:04] If you find yourself thinking this way, I want you to rethink that idea. because if you're worried about a market being saturated, I want you to instead think about the fact that there, if there are so many people doing what you wanna do already, there is most likely an incredible opportunity in that area and some incredible space for growth.

[00:06:28] And so don't let this hold you back. You will find a unique way to differentiate yourself, and if you're already running your business, this is a great time to do some reflection. How am I different? How am I unique? How am I providing a product or a service that is completely unique within my industry?

[00:06:51] And it doesn't have to be this groundbreaking, unique product or service, but how are you offering it [00:07:00] to your ideal customers or clients? How are you filling the gaps? And how are you coming at it from maybe a different perspective? And the way that you'll do that some, in some ways, it's gonna be very natural because of your specific skillsets, your personality, how you show up in the world is going to attract certain people to you.

[00:07:24] And so I encourage you today to write down at least three things that are unique to you or unique to your own business that set you apart from others in your industry. And the second thing I encourage you to do is create a vision for yourself. Creative a vision for yourself and for your business.

[00:07:47] Where do you wanna be one year from now? where do you wanna be three to five years from now? Where do you wanna be 10 years from now? And get super tangible, get super specific. What are some of your [00:08:00] personal goals? What are some of your business goals? And have both of those things that you write down. The the three things minimum that are unique to you and unique to your business, as well as your vision.

[00:08:10] Have both of those things somewhere where you can see them often. So maybe that's a notebook. Maybe it's somewhere where you're gonna put it up on your wall where you work. Somewhere where you can see it often. Then when you're feeling a sense of comparison or jealousy of what a another business owner in your industry has created, you can remind yourself of your own strengths and your own vision for what you want to create.

[00:08:36] So I hope you found this short episode helpful. I hope you found it encouraging. And if you did, could you do me a favor and take one minute to leave us a rating and review? It helps so much to get this show out there, to have more people find this podcast. And I really wanna make it worth your while. So if you leave us a review of the podcast and you also [00:09:00] share an episode, it can be any episode of this podcast, share it with a friend, choose your favorite one, let them know why you wanted to share it with them, and then send me a screenshot in my dms.

[00:09:09] You can find me @danilivinglife on Instagram, and as a thank you, I wanna send you a free gift so you can choose one of three free gifts. It is either access to a group coaching call within our community, specifically for our students, our mastermind members, and our clients, my private clients. Free access to a virtual networking event, again, only available for our intimate community of clients and community. Or you can choose a free workshop or product from our library.

[00:09:36] So thank you so much in advance for leaving that review. And until our next episode, have an amazing rest of your day. I'll catch you in the next one.

[00:09:48] If you love this episode, make sure you screenshot, post and tag us on Instagram @businessbabesco. Want to know when the next episode goes live? Subscribe on your podcast app and while you're there, [00:10:00] leave us a review. Until next time, keep dreaming big, setting goals and taking action.

Danielle Wiebe