Should You Be Wary of Niche Markets With Little or No Competition?
Yes, my advice to you is that you should. I have fallen into the trap of thinking that my next great idea was going to pave the way to a new niche. Let me tell you, it has never panned out. Be very careful of niches with little or no competition. If you’re going to spend your time, spend it wisely. By that I mean spend it on activities that you know are going to get you the desired result.
If you are trying out a diet are you going to try something you’ve never heard of? Something that no one even recommended to you or are you going to pick a diet that has a good chance of success?
Of course it’s going to be the second.
Business works the same way. If you really need to take bigger risks with unknown markets, at least wait until you’re already earning money. If you’re still in a job or not yet making the profits you really want, go with what will most likely produce an income for you.
And that is often in pursuing markets that have lots (or at least) some competition. Study what they’re already doing and create a product or service that’s better. Find a unique angle that prospects want in a hungry market and you are golden. This is a short-cut to profits and in my opinion it works better than pursuing a market with no competition any day of the week.
Tags: market research
I agree – there can be a fine line though I think the point of a niche is to find something that people are already looking for, that there isn’t too much competition so you can do a better job than your rivals and dominate that niche.
Of course if you create a whole new idea as a niche product you have to work very hard getting your idea out in the first place and this will be harder than even targeting the most competitive of markets.
Usually the no competition niches are pretty dead, if you have experience and apply the correct techniques you can rank high for even over 3,000,000 competition.
JR @ Internet Marketing Blogs last blog post..Link Building – 2 More Do-Follow Social Sites
Just found your blog and it has lots of good info. As for niches with no competition there is usually a good reason for this. A low competition niche is usually not all its cracked up to be.
Stock marketss last blog post..How will the 700 billion dollar bailout effect affect economy
Sometimes, it’s easier to be said than done…
However, I also agreed with your thought here, as we should be waried of niche markets.
wilhb81s last blog post..Only Dealing with the Best and Expert!
Yes I agree with you. We should be wary of niche markets with little to no competition. Never know if it would work out or not.
I totally agree with you. I’ve entered into a niche before thinking that it was great because there was no competition. This was sort of backwards thinking. There was no competition cause there was no market.
I agree with this post but you can use some things to confirm if the niche is a good idea or not. For example, use google key words to see how much people are searching the niche topic, use amazon to see if a product exists in that niche and how its doing, read magazine or look at forums on the topics and so on. These simple tips can help make find a niche easy and profitable.
Andres last blog post..Niche Strategies For Effective Internet Marketing