Your competitor is the one in your business that has the loyal following.
There are two types of competition, DIRECT and INDIRECT.
Direct competition is a company that is basically offering the same products and services to the same market that you do.
Indirect competition is a company that offers the same products and services that you do, but offers them to a different market.
A few things to look into as you begin your research are the following:
* Know what types of products and services are available on the market. (eBooks, software, audios, video, memberships coaching, seminars, workshops, forums, blogs, live chats, affiliate
* Are their products ranging from low to high in price?
* Does the market have a good back end? If not, can you create back-end products that people will buy? What comes first and what comes next?
* Is there major and large, well established competition? If so, you may need to rethink your niche. Don’t get me wrong competition is great. If you don’t find any at all there may not be a profitable market for your niche. What we want to be careful with is getting into a large saturated niche that will be almost impossible trying to come up
with a USP to compete.
* What extra benefits do they provide? Membership sites, forums, blogs?
* What kind of customer support is available?
* Do they have affiliate programs?
* Are their websites easy to navigate with good design formats that are pleasing to the eye?
In all of these areas you are looking for holes that can be filled by you.
A couple of examples that come to mind would be finding a niche that has very poor quality websites that are hard to navigate. You fly in with your professional, easy to navigate websites and dominate.
Maybe support is an issue and you can offer good support for your services and products.
Maybe the niche knows nothing about affiliate programs and you can come in and offer a way for others to make money from your products as affiliates.
If there are only ebooks or videos used in the niche can you do webinar training to better serve the customer.
Always be looking to see what holes need filling and then you fill them. This will help set yourself apart from the
competition, and establish you as the credible expert in your niche.
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