Is there really a such thing as an oversaturated niche?
Yes and No.
Yes, because have you ever visited a grocery store? Any grocery store or local market will do. Taken a stroll through the bread aisle? How many different brands of loaves of bread did you see?
Also, No, because once again, how many different brands of bread did you see?
The takeaway is there is a such thing as an oversaturated niche because it isn't uncommon for several individuals to have an idea around the same concept. You should go forth with your idea even if you feel there are tons of already available options because yours may be different. You can make it different.
Don't concern yourself with getting lost in the shuffle. Instead, focus on making eye contact with the people in the crowded room who are looking for what you have to offer.
There Is Room For Several In A Niche Because Different People Want Different Versions Of The Same Thing!
Individuals are unique. Their needs are as well. What may satisfy one person does not necessarily meet the needs of another. As previously illustrated with the bread comparison, several of the same or similar options on the market do not negate the need for more. If you were to take one product, let's use the bread for the sake of the topic, and ask every 10th person you pass on the street their preferred brand; the answers would vary. Perhaps you may hear the same brand a few times over, but it is impossible to receive the same response from everyone. Some may prefer whole wheat only, Captain Derst's, or any other category under the sun that defines the many available options.
Take this same concept and apply it to your product and respectable niche. Yes, there may be many others like yours, but the fact remains that they are not yours. And, there is space, like theirs, for your unique product or service within the market's demand.
Remember That As Long As There Is A Demand; There Is A Need To Supply.
One of the most populated niches is short-term rentals. The short-term rental industry seems to have exploded in popularity over the past few years. They have seen an overall increase in demand since 2019 alone. People are traveling for vacations - and staycations alike. The increased number of host properties contributed to the rise as well. Sites like Air BnB and Vrbo, which make it easy to connect to rentals, have also contributed to the expansion.
Once before, to get involved in short-term rentals, you had first to own a piece of real estate that could support the concept. Now, with BnB sites, nearly anyone can achieve this through apartment and single-family rentals. Reportedly, AirBnB has over 4 million active listings on its site- arguably oversaturated, right?
"Not at all," says CEO & Founder of C&C Property Solutions, Keisha Richardson. She and her husband, Justin, runs an Atlanta, Ga based BnB and cleaning business. They harnessed their professional backgrounds in property management and scaled a successful business in an industry teeming with providers.
"We were confident due to our experience from working in property management in addition to us having our own turn-key cleaning company," she says. "We also knew that if hotels are still being built all over Atlanta and the surrounding cities, that we would have success as well. They have way more rooms to fill up than we do".
Understand that as long as there is a demand, there is always a need for the supply. Having self-confidence is instrumental when entering a market that you may feel is overfilled.
The thought of immersing yourself in an industry that seems to have more than enough available providers can be daunting. However, it is essential to remember that individuals are unique, and so are their preferences. As long as there is a demand, it does not matter how many people are already in the market. Show up and contribute to the supply. Finally, believe in yourself and what you have to offer. The art of separating yourself from the noise will come down to how you define yourself within your chosen niche.
Written by: Kay Campfield clippings.me/kaycampfield