A question that comes up with almost every coaching client, Information Marketer’s Zone member, and many subscribers who have emailed me is the question of whether or not to target a market that already has strong competition for ebooks, books or other information products.
Don’t worry, it’s not just home business entrepreneurs such as ourselves that tend to be scared off by competition, it happens to highly financed start-ups and large corporations too.
There’s no reason to fear highly competitive markets, and every reason to look especially close at them figuring out how you can “ride the wave” – ask any surfer, it’s far better to be on the front side of the wave rather than the back-side.
Here are 3 reasons why targeting “busy” markets is a good idea:
1. Riding the wave. Before a topic or niche market is formed, there is typically a great deal of effort, time and money invested to educate and build demand within that market. This process can take millions of dollars, months or even years to get rolling – ideally you want a market that is already hot, where they are convinced they want products, you simply need to position yours.
The single biggest mistake made by entrepreneurs when assessing market spaces is to shy away from a market where they have innovative or good ideas simply because there is a big player already in that market. Instead, they pursue something with much less opportunity where they must “create” the market first – in the process typically going out of business.
2. “Inside” Information All Around You. Busy markets leave tracks all around that can help you identify, develop and position your information for success. Busy markets give very good indications on a) what is already selling and what is not b) how much money is being spent c) what already exists and where the opportunities and gaps are and d) how much opportunity there is so you can plan your business appropriately. If you decide to operate in a quiet market, you don’t have any of this information – so you’re on your own, far more likely to stumble before you succeed.
3. Information is addictive. With non-fiction, how-to information products we typically do not buy just 1 book, cd, dvd, or course. Instead we buy many – so by targeting a busy, competitive market you have a great opportunity to capture the attention of these addictive, passionate spenders.
So – don’t be afraid of competition when choosing a niche market or ebook topic for your online publishing business.
A good rule of thumb is design your product for the masses, market to the inexpensive sub-niches to reduce your costs. Believe it or not, you can achieve both goals – and those who do will tell you, the result is very sweet.
Jeff
