The internet is a great place to do business but you’re only going to be successful if you beat your online competitors and reach your target audience before they do.
If you’re running an online business, you’ve probably heard that you need to target a small and specific market or niche to be successful. But success is also possible in markets with lots of competition. Competition in a market is a sign of a healthy marketplace.
So, how do you make your online business competitive in a big market? And, on the flip side, how do you know when your market is too small and will not be profitable.
1. Create Something That Lasts
Don’t just concentrate on short-term profits. Reach out to your prospective customers and help them to solve the problems in their lives. When you make a difference to peoples’ lives you can create a successful online business irrespective how much competition you have.
2. Fish Where The Fish Are Biting
Ensure that you’re selling products and services in a niche where your prospects are very responsive to your offers. This market will be successful, whether you’re competing with thousands of other websites or just a few.
3. Check Offline Sources
Your local bookstore can help you narrow down your market if it is too broad. A simple trick is to go to your local bookstore and look at the chapter titles and other relevant information in books about your marketplace. These chapter titles can give you great pointers to new market areas.
4. Ask Your Audience
If you have a customer list, ask them what issues they want to resolve? From the answers you receive, create a solution which will generate traffic and sales.
5. Check Out MeetUp.com
MeetUp.com is a virtual meeting place. It works on gathering people of similar likes and interests. Type your broad niche name into the MeetUp search engine and you will see all kinds of physical and virtual meeting places relating to that keyword or phrase. In addition, smaller micro-niche markets are revealed.
6. Use Social Media
Social media sites are a goldmine of customer information and understanding your competitors. You can see groups and pages have the most members in a smaller and niche marketplace. Facebook’s advertising platform has a great demographic targeting feature. It helps you identify a popular sub-niche in a broader market and provides a ready-made group of eager prospects.