Is the market you serve full of competitors?
Here are five things to consider when building a business in a market that is full of competitors.
First: Competition is Good
Don’t be afraid of competition.
Competition is good.
Competition indicates there is a market willing to buy what you want to offer. Just look at all the hamburger joints there are in your town. I’ll bet there are a large number of franchise outlets and mom and pop diners in your area all serving hamburgers.
There’s lots of competition AND enough demand to keep them all in business. The opposite is also true. No competition indicates no demand. Going into a market with little or no demand can be more risky and more costly than going into a market with lots of competition.
Let’s imagine your company runs gas stations and you want to open a new location. You have a choice between two locations. One location is on a road with no competition and very little traffic. The other location is just off the interstate highway. Two other gas stations are a block away and there is lots of traffic. Which location would you choose? You’d choose the location with lots of traffic and competition.
Lots of competition means a large demand.
It’s easier to start a business where there is a large demand than it is to start a business in a market that has little or no demand.
So competition is good.
Second: Do You Have Passion?
Do you have a passion to serve your market?
Make sure you have an affinity for the market you are getting into.
If a market has lots of competition and demand but you have no passion for that market, run away. Don’t waste your time.
Your job is to serve and lead that market. If you don’t like them, if you don’t have a passion to serve and lead that market, run away.
Your passion can help you attract customers. If they relate to your passion then they will drive passed your competition to do business with you. Your passion becomes a competitive advantage.
If you don’t have passion for the market you lose that competitive advantage.
Find a market that has demand AND you have a passion for it.
Third: Get Smart
Answer these questions:
How well do you know the market?
How well do you know the people you will be serving?
Not how well do you know how to make a product for the market. That comes later.
Does the market have a future or is it dying? It’s easier to be successful if you ride the wave of a market that has an upward trend. A rising tide floats all boats.
How well do you know the competition? Are there gaps in the supply and demand of goods and services for that market?
If the competition is offering low-price products, you may want to consider offering high-end products. If the competition offers products to a wide demographic within a niche, you may want to specialize on a sub-niche such as people of a certain age group or income level or hobby.
Fourth: Out-Market the Competition
Your competition will be eating your dust if you focus on one thing:
Out-market your competition.
In today’s CRAZY economy, the better marketer wins.
Most business owners only spend maybe 5% of their time on marketing their business.
You should outsource and delegate as much of your work as you can so that you can devote between 30-80% of your time on marketing your business.
Fifth: No More Guesswork
Take the guesswork out of marketing.
When you market your business, make sure you use ask-based marketing.
Ask your customers and prospects what they want, what they hate, etc.
Focus on creating a dialogue with your market.
Find out what they want.
Create a product based on what they tell you.
Then sell it to those who asked for it.
You can’t get a better message-to-market match than that.
If you can match your message/product to your market/customer better than your competition, then your competition will fade away. Ask-based marketing helps you do that.
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