For a long time, I had the impression that if someone already has a popular website/business in a niche then I shouldn't go ahead with it. 'Someones already beat me to it', I'd say to myself.
Every now and then I'd come up with great product ideas and inventions, (as you do when you procrastinate), but after a quick google search revealing that it's 'already invented', I'd be disheartened and stop.
How many times have you done this? I'm sure everyone has at least once.
I was watching a Shark Tank episode a while ago and I think it was Mark Cuban who said something along the lines of, "If there's competition, then it's a good indicator of there being a market for that product'. I paused the episode and thought about it for a while. He's right! There's at least 50 kebab shops in Dandenong and they're all almost right next to each other.
Even at food courts you'll see a Subway Next to a Nandos next to a McDonalds, etc. All food shops are right next to each other. Why don't they say, 'Subway's already here so I'm going somewhere else'?
You see, There are 2 main indicators that determine a healthy business.
1. A buyer demographic exists for the product.
2. The business is doing a good job of getting the word out to this demographic that their product exists and is awesome/the best, (ie, marketing).
Businesses that are out there doing well have validated step 1. People are buying their product and the business is growing steadily. But what about 2? How many businesses know good marketing techniques? Better than us internet marketers? Definitely not many.
WE have the biggest advantage here. Step 1 can be easily validated by finding a company that's already profitable and thriving.
Step 2, is in our favour. We, internet marketers, know how to do it better than anyone!
- Building email lists
- Social media marketing
- Paid Advertising Campaigns
- The list goes on..
Example 1 - Teespring
Think Teespring, an easy example. Selling custom products existed way before these guys. Think Zazzle and CafePress. They even had an affiliate program just like Teespring. Why'd Teespring become so big then?
They crowed funded, created a huge awareness, gave way better commissions so every affiliate and his dog were promoting a Teespring product and they continued to make themselves known to almost every internet marketer out there.
And even when Teespring became giants, slowly you started hearing about Fabrily, Viralstyle, Teechip, Gearbubble, Fyves, Teerana, MyTeeStore, etc, etc.
Each of these making a big mark on the playing field as well.
Example 2 - Affiliate Marketing Bloggers
The make money online niche is HUGE! I've lost count of the number off Bloggers I follow just to check up on how they're doing.
There's ALWAYS going to be room for more. Just because Pat Flynn blogs about SEO marketing and building micro niche sites doesn't mean you can't too.
When we see him making 100k/month these days, it should be an indication of what's possible with a business model like that. Respect to him buy ANY one of us can do it if we put our minds to it.
Example 3 - Teespring/Custom Products
I've seen niches that I thought have been saturated to suddenly sell 1,000+ shirts. It's easy to look at niches that have been hammered continuously like the 'nurse' or 'engineer' niche and pass on making them a design but if you look at it from another angle.
These niches have already PROVEN to you that they buy in 1,000s. It's going to be real tough, but if you can convince them that your design is way better then you can make the same amount of money!
Moral of the post - If you see an idea/business/product that already exists and is doing well and at some stage you had thought of doing the same thing, don't be disheartened. In fact, be motivated. People love your idea! The fact that this business exists is proof of that! Just be a better marketer and harder worker than them and it's very possible you'll build a better business than them.
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