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˳
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