Should You Worry About Competition on the Internet?
Should You Worry About Competition on the Internet?
Is competition on the internet just one more thing to be concerned about? Or is it maybe a gold mine? Don’t shy away from something you’d like to get involved in just because you see there’s lots of competition in that niche. All that really proves is that you’ve got a good idea and it’s a proven moneymaker, which is why so many others want a part of that pie, too.
Maybe it’s a gold mine!
Competition is a positive thing because while you have to stay on your toes, it also proves the niche has a real market. What you need to do is to bring something new to the table that your competition isn’t offering.
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A good example was the number of companies who jumped on the bandwagon when Kindle was released and started offering protective cases in all manner of designs and colors to the those who purchased it and other electronic devices.
But then, one innovative company decided to create a niche within a niche with security in mind. They created a cover that looked like an old book – protecting the Kindle from scratches and also from the view of would-be thieves. They took a niche, narrowed it down, and roared ahead of the competition, making plenty in profits from their great idea.
You can do better
Any product with a very specific focus will always beat out your competition. If you want to work a niche on weight loss, you’ll discover that the weight loss niche is saturated with websites,
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books and other products dedicated to the topic.
It’s easy for consumers to get what’s called a ‘blind eye’ when it comes to anything new in weight loss now, because of that over-saturation. The trick is take the topic of weight loss and narrow it down to just one tiny aspect of the weight loss topic.
You might decide to narrow it down by focusing only on organic weight loss products or information. You could also narrow it down by targeting only women who’ve had a baby and want to lose weight and get back in the same shape as before their pregnancy.
The trick is to take an old topic and put a new spin on it. Just think about all the magazine headlines you read. You rarely ever see a new topic – just a fresh spin on what’s already been around for a very long time. Don’t worry about competition on the internet. Just study it and be different and better than them!
It’s at this point where doing your homework really pays off. After you’ve selected the niche you’re interested in, do your research on all the competition within that niche. What are they offering? Who is their target audience? Are they leaving out a related audience? What can you do to make that niche more valuable to the consumer?
Research is critical
One way to discover what people are looking for in a niche is by doing keyword research. You can find free keyword tools online and go through the keywords that your audience uses when searching for information about the topic. That may help give you ideas on how to narrow your focus for your niche.
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Another way is simply to ask questions! The one thing that is true for any business is that without people, you have no business. So ask people specific questions about what they would like to see in the niche you’re interested in.
If you just bring up the topic and put out a couple of things like, “I really like “product/service A,” but I wish there was “your idea” to go with it. Wouldn’t that be great? In the conversation that might go from there, don’t be surprised if other great ideas come up, too!
Should you worry about competition on the internet? No! Just be better and more innovative. Break away from the status quo, and amaze yourself!
What are you doing to be better than your competition on the internet? Are you worried, or have you discovered a gold mine? Tell us about it in the comment section and remember to leave us a link!
