Although I try to see myself as having no competition, let’s face it, there are others operating in my niche. And making money. From products that are similar to mine or what I promote!
There are plenty of things to be learned from your competitors and with some clever and quick research, what you uncover could help your own bottom line!
Visit other websites in your niche, follow their blogs and feeds. Why? Because you want to know what problems they are solving. Why? So you can find out which problems they aren’t solving! (hint: those are the products you create!)
How to know which problems people are wanting solutions to? That’s simple too.
Hang out in the forums!
Many people are leaving anonymous comments in the forums so they don’t mind dishing out complaints by the handfuls. Those complaints are a gold mine for you if you take the time to find relevant solutions. Stay in the forums for any length of time and you will start to see people asking questions. Looking for answers. That’s where you step in. Go find the answers and then let them know you can help.
Look at their offers!
Be aware of how your competitors offer solutions to the problems. Are they using webinars, teleseminars, e-books, audios? You might deliver the solution in a different format. Or, if they are delivering it one way, you might combine a variety of ways to get your message out there. You know, some people like to learn by listening to CD’s in their car while others are content to sit and read a report. Take advantage of this!
Is your competitor offering something that has a missing link and that link happens to be your own product? Or, do you both have expertise in the same area and to combine forces on a particular product would create an incredible alliance? Always be aware that your competitor could just become your next joint venture partner. Sharing is always more fun. Not just the work load but the profits as well!
All in all, don’t operate in a vacuum. If you expand your horizons to include your competition, you just might find that your have grown your business in a way you didn’t know possible!
Now, get out there and do some research!