Tips To Break Into A Competitive Market

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.

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