I own a candle business, we know we are apart of a highly saturated market. Our niche is that we create scents to remind you of favorite memories and locations. However, even when trying to find something that makes you stand out it’s been tough getting off the ground as a new business. What do you suggest when your product is apart of a highly saturated market?
Topic summary
A candle business owner seeks advice on competing in a saturated market. Their differentiator is creating scents that evoke specific memories and locations, but they’re struggling to gain traction as a new business.
Recommended Strategy:
- Focus on dominating a specific local market rather than competing globally
- Pursue wholesale partnerships and networking opportunities
- Participate in local fairs and craft shows
- Consider traditional advertising targeted at the local area
Key Insight: The local market is likely far less saturated than the broader candle industry. If local competition remains intense, further niche down the target audience to find an underserved segment.
It’s great that you have a differentiator to make you stand out. Next, in your case, I’d focus on finding a specific market you can dominate. We’ve seen candle businesses do really well by focusing on their local areas. That could mean looking for wholesale and networking opportunities or fairs and craft shows. Traditional advertising can also be really effective. If you focus on the local market, it’s probably a lot less saturated than the global market. If your local market has stiff competition, try to figure out how to niche your audience even further.