how do you win in a saturated amrket? succesful entrepreneurs, pls help?

Question

i just recently opened a waffles store in a mall, which already had two waffles store before me. They seem to be doing fine, but mine as a new player isnt. In terms of taste, i think mine has the edge (not to blown my own horn, but honeslty true), but this doesnt seem enough to win the competitiom because i still lag in sales behind my competitors. how do i capture the biggest market share? what will be good promotional techniques can i use (aside from free-taste cos im doing that already)? tnx

Answer 1

I created a chain of salons what most people would consider the most saturated market ever and was very successful in it.

Why? I would praise them for whatever they did.

I also made mine unique and better by perception and gave great customer service.

People love to refer when they find a good thing. So if you just concentrate on being the best and offering something better, your loyal customer base will refer people to you. Make your clients feel special.

And do not compare yourself to others, set your own goals and then try to beat them. As long as you are always improving, you will do well.

Answer 2

First, I wonder why you would start a waffles store in a mall that already had 2. I would have even questioned the 2nd person.

Ok, now that you have, you're simply going to have to take business away from the others ... there is little chance that you'll pull in NEW waffles business. So, you will need to do something that gets the attention of your competitors' customers.

Here are some ideas ...

Distribute some discount coupons.
Offer frequent diner cards (7th meal is free, for example).
Hire really cute waitresses.
Advertise throughout the mall.

Answer 3

Write a business plan to determine how the business can be made viable.


If your product helps people lose weight - that would be a big sales advantage.....for example.