Your competitors are those who have established a loyal following in your market.
Types of Competition:
There are two main types of competition:
Direct Competition: Companies that offer the same products and services to the same target audience as you.
Indirect Competition: Companies that provide similar products and services but cater to a different market.
Key Areas to Research:
As you conduct your competitive analysis, keep these factors in mind:
Product and Service Offerings: What types of products and services are available in your niche? Consider eBooks, software, audio files, videos, membership programs, coaching, seminars, workshops, forums, blogs, live chats, and affiliate programs.
Pricing Variability: Do competitors’ products span a range of prices, from low to high?
Back-End Opportunities: Is there a solid back-end structure in the market? If not, can you create back-end products that customers will want to buy? Consider the sequence of offers—what comes first, and what follows?
Market Saturation: Are there large, well-established competitors? If so, you may need to reassess your niche. While competition can be beneficial, a complete lack of it may indicate an unprofitable market.
Avoiding Saturated Niches:
Be cautious about entering a highly saturated niche where establishing a Unique Selling Proposition (USP) may be challenging.
Additional Considerations:
Extra Benefits: What additional benefits do competitors provide? Look for membership sites, forums, or blogs that enhance their offerings.
Customer Support: What kind of customer support is available?
Affiliate Programs: Do they offer affiliate programs?
Website Usability: Are their websites easy to navigate and visually appealing?
Finding Opportunities:
In your research, look for gaps that you can fill. For instance, if you find a niche with poorly designed websites that are difficult to navigate, you could introduce a professional, user-friendly site to dominate the market.
If customer support is lacking, position yourself as a provider of excellent support for your products and services.
If there’s an absence of affiliate programs, consider implementing one to allow others to earn money by promoting your products.
If the niche primarily uses eBooks or videos, think about offering webinar training to add value for your customers.
Always be on the lookout for unmet needs, and aim to fill those gaps. This strategy will help you stand out from the competition and establish yourself as a credible expert in your niche.
To Your Success,
A.BERRICHI
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