Whatever niche you decide to enter online, you are going to encounter competitors. There may well be unexploited niches on the Internet, but they are probably not profitable and so not worth your while getting involved in.
One question that often preys on the mind of Internet Marketers, particularly new ones, is “How can I compete with the king of Marketers, Stone Evans.”
You don’t actually have to compete with him; you just need to stand out from the crowd and compete with everyone else competing with him! You don’t necessarily need to be the dominant force in your chosen niche. Quite often being in the top ten is enough to have a good income without working too hard.
I always teach the people I coach that they need to go out and find twenty of their major competitors. They need to subscribe to their newsletters, read their websites and pay attention to what appears in their inbox.
Why? Because you need to understand what they are doing.
If you can find out what they are doing well, then you can emulate it and adapt it for your own personal slant on the niche. You can also, of course, discover what they are not doing very well.
If you know what they are doing badly, then that is an opportunity for you to get into the marketplace. You can even use it as a selling point in your sales copy that you “do this better.” Of course, you never mention anyone by name, but you can make a point of mentioning that particular area and how you perform so well in it.
It gives you a chance to get a bit of an edge, particularly if your competitor has put their business on auto-pilot and not updated their product or website. The Internet is changing almost daily, and so products very quickly go out of date and the information in them becomes not as fresh or useful.
You can therefore capitalize on this and make it a selling point – something that differentiates you from your competitors and gives your market a powerful reason to buy from you. People always want the most up-to-date and newest information and are often willing to pay a premium price for it.
Understanding your competition gives you a fine handle on the market, from pricing through to promotion. Scout out your competition; see what they are doing and decide how you can do it better – and then enjoy the benefits of your research!
Vincent Murphy can help you to find the best home based business ideas and money making
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