Whenever you go into any niche market, your goal should be to dominate and “own” that specific market. Otherwise, you are probably wasting your time, energy and money. If you want to conquer your competition, there are five key focus areas that will make you stand head and shoulders above the rest.
Do competitive analysis.
Before you begin any project, take some time to determine what others are doing and how you can do it better. If you study your competition, you will be able to determine their weak spots so you can convert their weaknesses into your strengths. Go to trade shows, subscribe to the newsletters, get on their mailing lists and buy their products. Do a Google search to see how they compare to other marketers in the same niche market. Join niche-related forums and see what their customers are saying about their products. Furthermore, going to seminars and conferences and spending some time talking to your competition is a good idea. A lot of ideas are exchanged after hours during dinner or at the bar. Embrace your competition, and you will learn a lot.
Go after what people are interested in buying.
It might be tempting to invent the next big thing, but the truth is that most of the money made in Internet marketing is about repackaging and recycling the same ideas. The key is to do it a little differently than your competitors, or find a way to deliver that product or service better. Pay close attention to trends and take advantage of the potential cash windfall of these opportunities.
Go in for the long term.
If you plan to dominate any market, you need to develop both, long-term and short-term goals. For instance, you can publish one press release a day, submit an article to article directories once a week or update your blog every two or three days. Within two or three months of hitting your income goals, you can determine whether you need to scale up or down in your niche marketing efforts.
Determine your budget.
While you can promote your business on a shoestring budget, the numbers don’t lie. The more you can afford to spend, the higher your chances of success in any niche market. Once you start turning a profit, reinvest that money back into your marketing campaign. Most importantly, do not get too comfortable. Being comfortable is the worst thing you can do as a marketer. You can be on top one day and drop to the bottom the next if you don’t keep on top of promoting your business.
Do not allow yourself to get pulled into so many directions that you take your eye off the target. Outsource as much work as possible so you can concentrate on the day-to-day operations of your business.
Dominating your niche market is dependent on staying focused and creating a budget for promoting your business. As long as you know what your target market is buying and don’t stray away from their desires, you can potentially dominate any market you choose.
Filed under: affiliate marketing
Like this post? Subscribe to my RSS feed and get loads more!