The competition in the hospitality industry can be fierce, but you shouldn’t feel discouraged. Instead of casting your dream aside and trying to seek out an untapped market, think of a saturated industry as a sign that there is lots of opportunity in the market. You need to focus on making your business stand out from the crowd, and that includes excellent service, focusing on your target audience, and getting your business noticed. With the right help, you can successfully penetrate an already inundated market and thrive. Start by following these four tips for overcoming the odds and standing out in a saturated hospitality industry.
Standing Out in the Hospitality Industry
Find Your Niche
You can’t appeal to everybody, and that’s okay. Startups are emerging as industry leaders in saturated markets because they are carving out a niche. Consumers like options. In the 1950s there were only about 65 vehicle models for consumers to choose from. Today consumers can choose from more than 600 vehicle models. If new companies were unwilling to enter an established market, today’s consumers would have far fewer options.
A saturated industry is merely a sign that there’s a lot of opportunity available in the market. So while there might not be an overwhelming need for more restaurants, new dining venues continue to emerge every day. It’s possible for any company to succeed, even in the most competitive industries, by creating a product or delivering a service that’s distinctly different or better than what’s available.
That makes it important for you to find your niche. Start by segmenting your market and decide exactly what kind of consumers you want to attract. Develop your unique sales propositions accordingly.
Keep On Top Of Trends
You won’t stand out from the competition if you run your business just like everyone else. In a saturated market, it’s important to always be willing and able to embrace change. Change with your customers, change with your competitors, change in every aspect of your business. Constantly research new trends and decide which ones you can leverage to promote your establishment.
Take advantage of changes in the marketplace and seize on opportunities to fill any gaps. You might build your reputation as a company that only uses eco-friendly cleaning materials or one that caters to people with specific dietary needs. One of the advantages small businesses hold is the ability to make decisions quickly. Whatever changes you make, or trends you follow, make sure you back up what you say with your actions.
Offer Something Distinctive
Another way to separate your brand from others is with distinctive offerings. It doesn’t have to be mind-blowing, just something above and beyond what customers would expect to get that will set your business apart. A hotelier might consider incorporating a distinctive technological component into their properties. This might include keyless entry systems and the latest smart TVs.
Alternatively, you might choose to offer amenities not found at other establishments. Whether you choose local offerings in your mini-bar, pet-friendly facilities, or upscale in-room dining, choose something customers won’t be able to find at many other businesses.
Don’t be afraid to show your personality. You can leverage your brand’s unique personality to set yourself apart. Focusing on quality in your offerings, and presenting excellent benefits, will allow your business to shine.
Differentiate Your Business
The most successful businesses have made their mark by articulating their unique capabilities. Being able to differentiate your business by communicating your unique capabilities that your competition does not have is essential to attracting your ideal client. You’ll see that small businesses that differentiate themselves are able to thrive in the most competitive and saturated markets.
The key to creating your differentiation is understanding what your ideal client really wants and making sure you deliver it better than anyone else. It takes a lot of thought and brainstorming, but when you differentiate your business, you make it memorable and credible. Differentiation helps your prospects quickly understand what you do and what sets you apart from your competitors.
The hospitality industry may always be filled with competition. No matter how crowded the industry is, you can still achieve success by setting your business apart. Finding your niche, keeping on top of trends, offering something distinctive, and differentiating your business will help you to always have a competitive edge. When it comes to standing out from the crowd, Safeguard is here for you with solutions to market your business. Discover how your Safeguard consultant can help bolster marketing with everything from increasing brand awareness to keeping customers longer.