Tips To Break Into A Competitive Market
Your Business|December 2020/January 2021
There is no shortage of exciting opportunities for aspiring entrepreneurs, but you will need to offer something compelling to break into an established and cash strapped market.
Tips To Break Into A Competitive Market

It’s a jungle out there for small businesses and entrepreneurs in South Africa. Competition is fierce in most industries with companies and consumers tightening their belts.

Here are a few tips on how you can successfully break into a market and ensure your business has the best possible shot at success:

1 Do the market research

Even if you’re familiar with the market or industry you plan to target, you can never do too much research before you draw up a business plan and launch:

• Read trade publications and the business media to see what the latest news and developments are.

• Speak to customers to find out what they like about your industry and what frustrates them. If you have an opt-in database, you can ask customers to complete an online survey.

• Follow industry influencers and competitors on social media to find out what they’re talking about.

• Attend webinars and virtual conferences to network and learn.

• Look at the latest international developments and what is happening in South Africa for a sense of what might be coming down the line.

• Make sure you understand any regulatory barriers you may face in the industry you are targeting.

2 Offer something new or unique

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