The Yegi Project

How to Stand Out in a Saturated Market in 2022 - No More Room for YOU in your Industry? | Solo Episode

June 29, 2022 Episode 18
The Yegi Project
How to Stand Out in a Saturated Market in 2022 - No More Room for YOU in your Industry? | Solo Episode
Show Notes Transcript

In this episode, Yegi goes over five ways you can stand out in a saturated market. Being in the beauty industry, Yegi has encountered her own personal struggles in trying to keep up with an industry that gets more and more saturated every year. However, by using these strategies intentionally, she has been able to and continues to have success in what she does. There is room for you in the industry you want to be a part of - if others can do it, so can you!

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Disclaimer: The information provided in this episode does not constitute business, legal, or accounting advice, and is designed to provide general information relating to business and commerce. The Yegi Project’s content, information, products and services are not a substitute for obtaining the advice of a competent professional. Any advice given for personal development is not meant to substitute therapy, psychiatry or diagnose listeners.

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If you would like to be a guest on a future episode of The Yegi Project, please email info@yegiproject.com

The Yegi Project is available on Apple Podcasts, Spotify, Stitcher and more!
https://linktr.ee/theyegiproject

Yegi:

[intro] Hey beauty lovers  and fellow entrepreneurs. I'm Yegi,   the owner and founder of Yegi Beauty.  Within five years of being my own boss,   I was able to grow Yegi Beauty into  a multi-million dollar company.   This podcast is where I share what it takes to be  a successful entrepreneur in the beauty industry. [How to Stand Out in A Saturated Market]  Hello hello hello welcome back to the yegi   project today we're going to talk about how  you can stand out in an oversaturated industry.   So I currently am in the beauty  industry and more specifically   in the eyelash extensions niche market but even  in such a niche market it feels like it is over   saturated right now. There are new businesses and  competition popping up left and right and I know   that I'm not the only one feeling this within my  industry. I wanted to do this topic for a while   but what really triggered me to go for it was a  lot of my customers or students were asking me,   well is it still a good time to get into the lash  business or industry because it feels so saturated   or there's too much competition, am I gonna  have clients, am I gonna be able to make it?   And my answer to that was yes but then I thought  about it some more I was like wait let me really   think about this is this really - is there really  a way to stand out in an oversaturated industry?   Even if you're just starting out or even you're  just getting into that industry. And the more   I thought about it the more I reflected and  kind of looked back on how how I did it in   the beginning and how I've adjusted throughout  the years as competition got more and more,   I was like oh there's a system there is a way -  in fact there is about five main ways how you can   stand out in an oversaturated industry and that's  what we're gonna cover in our podcast today. [How Can You Add Value] The first thing and  the most important thing you want to do is you   want to add value. Now that's kind of easy to hear  or easy to understand okay add value right okay   I get it but how do you actually add value? What  are the different ways you can add value in order   for you to stand out in the oversaturated industry  that you are in? So one way it will be by keeping   up with the trends. So a lot of times as we go on  and on within our day-to-day business world and   whatever work we're doing, it gets repetitive  or we stick to our original way of doing   things - like what we've learned in the beginning  and what's been working we just kind of go at it,   but we forget that keeping up with the trends  and there's new things and new products and   new developments and new styles within our  industry that keeps evolving no matter what   industry you're in. So it is very important to  keep up with that and talk about that with your   audience and with your customers in order for you  to add value to - to them and that's one way that   you're going to be able to stand out is that you  always know what's happening, what's new and you   can always answer the questions of your customers  and clients if they do ask about a new trend. So   make sure you're taking classes, you're  educating yourself, you're doing research,   you are um also learning always so then you can go  ahead and provide that value for your customers.   When I was doing eyelash extensions the style of  eyelashes that were really popular were the wispy   volume look and not many lash artists were doing  that in the beginning but I was really really   booked with clients back to back for this service.  And then as the market got more saturated there   were more and more lash artists offering the  same look and some of them might have started   offering it for way cheaper or they had more  availability so that's when I started kind of   losing customers or feeling like hey the market  is kind of getting saturated in this area right,   so how can I stand out? And the example of keeping  up with the trends is really what happened to me.   So then after that trend was kind of like  a normal thing right the wispy volume,   new trends started coming along. For example the  L Curl eyelashes so you don't have to know what   that is but just know a different style came to be  popular but the reason why I gained my customers   back or I was able to get new customers is because  I was able to keep up with that trend and be able   to offer that service to the new customers or  my old customers that wanted to try that look.   So that is one way that you can really make sure  you're educating yourself you're keeping up,   you know what's going on in your industry and  you will be able to stand out even if you have   even if you're in a saturated market. So going  back to adding value - so we said one way is   keeping up with the trends and the second way is  educating yourself and also your customers, so the   more you know the more you can teach and the more  you can teach your audience and your customers,   the more they're going to be able to trust you  and the more you're going to be able to stand out.   So I cannot stress that enough keep up with your  education I really think that things change every   day and if you're not gonna keep up with it you're  really gonna miss out and you're not gonna be able   to stand out, but if you know what's going on in  your industry and you're gonna be able to talk   about it and not only educate yourself but your  customers, they're gonna know that you really are   a master of your craft. Another way that you can  add value and we did kind of touch on that is by   offering new services or products. So if you are  offering products and there's a lot of competition   out there and you feel like it's saturated you  can offer additional products in order to gain   new customer base that would want those products,  so that's another way you can add value to your   company and your customers. So another way you  can add value to your audience in order for you   to send that in a saturated market is to give them  free upgrades and this is definitely going to give   them value because they're getting more for their  book so if I'm teaching a class and I can throw   in another class for free that is one way I can  stand out and that's actually something that I'm   going to try to do in the next couple of months  to see if that helps our business in our academy. [Build a Human Connection] So moving on to  the second way for you to stand out in a saturated   market. So this one is kind of obvious when you  hear about it but we all fail to do it. I actually   recently had to remind myself to  kind of pay attention to this area   which is actually connecting as a person  to your customers or your audience.   So a lot of times we let the business kind of  be a business or your product or your service   represent itself but we forget that as humans we  want human connections right. So if you forget to   give that human connection in your business you're  not going to be able to stand out in a saturated   market. So what you want to do is you want to make  sure that you are present as a person within your   business. So you want to explain and you want  to make your customers know why you're special,   what makes you different from your competitors,  what makes you different from even the person   next door to you, right. So you want to make sure  you know what your competitive edge is and even if   it's something like your warm smile every time you  see a client, that could be something that helps   you stand out and give you that connection piece.  So make sure that you sit down and spend some time   and write down what makes you unique as a person.  Another way you can connect as a person is really   having your story down. Saying it over and over  and practicing your story that's related to your   business is a way you're going to be able to  connect with your customers and your audience.   For example my story was when I initially  started my company I was actually really pissed   off because I didn't get a job opportunity that I  applied for. My doors were slammed closed within   the corporate world for me to get a promotion and  that's something that really pushed me along the   edge to saying you know what I don't need anybody  else to believe in me to be a leader, I'm gonna   start my own business and be able to give myself  whatever title I want. So that's a very short   version of my story but that's one way that I can  connect with my audience who really want to maybe   take the same path but they're scared right so  that's the story that works for me um so you   need to find your story and obviously it needs to  be true and authentic but you need to practice it   and see it in order for you to connect to your  audience. So another example can be that if from   when you were a kid you've always always loved  computers but you never got a chance to really   get your hands on one and really I don't know  build it from inside out. As you became an   adult you're able to take a workshop and finally  accomplish that skill and it was like a dream come   true right. So if that's your business that could  really connect to your that story can really have   you connect to your audience, so make sure that  you are working on your presence um within your   business so you connect as a person. The next  thing is your branding so what is your brand.   Even if you're a service provider and it's just  you and your company you are still a brand,   so you want to make sure that you're very  clear on what that is. So if you're all about   clean products or very efficient services so  whatever your branding is you really want to   make sure you know it and it's clear and that's  what you're putting out there. For example for me   when I was doing eyelash extensions as a service,  my brand really was almost like your girlfriend,   your therapist when you would come in and get  your services done. So they knew I wasn't only   about doing eyelash extensions I was really about  being their girlfriend and helping them maneuver   through whatever problems they had in life, like  as they were getting their eyelashes done. So   that was kind of big on my brand and I knew  that I can also use that as my competitive edge   with making friends with my clients and that's  like really uh a thing that took I don't know   that took me to the next level I want to say or  help me stand out by connecting to my customers   with having that kind of as my brand right.  So if you're not really like that type of a   person you need to find something else. So for  example your brand could be um you offer a free   champagne for your customers that could be part  of your branding, that luxury feel. You make them   feel like as they step in they're gonna get this I  don't know super service and it's gonna start off   by that glass of champagne right so um it really  like every single thing that you do and you put   out there is going to be part of your brand so  pay attention and see - be authentic to what you   want that to be or who you want to be as far as  brand. And then that's how you're going to be able   to connect to your audience and be able to stand  out in the saturated market and another point with   that I think the easiest way to do that is to be  true to yourself and listen to really like who you   are and fine-tune that to be your brand and not  don't try to be somebody who you're not you know.   We hear that all the time but really like the  people that do well is really when they're being   authentically who they are and they're proud and  happy with who they are - so accept it run with   it. Just clarify it for yourself so you know what  you're selling as your brand. All right the last   note I that I want to add about connecting  to your audience or connecting as a person   in order for you to stand out in the saturated  market is to really care about your customers and   engaged with them. So that's one thing that I want  to say that it took me um a trial and error and   for me to learn from that and I think I'm still  working on that because for me when I get really   busy it's hard for me to engage with my customers  or followers or or yeah back then customers and   now followers is because I think I'm too busy  or I have more more important things to do   I really should focus on things that are going to  grow the business but I forget that the core of   our business is our customers, is our followers,  so we really need to take some time to connect   and care and engaged with them. Nowadays that is a  lot of that is done through social media or email   and if you have customers that you have  their phone numbers and it's a service base,   you even want to take the minute to call them or  send them a text message to follow up and just   see how they're doing after the service they got  right. So this is going to take a little extra   time out of your day and sometimes it feels like  it's irrelevant or you might not have the time   in order to do this, but trust me it is very very  important to cater to your current customer base   and make sure that they're happy and taken care  of and they feel that you care about them and that   you're there engaging with them in person. Well  you know through media but still one-on-one in   person and you don't just service them or sell  them something and then you forget about them.   So I think that's really important and I used to  be really really really great at this and recently   I was reminded that oh well I realized that by  growing so much I've kind of lost that piece of it   that human touch that personal touch that I give  to my my business. So that's one thing that I want   to I'm working on myself right now again is to  have my presence and engaged and connect with my   customers or followers and that's one thing that  I can tell you that really helped me stand out or   really grow to where I did back in the day - I  really cared for my customers and I really took   my time to really follow up with everybody and um  and reply to them. But after I grew so much I felt   like oh there's so much to do I don't have time to  do that I can have employees help me with that but   anytime that your faces or your face or your heart  I guess in a way too is not um personally involved   in what you're doing it really shows and over time  it does take a toll or effect on your business.   So make sure that even if it's setting aside 15  minutes a day to really like stop and connect,   even with one or two of your customers or  or clients you you do that because that's   really what's going to build your your genuine um  customer base and that's really what's going to   help help you stand out in the saturated market  compared to 100 other people who are doing the   same service but not taking the time to check on  their customers and be like hey how's it going.   So yes so that's the second thing  so first thing was add value,   second thing is have a human connection and we  went over a lot of ways of how you can do that. [Genuinely Work on Your Customer Service]  So the third thing is customer service. I know   it kind of sounds cliche and with everybody  kind of knows how important customer service   is but a lot of times we don't realize that  we're not providing the absolute best world   class customer service um unless somebody  points it out. So make sure you pay attention   and you put in extra effort into your customer  service for you to stand out in your saturated   market or whatever saturated market it is or  if you're just getting into a saturated market,   make sure that your customer service is going  to be absolutely outstanding and this is how   you're going to be able to stand out. I want  to say 50 percent of your business probably   has to do with you and your customer service  compared to your actual service or product so   that's how important it is for you to pay  attention to it and make sure that you are   absolutely providing great customer service. And  this is a whole other topic of its own and one   way kind of goes hand in hand of what we were  talking about about connecting to our customers   like doing the follow-up, seeing how they're doing  after a service or after buying a product but um   literally there's so many things for you to do  to be able to provide better customer service and   another simple one would be is taking the time  to really like care and listen to your customers   feedback, give them the opportunity to speak  and you know solve their issues and don't just   ignore customer complaints. Another way that you  can really stand out with your customer service is   for you to be consistent and be repetitive,  so whatever procedures you have in place be   consistent with every customer. Make sure you're  giving your hundred percent to every single person   and not when you feel like it. Okay um and another  thing that we want to do with customer service is   again I'm going to keep repeating this is the the  human touch and connection and the follow-ups to   make sure that all your customers are taken  care of. And again that could be via phone   call text messages email social media - whichever  you think will be fit with your current business. [Dive Into Your Niche] The fourth thing is  to really find your niche. Now I'm already in a   niche business which is eyelash extensions  for example right. So how do I even find a   smaller niche for eyelash extensions? So one way  I was able to do that back in the day was again   finding my style right. The style of eyelash  extensions I did was those wispy volume sets and   that was like my really super niche of what I got  to be known for. So that's something that you can   do. So whatever business you're in you can get to  be known to do that one specific style - almost I   feel like even lawyers and doctors really use this  too and I mean they have to because sometimes like   their jobs are so complicated you can't  be a master at every single area. They   just pick like one little area to really really  specialize in and that's what they push and market   um for. So that's exactly what you can do  and apply to your business no matter what   industry you're in and that's how you can stand  out and that's how you can spread the word that   okay I'm the best at this one little part of my  business so everybody that needs that one little   thing they know you're the first person they're  going to contact and that's how you can kind of   stand out in the in your market. Another thing  that falls in your kind of niche is actually   your price point as well. So a pricing of your  service or your products is something that you   need to kind of look at and really consider if  you want to either keep it at where it is, if   you want to increase your prices or if you want to  decrease your prices. So if you feel like there's   a lot of competition right now and you're kind of  like stuck in a way of where you were within your   business that's one thing that you can consider is  adjusting your price because as competition grows,   people are either gonna start to shop for better  pricing on the same or very similar product   or they're gonna wanna have the best luxury and  pay more for the best of that product. So that's   something strategically you need to decide of  what approach you want to take and how you want   to kind of re-value or re - price your services  and products in order for you to stand out. [Quality vs. Quantity] Okay so the fifth  and final thing you can do in order for you to   stand out in a saturated market is to really focus  on quality versus quantity. You have to remember   that now that the market is saturated and there  is a lot of people that are competing with you   and probably have similar skills to you, you  need to find a way to stand out with quality.   So in order for you to do that is you need to  really make sure you're mastering your skill   or your product is one of the best, but in order  for you to do that you need to actually slow down   and not even worry about the competition and just  really focus on quality. Honestly that's one thing   I've done all the time and it has worked for me  is I would not even look at um competitors as   kind of where I'm gonna grade myself as. Instead  I would just look at my own stuff separately and   try to compete within myself. You want to give it  your all and give the best possible quality you   can if it's a product or a service and not worry  about the competition. Honestly even though we're   talking about how to stand out in a saturated  market I'm a big believer of everybody has room in   this world for them to be successful to whatever  level they choose to be right. We all have enough   customers or enough people who will be naturally  more attracted to our products and services   compared to other brands. So you want to make sure  that you're not really getting intimidated and   worrying about your competition. Instead you're  focusing on giving your best ultimate quality   and using that as your starting point and  building off of that. I think that's truly   the way you're going to be able to stand out and  I think even just having that mindset of being at   ease of not worrying about competition and just  constantly getting better and better yourself,   you're going to be attracting more customers  towards your way because you're not going to   be sitting and stressed and worried that oh my  god am I good enough or oh this person is better,   but I need to make sure like I pretend I'm better.  No don't worry about the competition do your best   and always work on getting better from where  you're at and not where anybody else is. And   another thing too since this is also a motivation  podcast is that we all have our own paths and our   own journeys and we will all end up where we want  to end up um in wherever we want in this world   regardless of our competition or other people  around us. So like I said don't worry about   others worry about yourself and do your best for  the quality and only work um to make it better. [Closing Thoughts - Thank you for  listening!] With that said I want to close off by   saying that there is enough success and ideas for  all of us to have a place, so make sure that you   are working on ways to stand out but also don't be  so hard on yourself. Ask me questions I'll be more   than happy to help and be part of your journey.  I do want to say I am also myself continuously   working on these five ways of always trying to  stay relevant in my industry because competition   or um yeah the market is always going to get more  and more saturated especially if it's something   that people see that is doing well right. We all  want to be part of something that's doing well so   sooner or later almost everything or anything you  do is going to be saturated so might as well stay   on top of it from the beginning and follow these  guidelines. All right have a great day, bye! Thank   you for listening. Please rate and review this  podcast. Follow and engage with us on social media   under @theyegiproject and if you’re interested  in being a guest, email info@theyegiproject.com   and don’t forget to subscribe so you  don’t miss out on any future episodes.