There are a lot of misconceptions when t comes to niche marketing. Much of this confusion stems from comparisons to traditional retail businesses. Without question, there are similarities, but the Internet makes entering a niche easy and inexpensive. However, an amateur approach will produce weak results. One thing that is necessary for bot types of business is looking at the competition. Here are the pros and cons of competition when ot comes to niche marketing.
Little to no competition - At first glance new niche marketers will be happy at the prospect of having little competition. The competition can range from hardly any to none at all. What could be better than being one of the select few people buy from, right? Well, there is a downside. Unless you happen to fortunate enough to find an untapped, hungry market then the lack of competition reflects a lack of a market.
Pros: Buyers more likely to find you. Grab larger share of market. Possible trendsetting if first to untapped market.
Cons: Market may not spend money. Market could be non-existent. Less motivation to improve.
Too much competition - Believe it or not, this can be a good thing. It shows that there are people making money in the niche. There is another benefit of a lot of competition, you will have to learn how to compete if you want to stand a chance, and what you learn in the process is valuable, too.
Pros: Shows there are buyers. Will learn more due to necessity. Competition increases quality and ultimately benefits customers.
Cons: Have to really stand out. Harder to attract buyers to you. Takes longer to get noticed.
The amount of competition in your niche isn't as important as understanding what it means to you. Knowing how much competition is out there is a good, but not perfect, indicator of how large the market is.
The only way to find out how much competition you have is through research. If you would rather spend more time earning money and less on niche marketing research, then a site like ProHotList is for you.
Visit http://www.prohotlist.com now to take full advantage of all your exclusive membership has to offer.
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