Building "yet another" product in a very established market?

So, let me just paint the picture here:

You get a great idea for a SaaS business.
You feel inspired and motivated and you start doing a couple of searches on Google.
To your disappointment, you realize that there are a series of similar products out there already and that many of them look really good and really well-established.

I don't know about you - but personally, I've tried this so many times that I stopped counting 😅

It seems like most people tend to get highly demotivated by the fact that there are "big players" in the market already.

Why?

I'm currently in my journey of building my second SaaS Product, FeedHive

FeedHive is s a Social Media Management tool.
It doesn't do anything revolutionary, yet I already have more than 100 paying users after being live in just 6 weeks.

Last year, I built Sigmetic.
A product based on an idea that had very little (bordering to no) competition.
It did not perform well at all.

Yet, I have had a lot of people tell me that Sigmetic was a great and innovative idea, and I have had a lot of people ask me why on earth I chose to enter a "saturated market" with FeedHive?

But it all boils down to this:
Just because a market is well-established, doesn't mean that it's saturated.
In fact, saturated markets carry very distinct characteristics, and the market for Social Media Management tools definitely is not one.
It's growing, expanding and there is more than enough space for another supplier.

So, my point is:
Don't be afraid to enter an established market.

In a huge market, you are likely to find users that prefer it exactly the way you created it.

With enough of them, you can build a great business around "yet another [...]".

People are more than willing to pay for preference.

I put a lot of these thoughts into a YouTube Video here:
https://www.youtube.com/watch?v=BlxmyHI1V8o

If you recognize yourself in the image I painted above, then this one will probably resonate quite well with you 😁

What is your take?
Is truly successful SaaS Products the result of expanding into new markets, or can you create a successful "yet another [..]"?