Let’s talk about competition. Although it may sound a bit strange, ideally what you want is bad competition. What I mean by this is that there are enough competitors to make you feel good about the viability of the niche, but they’re doing a lousy job at marketing their products or services. By implementing a marketing funnel, you should be able to capture a nice share of the market.
If there’s intense competition in a niche and they seem to be doing a good job of marketing, you’ll need to ask, “What can I offer that others can’t?” “Is there some way I can position my products or services that is different from the competition?” If you can’t come up with a reasonable answer, you might want to think about a different niche.
This was a challenge I faced when I decided to focus on developing a marketing consultancy with a niche market of consultants, advisors, and experts. It quickly became apparent that this niche was crowded with marketing consultants, many of whom were quite good.
As I analyzed the competition what I noticed was that most of them focused on one or two aspects of marketing. There was an Internet expert. A social media advisor. A person who would teach you how
to write a sales letter. Lots and lots of consultants who had expertise in a particular component of the overall marketing strategy.
But there wasn’t anyone who was focusing on the marketing system as a whole. No one was working on the question of how do you attract the initial attention, build a relationship with the prospect, and eventually turn them into a paying client? I decided that there was an opportunity to position myself as the “marketing system” expert. It turned out that this was an untapped area within my niche, and my business blossomed as a result. Just because there is a lot of good competition in a niche doesn’t mean there isn’t room for you, if you can offer something that the others aren’t.
Food for thought.
Mark Satterfield, Gentle Rain Marketing — Author , Marketing Consulting Expert, Lead Generation, Business Development, Marketing Strategy, Get More Clients, Increase Revenue — Click here for his Facebook Twitter LinkedIn YouTube