When most people take their first plunge into making money online, one of the initial pieces of advice they receive is to gauge their online competition before moving forward with a niche, to make sure it’s not too “competitive” or “saturated” for newcomers entering the market.
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I say the more competition, the better. And here’s why…
A niche that has an overwhelming amount of competition tells you two things. First, that it MUST be profitable. Secondly, it means you have a whole slew of websites to potentially leverage off of in the future.It’s important to know that if you’re going to be “ignoring high competition” when choosing a niche, you have to make sure you’re doing at least one thing right. And that is…
Find the Competitions’ Strengths and Weaknesses
When you are researching the competition, don’t just look at their products and prices but look at their entire marketing campaign. For instance, what kind of customer service do they offer? What are their terms and conditions, privacy policy, and return policy? What do you offer in terms of customer satisfaction that they don’t? Look for what your competition is lacking that may give you an edge. For example, if they don’t accept credit cards and you do, you’ve found a way to boost your business’ image by advertising that you accept credit cards. While it may not be this easy to find a weakness within your competition, look for something that they don’t offer that you do offer or will soon offer.
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